User Account

All Pages

Prepare the journal entry to record current tax

Assignment Help Accounting Basics
Reference no: EM132908677

Question - Banjo Ltd recorded an accounting profit before tax of $200 000 for the year ended 30 June 2021. Included in the accounting profit were the following items of revenue and expense.

Entertainment expenses (non-deductible) $4,000

Depreciation expense - furniture (10% p.a., straight-line) 34,000

Rent revenue 5,000

For tax purposes, the following applied.

Depreciation rate - furniture 15%

Rent received $6,000

Income tax rate 30%

Required - Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2021. Prepare the journal entry to record current tax. Why tax effect adjustments are required?

Reference no: EM132908677

Questions Cloud

Prepare necessary journal entries when stock-option plan : Prepare the necessary journal entries in 2019 when the stock-option plan was adopted, in 2020 when options were granted, in 2021
What is core income : If a company reports net income equal to $750, but net income includes a one-time loss of $80, what is core (net) income
Vehicular communications-vehicle to vehicle communications : What are the security techniques/mechanisms that could be applied to vehicular communications or vehicle to vehicle communications?
What arguments would present to convince arif : What arguments would you present to convince Arif that the personal financial planning course would benefit him more than beginning golf?
Prepare the journal entry to record current tax : Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2021. Prepare the journal entry to record current tax
Discuss the appropriateness of the revenue recognition : Discuss the appropriateness of the revenue recognition of REST Berhad, as underlined in MFRS 15 Revenue from contracts with customers.
Consequences to organization you would emphasize : When a user does not follow security procedures, what are two consequences to the organization you would emphasize? Why?
What would happen to potential return : What would happen to potential return, if Amanda decided to take a more conservative approach and limit the total potential loss to $175,000.
Windows hardening recommendations : As a security administrator for Always Fresh, you have been instructed to ensure that Windows authentication, networking, and data access are hardened.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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