Reference no: EM132559403
You are an accountant working at Mel Ltd and you have the following information for the 30 June 2020 year end:
1) Revenue received in advance has a balance of $250,000
2) There was a loan payable of $400,000. $100,000 should be paid by the end of the day.
3) Accounts receivable is $300,000. Allowance for doubtful debts is $60,000.
4) Accrued warranty is $300,000 in the event there are product returns.
5) A machine was purchased on the first day of the current financial year for $250,000 with depreciation expected to be 25% on a straight-line basis. Tax law allows for a different write-off however and depreciation can be expensed over two years.
The tax rate is 30%.
Question 1: What are the total balances of deferred tax asset and deferred tax liability for 30 June 2020. Show all workings.
If you think the space is insufficient to show all your workings, you may upload your workings in a word, excel or smart phone picture format (as long as your writing is legible). However the total balance of deferred tax asset and deferred tax liability needs to be typed in the quiz space provided.
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