Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Insal Ltd. Is a Canadian controlled private corporation. It has a decemeber 31 year end. The following information relates to its 2013 taxation year.
1) Insal ltd paid taxable dividends of $18,250 during the year.
2) During 2013, they had at taxable income of $123,400. Tax payable for the year was correctly find outd to be $23960. These totals do not include any foreign source income and no net capital losses were deducted during the year.
3) Insal ltd. Owns 45% of the voting shares of Dorne INC., another CCPC with a December 31 year end. During 2013, Dorne INC paid taxable dividends of $25,200. As a consequence of paying these dividends, Drone INC received a dividend refund of $8,400.
4) At the end of 2012, the companys refundable dividend tax on hand balance was $6450. The 2012 dividend refund was $2300
5) Other income that was reported by insal consisted of following amounts.
a. Capital gain on sale of land $24,600
b. Dividends from embridge preferred shares $6200
c. Net rental income from residential properties $4200

6) Insal ltd is aasociated with several other copororations. Insal has been allocated $45,000 of the associated groups annual business limit. This amount is significantly less than the companys active business income for 2013.
Requred: for the taxation year ending December 31, 2013, determine the part IV and refundable part 1 taxes that will be payable by Insal ltd. In addition, determine the balance in the refundable dividend tax on hand account at December 31 2013, and any dividend refund available. Show all the calcluations used to provide the required information, including those for which the result is NIL.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945216

Have any Question? 


Related Questions in Accounting Basics

Accounting discussion questionbulluse the internet to

Accounting Discussion Question • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or credit ...

Essay question internal accountingone to two pages single

Essay Question Internal Accounting One to two pages (single spaced, Times New Roman 12 font) discussion. Clear and well-argued showing depth of knowledge and understanding of the concepts. Check grammar and spelling. Que ...

Hildebrand consumer products incas you know we have

Hildebrand Consumer Products, Inc. As you know, we have recently experienced stagnant growth. In preparation for my upcoming meeting with the Board of Directors, I am asking you to prepare a formal report that will brief ...

Consider the following scenarioandre has asked you to

Consider the following scenario: Andre has asked you to evaluate his business, Andre's Hair Styling. Andre has five barbers working for him. (Andre is not one of them.) Each barber is paid $9.90 per hour and works a 40-h ...

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around acquisition accounting to a real-world example. Requirements for the assignment: Each student will select ...

To write a reply post to given answer minimum 350

To write a REPLY POST to GIVEN ANSWER. Minimum 350 words. You can agree or disagree with given answer. It should be your own opinion. Question: Michael Wilson is a new production manager. After a great deal of effort, in ...

Question 1abc inc has estimated the following revenues and

Question 1 ABC Inc. has estimated the following revenues and expenses related phase I of a proposed new housing development? Incremental sales= $5,081,953, total cash expenses $3,212,751, depreciation $623,167, taxes 33% ...

The purpose of an assignment is to ensure that the learner

The purpose of an assignment is to ensure that the Learner is able to: - Demonstrate an understanding of accounting principles. - Systematically record the financial aspects of business transactions. - Prepare financial ...

Question 1important multiple-choice questions are to be

Question 1 Important: Multiple-choice questions are to be completed within the Online Learning Environment in your TX2 Assignment Submission section. This portion of the assignment will be automatically graded. Do not in ...

Question 1the accounts receivable account has total debit

Question 1 The Accounts Receivable account has total debit postings of $1,900 and credit postings of $1,100. The balance of the account is a/an A. $800 debit. B. $800 credit. C. $2,600 credit. D. $2,600 debit. Question 2 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro