The Stevens Company is a public Canadian corporation that is primarily engaged in manufacturing. The company's head office is located in Saskatchewan. In
20X1, a small branch was established in Manitoba, to be used for sales purposes only.
In 20X2, the company's books showed the following:
Required:
A) Calculate the company's net income for tax purposes for 20X2.
B) Calculate the company's taxable income, both federal and provincial. (Round all number to two decimal places.)
C) Calculate the manufacturing and processing profits for the company.
D) Calculate the federal tax liability. (Round all numbers to zero decimal points.)

Question

The Stevens Company is a public Canadian corporation that is primarily engaged in manufacturing. The company's head office is located in Saskatchewan. In
20X1, a small branch was established in Manitoba, to be used for sales purposes only.
In 20X2, the company's books showed the following:
   Required: 
A) Calculate the company's net income for tax purposes for 20X2. 
B) Calculate the company's taxable income, both federal and provincial. (Round all number to two decimal places.) 
C) Calculate the manufacturing and processing profits for the company. 
D) Calculate the federal tax liability. (Round all numbers to zero decimal points.)

Quizplus · Accepted Answer

The Answer of The Stevens Company is a public Canadian corporation that is primarily engaged in manufacturing. The company's head office is located in Saskatchewan. In
20X1, a small branch was established in Manitoba, to be used for sales purposes only.
In 20X2, the company's books showed the following:
   Required: 
A) Calculate the company's net income for tax purposes for 20X2. 
B) Calculate the company's taxable income, both federal and provincial. (Round all number to two decimal places.) 
C) Calculate the manufacturing and processing profits for the company. 
D) Calculate the federal tax liability. (Round all numbers to zero decimal points.)

The Stevens Company Is a Public Canadian Corporation That Is