A tax audit was completed in a Company and the following differences were revealed for the month
Question:
A tax audit was completed in a Company and the following differences were revealed for the month of June between declared and payable amounts:
Tax | Declared by Company | Payable by Law |
VAT | 5,300 | 3,500 |
CIT | 3,800 | 5,250 |
PIT | 8,000 | 8,380 |
Import Tax | 2,500 | 3,130 |
Additionally, following results were revealed from Stocktaking conducted by Tax Authority:
Title | Factual (Real) Amount | Accounted Amount | Market price for 1 unit (GEL) |
Table | 18 | 25 | 200 |
Chair | 33 | 27 | 100 |
Drawer | 5 | 12 | 800 |
Tasks:
1. Determine additionally assessed taxes and fines for each tax (For tax audit).
2. Determine the total additional amount assessed (tax principals+fine) from the tax audit.
3. Determine total results of tax stocktaking (total shortage and total surplus in GEL).
4. Determine fines from tax stocktaking (for surplus and for shortage).
5. Determine additionally assessed taxes and fines from tax stocktaking.
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach