User Account

All Pages

Calculate company tax payable for the year ended

Assignment Help Accounting Basics
Reference no: EM132716364

Question: Salvador Ryan is an accountant and the Director of his accounting practice, Taxation Services Pty Ltd. The company receipts and payments for the year ended 30 June 2018 are as follows. The following figures do not include GST.

Receipts $

600,000 Professional accounting fees

15,000 Interest on Bank Deposits

20,000 Rental income from an investment property

Payments $

14,000 Office rent

38,000 Salary paid to employee secretary

1,000 Train fare for travel to and from work

1,000 Legal fees for preparing a new lease of the office

2,000 Rates paid on above mentioned investment property

15,000 Interest paid on loan to acquire the investment property

5,000 Cost of painting the investment property immediately after purchasing the property 136,000 Cost of a new BMW for Salvador to use 100% for business purposes

Notes: (1) The company has a carry forward past year tax loss of $42,000.

(2) The company has made PAYG Instalments of $150,000 during the year.

Required: Calculate Company's tax payable for the year ended 30 June 2018. Provide justification for your calculations using legislation and case law.

Reference no: EM132716364

Questions Cloud

What is the purpose of the cycle of the main problem : What is the purpose of the Cycle of the Main Problem (used in IICAPS)?
What political or social ramifications are there : Book: American Democracy in Peril chapter 7 inequality What is the main argument in chapter 7?
Outline the strategies would use to guide the meeting : During the meeting, where you will be the chairperson, outline the strategies you would use to guide the meeting to ensure that it is effective and inclusive.
Article contradict the conventional wisdom : The conventional wisdom is that crimminals are different than noncriminals, that bad things are done by bad prople.
Calculate company tax payable for the year ended : Calculate Company's tax payable for the year ended 30 June 2018. Provide justification for your calculations using legislation and case law.
Think about technology : What are the first things that come to mind when you think about technology? Do you like technology? Why or why not?
Prepare the journal entry to record derecognition of asset : Prepare the journal entry to record the derecognition of the asset. At the time of the purchase it was estimated that the equipment would have a useful life
Women in criminal justice : Women in criminal Justice - about how women in the criminal justice system are treated both incarcerated and the work force. we talked about the history
What is organized crime : What is organized crime? And define its criminal activities, noting the particular characteristics

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the social insurance taxes

As mentioned in the text, social insurance taxes in the United States are currently split equally between employers and employees.

  What is the amount of each payment

Each of the four payments must be paid at the end of the next four years. What is the amount of each payment

  What role does an information system play in today

What role does an information system play in today organizations?

  Find what are the amounts of depreciation expense

Find what are the amounts of depreciation expense and accumulated depreciation, respectively, that would be reported in the financial statements

  What is total shareholders equity at the end

Roberto Corporation was organized on January 1, 2011. What is total shareholders' equity at the end of 2011

  Which can be edited once a reconciliation has been recorded

Which can be edited once a reconciliation has been recorded? Finance charges processed on overdue customer accounts are recorded in QuickBooks as

  Service revenue-accounts receivable-interest expense

The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. Interest on notes payable of $400 is accrued.

  Compute the cost of goods sold

Beginning inventory, July 1: $4,000. The Company's gross margin ratio is 15%. Using the gross profit method, compute the cost of goods sold

  Determine the monthly interest for the first month

For the loan in Problem, determine the monthly interest for the first and second months and the outstanding principal at the end of the first and second months.

  Prepare one journal entry to summarize all accounts written

Describe the difference between making an allowance for bad debts, and writing off a bad debt. Explain how each case is treated and shown in accounting.

  Compute the margin of safety in dollars and as a ratio

During the month, fixed costs were $16,600 and variable costs were 75% of sales. Compute the margin of safety in dollars and as a ratio

  Discuss how much federal tax will she owe

earns $404,500 in taxable income and $8,500 in interest from an investment in State of New York bonds

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd