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Question
Requirement:
Calculate income tax payable at 30 June 2020 and provide the jounral
Caluculate the deferred tax at 30 June 2020 and provide jounrals
Statement of comprehensive income for the year ended 30 June 2020
Gross profit
420 000
Expenses
Administration expenses
65
000
Entertainment expenses
35
Salaries
55
Long-service leave expense
10
Doubtful debt expense
Warranty expenses
20
Depreciation expense-plant
75
Insurance expense
280 000
Profit before tax
140 000
Statement of financial position as at 30 June 2020
Assets
Cash
70
Inventory
80
Accounts receivable
110
Less: Allowance for doubtful debts
100
Prepaid insurance
4
Plant-cost
250
less Accumulated depreciation
175
Total assets
429
Liabilities
Accounts payable
50
Provision for warranty expenses
15
Loan payable
154
Provision for long service leave expenses
Total liabilities
229
Net assets
200
Other information
• There are no accruals or prepayments of administration and salaries expenses at year end.
• Long-service leave have not been paid to any employee.
• Warranty expenses were accrued according to company policy and payments of $5 000 were made by 30 June 2020.
• Insurance was initially prepaid to the amount of $14 000.
• The tax depreciation for the plant is $50 000.
• The tax rate is 30 per cent.
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