Reference no: EM132858899
A company commenced business on 1 July 2022. On 30 June 2023, a draft statement of financial position disclosed the following information: accounts receivable $35,000, allowance for doubtful debts $5,000, rent receivable $15,000, equipment $150,000, accumulated depreciation - equipment $15,000, and provision for long service leave $8,000.
The equipment was acquired on 1 July 2022. Depreciation for accounting purposes was 10% (straight-line method), while 20% (straight-line) was used for tax purposes. The company tax rate is 30%.
Problem 1: In a deferred tax worksheet, the ending balances for the deferred tax accounts are:
Select one:
a. Deferred Tax Liability $9,000; Deferred Tax Asset $3,900
b. Deferred Tax Liability $13,000; Deferred Tax Asset $30,000
c. Deferred Tax Liability $30,000; Deferred Tax Asset $13,000
d. Deferred Tax Liability $3,900; Deferred Tax Asset $9,000
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