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On 30 June 2020 Kally Ltd had the following balances: current tax liability of $23,000; deferred tax asset $12,000 (2019: $9,000); deferred tax liability $14,000 (2019: $8,000); and, profit and loss summary $42,000.
Problem 1: Assuming there are no other changes to the deferred tax accounts throughout the year, and the income tax rate is 30%, the total income tax expense that Kally Ltd will report in the Profit or Loss and Other Comprehensive Income Statement for 30 June 2020 is:
Select one:
a. $26,000
b. $20,000
c. $23,000
d. $12,600
Financial Statement Analysis and Preparation
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