Marrah Ltd made an accounting profit before tax of $80,000 for the year ended 30 June...
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Marrah Ltd made an accounting profit before tax of $80,000 for the year ended 30 June 2024. Included in the accounting profit were the following items of revenue and expense: Entertainment expenses Depreciation expense - equipment (10%, straight-line) I Annual leave expense Rent revenue Font Included in the statement of financial position were the following asset and liability: 2024 12,500 20,000 Provision for annual leave Rent receivable Additional information: $ Depreciation rate on equipment for tax purposes is 15% straight line. Income tax rate is 30% 8,000 20,000 5,000 15,000 2023 15,000 15,000 Required Calculate the current tax liability for the year ended 30 June 2024 for Marrah Ltd and prepare the journal entry to recognise it. (Show all working out for your tax related revenues/income and expenses/deductions and show your current tax worksheet) Marrah Ltd made an accounting profit before tax of $80,000 for the year ended 30 June 2024. Included in the accounting profit were the following items of revenue and expense: Entertainment expenses Depreciation expense - equipment (10%, straight-line) I Annual leave expense Rent revenue Font Included in the statement of financial position were the following asset and liability: 2024 12,500 20,000 Provision for annual leave Rent receivable Additional information: $ Depreciation rate on equipment for tax purposes is 15% straight line. Income tax rate is 30% 8,000 20,000 5,000 15,000 2023 15,000 15,000 Required Calculate the current tax liability for the year ended 30 June 2024 for Marrah Ltd and prepare the journal entry to recognise it. (Show all working out for your tax related revenues/income and expenses/deductions and show your current tax worksheet)
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To calculate the current tax liability for Marrah Ltd for the year ended 30 June 2024 we need to det... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
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