10. At the start of the year a company had an opening credit balance on its...
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10. At the start of the year a company had an opening credit balance on its current tax account of $132,000. Payments of $129,000 were made to the tax authorities during the year. At the end of the year the tax due on its trading profits was $163,000 and there was to be a reduction in the deferred tax liability of $18,000. What is the charge to tax in the statement of profit or loss and comprehensive income for the year? A B C D [ ] [ ] ] $142,000 $160,000 [ $163,000 [ ] $178,000 10. At the start of the year a company had an opening credit balance on its current tax account of $132,000. Payments of $129,000 were made to the tax authorities during the year. At the end of the year the tax due on its trading profits was $163,000 and there was to be a reduction in the deferred tax liability of $18,000. What is the charge to tax in the statement of profit or loss and comprehensive income for the year? A B C D [ ] [ ] ] $142,000 $160,000 [ $163,000 [ ] $178,000
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SOLUTION To calculate the charge to tax in the statement of profit or loss and comprehensive income for the year we need to consider the following com... View the full answer
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
Posted Date:
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