Examlex
Turnover is computed by dividing average operating assets into:
Land
Land is a tangible asset representing a piece of earth's surface which is owned and has a specific value attached to it, often used for commercial or residential purposes.
Income Tax Expense
The total amount of income tax that a company calculates it owes for a specific period.
Provincial Income Tax
The tax levied by a provincial government on the income of individuals and organizations within its jurisdiction, varying from province to province.
Federal Income Tax Payable
Liabilities owed to the federal government for income taxes that have been incurred but not yet paid.
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