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Question: Veemax Ltd commenced trading on 1 July 2020. The following information relates to the year ended 30 June 2021: $ Accounting profit (before tax) 85 000 After crediting as revenue: Exempt income (1) 25 000 After debiting as expenses: Depreciation on machinery 20 000 Fines and penalties 3 000 Legal fees (2) 11 000 Warranty expense 12 000 Annual leave 54 000 Allowable deductions for tax purposes: Depreciation on machinery 40 000 Warranties claimed (paid) 9 000 Annual leave paid 50 000 (1) Non-taxable for income tax purposes (2) Not allowable as a tax deduction Required: Calculate taxable income for the year ended 30 June 2021 and prepare the journal entries to recognise current and deferred tax balance. The tax rate is 30%.
What important factors, in addition to quantitative factors, should a firm consider when it is making a capital structure decision? How do these factors play in the decision?
The implicit rate is unknown. Payments are quarterly and start at the commencement of the lease. What is the quarterly lease payment?
Which inventory method produces the lowest income tax during a period of inflation?
If Joni is to invest sufficient cash to obtain 2/5 interest in the partnership, what amount should she contribute to the new business?
RTI's year end is December 31. What is the total revenue reported by Running Treadmills in the month of January for this sale?
$3,200 for the months of January and September. If we produced 1,000 and 600 units in these months, what was the fixed cost associated with the utilities bill?
If profit before tax is £12,250, depreciation expense is £8750, what is the cash flow from operating activities for Rossmix Group
What is the correct amount of inventory that should be reported by Kim in its December 31, 2012 statement of financial position?
Company executives anticipate a constant growth rate of 10.5% and at the end of the year pay a dividend of $ 2.50. Calculate what is expected rate of return?
Scotiabank pays an APR of 5.2% with weekly compounding. RMO pays an APR of 5.4% with semi-annual compounding. Express both as an Equivalent Annual Rate (EAR)
You hold the position until the expiration date when Texas Instruments stock is at $55 per share. What do You profit or loss would be?
Ally Financial stock has a Beta of 1.2. If the expected market return is 7.3% and the risk free rate is 3.4%, what is expected return of Ally Financial stock?
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