Question 27 The following information relates to Bridgeport Inc. At July 1, 2016

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Question 27 The following information relates to Bridgeport Inc. At July 1, 2016 At June 30, 2017 Temporary difference, giving rise to future taxable amounits Temporary difference, giving rise to future deductible amounts 82.000 34.000 $159,000 94.000 Accounting income or he year ended June 30, 2017 was $128,000 Nu permanent differences ?xisted during the fiscal year. The company was expected to operate profitably In he ture. The tax rate as 17% or the current and uture years. ndgeport nc follows IFRS ? (a) Calculate the amount of taxable incorme for 2017 Taxable income, 2017 By accessing this Question Ass stance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts: of used VE FOR LATER

Explanation / Answer

Accounting income for the year ended June 30, 2017 = 128,000

Temporary difference, giving rise to future taxable amounts for 2016 = 82,000

Temporary difference, giving rise to future taxable amounts for 2017 = -159,000

Temporary difference, giving rise to future deductible amounts for 2016 = -34,000

Temporary difference, giving rise to future deductible amounts for 2017 = 84,000

Taxable income for the year 2017 = 101,000

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