Question: can i have answer for this question ? PART A The profit before tax, as reported in the statement of comprehensive income of SuperX Ltd

can i have answer for this question ?

can i have answer for this question ? PART A The profit

PART A The profit before tax, as reported in the statement of comprehensive income of SuperX Ltd (an Australian retail company) for the year ended 30 June 2019 amounted to: $13,890,000 including the following revenue and expense items: Subscription Revenue $434,000 Government Award Income $781,000 Doubtful debts expense $86,000 Depreciation (Equipment) $564,200 Depreciation (Buildings) $138,000 Maintenance expense $390,000 Employee benefits expense $260,000 Rent expense $130,000 Entertainment expense $217,000 The draft statements of financial position of the company at 30 June 2019 and 2018 showed the following assets and liabilities: 2019 ($) 2018 ($) Assets Cash $911,000 $998,000 Inventory $1,953,000 $1,779,000 Accounts receivable $5,642,000 $5,382,000 Allowance for doubtful debts -$451,000 -$416,000 Prepaid rent $243,000 $225,000 Equipment $5,642,000 $5,642,000 Accumulated depreciation - Equipment -$2,256,800 -$1,692,600 Buildings $3,472,000 $3,472,000 Accumulated depreciation - Buildings -$1,389,000 $1,250,000 Land $2,170,000 $2,170,000 Goodwill (net) $868,000 $868,000 Deferred tax asset $128,610 Liabilities Accounts payable Provision for maintenance Provision for employee benefits Subscription received in advance Deferred tax liability $3,298,000 $694,000 $477,000 $303,000 ? $2,951,000 $520,000 $347,000 $217,000 10% 15% per annum per annum Additional Information: a) Subscription revenue is tax assessable when it is received in cash b) Government award income is not tax assessable cl Doubtful debts are tax deductible when the company actually incurs bad debts/write off d) For accounting purpose, the equipment is depreciated using the straight line method at a rate For tax purpose, however, the equipment is depreciated on: e) Depreciation of buildings is not allowed as tax deductions Employee benefits are tax deductible when they are paid in cash to the employees g) Rent expense and maintenance expense are tax deductible when paid in cash h) Entertainment expense is not allowed as tax deduction "Assume a tax rate of 30% for the financial years ending 30 June 2018 and 2019 Required: 1) Calculate the taxable income tax loss and the current tax liability (if any) for the financial year ended 30th June 2019. Prepare a journal entry to recognise the current tax liabilitytax loss. 2) Calculate deferred tax asset and deferred tax liability balances as at 30th June 2019. Prepare the deferred tax journal entries for the year ended 30th June 2019. Note that you are NOT required to prepare journals to offset the deferred tax asset and deferred tax liability balances. Anwar walutav//7damlax w y 7399/Vn778 1473/7XXXX, lax buse, laxave laznuvaziye3127 t ive //www/ 3) Justify your treatment of the following accounts in the current tax worksheet. If relevant, explain how and why this leads to the deferred tax consequence shown in the deferred tax worksheet i) Subscription revenue ii) Rent expense iii) Maintenance expense

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