The following information relates to Curios Limited: Year end 30 June 2019 2018 Profit before tax...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information relates to Curios Limited: Year end 30 June 2019 2018 Profit before tax 282 000 252 000 Dividend income (not taxable) 8 000 10 000 Non-deductible donations 10 000 5 000 Non-deductible fines 12 000 6 000 Prepaid expenses 4 500 Income received in advance 7 500 The original cost of plant was R350 000 purchased on 01 July 2017. Depreciation was R48 000 and wear and tear equaled R40 000. Profit on sale of building amounted to R50 000 on the 01 July 2018. There are no components of other comprehensive income. • The normal corporate tax rate for Curios Limited is 30%. The capital gains tax rate is 33.3%. Required: Prepare the journals in the general journal relating to taxation for the years ended 30 June 2018 and 30 June 2019 (show all relevant calculations). The following information relates to Curios Limited: Year end 30 June 2019 2018 Profit before tax 282 000 252 000 Dividend income (not taxable) 8 000 10 000 Non-deductible donations 10 000 5 000 Non-deductible fines 12 000 6 000 Prepaid expenses 4 500 Income received in advance 7 500 The original cost of plant was R350 000 purchased on 01 July 2017. Depreciation was R48 000 and wear and tear equaled R40 000. Profit on sale of building amounted to R50 000 on the 01 July 2018. There are no components of other comprehensive income. • The normal corporate tax rate for Curios Limited is 30%. The capital gains tax rate is 33.3%. Required: Prepare the journals in the general journal relating to taxation for the years ended 30 June 2018 and 30 June 2019 (show all relevant calculations).
Expert Answer:
Answer rating: 100% (QA)
WN1 For 30618 For 30619 Profit Before Tax 252000 2820... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
Students also viewed these accounting questions
-
The following information relates to two companies, designated Company A and Company B. One of the companies is a traditional steel manufacturer. The other is a successful Internet retailer. Using...
-
The following information relates to Helena Limited: Required: Calculate the following accounting ratios for each of the five years from 30 April 2008 to 2012 inclusive: (a) Gross profit (b) Mark-up...
-
The following information relates to the Plus Factors Group plc for the years to 30 September 20X8 and 20X9: Ordinary dividends were declared as follows: Interim 1.12 pence per share (20X8, l.67p)...
-
Consider the following information for a company: Sales (all credit): $6,000,000; Cost of Goods Sold: 80% of Sales; Accounts receivable: $350,000; Inventory: $600,000; Accounts payable: $150,000 What...
-
If X is a Hilbert space, then so is X*.
-
An engineer is studying bearing failures for two different materials in aircraft gas turbine engines. The following data are failure times (in millions of cycles) for samples of the two material...
-
The existence of a budget deficit or a budget surplus tells us very little about the stance of fiscal policy. Explain and discuss.
-
1. What is the basic question that the moral philosopher asks about how we treat members of species other than our own? 2. Distinguish racism and sexism from speciesism. Do they have any common...
-
A technology firm produces two types of processors. Let x be the number of units of processor A and x2 the number of units of processor B. Let w and w be the unit price of processor A and processor B...
-
Unexpected Indent /2 In Python, we increase the indentation level of our code to define a new block for statements like def. Indentation is expected to be consistent. The code below uses inconsistent...
-
Use internet tax resources to address the question. Look for reliable websites and blogs of the IRS and other government agencies, media outlets, businesses, tax professionals, academics, think...
-
An environmental trust will pay $73,726 once every 3 years for remediation of a site for an indefinitely long period of time. The interest rate is 7% per year. If the project is due to start, and the...
-
Below are sample relative value units and geographic practice cost indices from a Medicare Fee Schedule. The conversion factor for this particular year is $34.7315. Calculate the expected payments...
-
(5 pts) A 120 kg asteroid is traveling at 100 m/s in an empty region of space. At time t=0, the asteroid explodes into two pieces with m=3m. These pieces travel in different directions as shown...
-
Depth First Search o Generate Adjacency Linklist o Traverse Graph using DFS Algorithm o Start Node: Your choice A B U E G F LL I
-
Broker enrique and broker carl are overseeing in-house transactions. broker enrique's transaction has to do with a strip mall sale while carl's is a condo sale.what form of authorized brokerage...
-
a new type of employee workplace behavior tracking - the facial expression tracking. In your opinion, do you think it is appropriate for an company to track its employees' facial expression on the...
-
Repeat Exercise 16.6 using the t-test of the coefficient of correlation. Is this result identical to the one you produced in Exercise 16.6?
-
The following information has been collected regarding Burton Dee Company: Free cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Under what general conditions is the installment sales method of accounting preferred to the full accrual method?
-
The retained earnings account for Carlitos Inc. shows the following debits and credits. Indicate all entries required to correct the account. What is the corrected amount of retainedearnings?...
-
A candlestick chart is similar to a bar chart except that the candlestick chart: A. Represents upward movements in price with Xs. B. Also graphically shows the range of the periods highs and lows. C....
-
What considerations might encourage a market analyst to rely more on a top-down or bottom-up forecast of S&P 500 operating earnings?
-
1. Assume the S&P 500 forward earnings yield is 5 percent and the 10-year T-note yield is 4.6 percent. Are stocks overvalued or undervalued according to the Fed model? 2. Why might the earnings yield...
Study smarter with the SolutionInn App