Accounting profit for the year ended 30 June 2023 is $37,000. Included in the accounting profit...

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Accounting profit for the year ended 30 June 2023 is $37,000. Included in the accounting profit are the following income and expenses: Rent revenue Insurance expense Long service leave expense An extract of the Statement of Financial Position for 30 June 2023 reveals the following: Rent receivable Prepaid Insurance Provision for long service leave $13,000 $19,000 $24,000 The tax rate is 30%. 2023 $17,000 $19,500 $14,000 2022 $9,500 $12,000 $6,000 Required: Calculate the current tax for the year ending 30 June 2023. Identify in your calculations if there is a: Taxable profit or Tax loss; and, Current Tax Liability or Deferred Tax Asset. Record the necessary journal entry. Accounting profit for the year ended 30 June 2023 is $37,000. Included in the accounting profit are the following income and expenses: Rent revenue Insurance expense Long service leave expense An extract of the Statement of Financial Position for 30 June 2023 reveals the following: Rent receivable Prepaid Insurance Provision for long service leave $13,000 $19,000 $24,000 The tax rate is 30%. 2023 $17,000 $19,500 $14,000 2022 $9,500 $12,000 $6,000 Required: Calculate the current tax for the year ending 30 June 2023. Identify in your calculations if there is a: Taxable profit or Tax loss; and, Current Tax Liability or Deferred Tax Asset. Record the necessary journal entry.

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To calculate the current tax for the year ending 30 June 2023 we need to determine the taxable profi... View the full answer