in cash received during 2014, but tax rules require the company to pay tax on this amount in 2014. In addition, depreciation for tax purposes (capital cost allowance) exceeds accounting depreciation by $30,000 for 2014. Ottawa Rafting pays tax at a rate of 25%. Requirements 1. Compute Ottawa Rafting’s taxable income for 2014. 2. Journalize the corporation’s income taxes for 2014. View Solution:
Ottawa Rafting Inc reported pretax accounting income of 200 000 for
Imagine that your best friend was in a car accident. She tells you that she was briefly unconscious and woke up in the hospital, where she still is. She’s also told you that she has been feeling fine for the last couple of days, but the doctors have decided to keep her in for tests. While in the hospital visiting her, you have heard rumours of a patient who lacks a normal human brain, but otherwise seems to becompletely normal. Then you overhear the following conversation…
March 23, 2015
3:21 pm
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