Reference no: EM132844378
The following information relates to Jefferson Limited for the year ended 30 June 2019.
Accounting profit before income tax $320 000
Interest revenue (all accrued, no receipts during the year) 7 000
Speeding fine (not tax deductible) 10 000
Depreciation of machinery (Note 1) 30 000
Superannuation expense (not deductible until paid: Note2) 6 000
Insurance expense (Note 3) 8 000
Income tax rate 30%
Notes:
1) Deprecation of machinery is $45,000 for tax purposes.
2) Total $5,500 has been paid during the year and $500 was payable on 30 June 2019.
3) Total $10,000 has been paid on 1 December 2018, $2,000 has been accounted as a prepaid expense asset on 30 June 2019.
4) Income received in advance on 30 June 2019 accounted for $4,000
Required:
Problem 1: Calculate the taxable income and the current tax liability for the year ended 30 June 2019 for Jefferson Limited by reconciling accounting profit to tax profit. Also provide a journal entry for the current tax liability.
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: Calculate the taxable income and the current tax liability for the year ended 30 June 2019 for Jefferson Limited by reconciling accounting profit to tax profit.
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