Coles Group Ltd is an entity that must prepare general purpose financial reports (GPFR) and apply AASB112
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Question:
Coles Group Ltd is an entity that must prepare general purpose financial reports (GPFR) and apply AASB112 Income Taxes.
Required: Using the information for Coles Group Ltd 2019 below:
- Show how Coles have arrived at the total income tax expense for 2019 of $347 million.
- (ii) Calculate the 2019 Profit for the Period (after tax).
- (iii) From the list of accounting revenue and expenses below, identify how these items are treated under income tax rules (eg, Interest expense: the amount deductible for tax is equal to cash paid on interest):
- Royalty revenue
- Depreciation expense on equipment
- Bad debts expense
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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