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Question - Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to have a useful life of 5 years (straight-line basis) and no residual value. For taxation purposes, the ATO allows the company to depreciate the asset over 4 years.
The profit before tax for the company for the year ending 30 June 2017 is $600,000. To calculate this profit the company has deducted $60,000 entertainment expense, and $80,000 salary expense that has not yet been paid. Also the company has included $70,000 interest as income that the company has not yet received. The tax rate is 30%.
Required -
(a) Calculate the company's taxable profit and hence its tax payable for 2017.
(b) Determine the deferred tax liability and/or deferred tax asset that will result.
(c) Prepare the necessary journal entries on 30 June 2017.
How much cash can LeMinton Company expect to collect in March as a result of credit sales
Assume the following data for Interactive Technology and Silicon Software. Compute return on shareholders' equity
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1 I invested $20,000 into this partnership and I've received distributions of $12,000 so my basis is now $8,000, correct?
Malaysia, a key petroleum and liquefied gas exporter, has seen uninterrupted export contractions in USD terms since October 2014, as prices for petroleum products and palm oils remain stuck at historical lows.
cedars hospital has average revenue of 180 per patient day. variable costs are 45 per patient day fixed costs total
In May of 2011, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2011, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
You own Widgets ‘R Us and are preparing your year-end financial statements: What activities should you perform to correctly account for your inventory.
Prepare all journal entries requires in the year ending Oct 31st ,2017 assuming that ABC initially records prepaid cost as expense and use reversing entries
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