During the year ended 30 June 2019, CoCo Berhad had the following transactions: (a) In July...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During the year ended 30 June 2019, CoCo Berhad had the following transactions: (a) In July 2018, CoCo Berhad acquired a building for RM800,000 with an estimated useful life of 20 years. It is the company's policy to depreciate the building on a straight line basis. On 30 June 2019, the building had been revalued to RM950,000. It is the company's policy to provide a full year's depreciation in the year of purchase and none in the year of disposal. For tax purposes, initial allowance of 10% and annual allowance of 3% are given for such buildings. The company has no intention to dispose the revalued building. CoCo Berhad had trade receivables of RM1,500,000 and an allowance for doubtful debts of 10% has been made for the year. Income tax rate is 25% for the year ended 30 June 2019. Required: Calculate the deferred tax asset or deferred tax liabilities as at 30 June 2019 arising from the above transactions. (b) During the year ended 30 June 2019, CoCo Berhad had the following transactions: (a) In July 2018, CoCo Berhad acquired a building for RM800,000 with an estimated useful life of 20 years. It is the company's policy to depreciate the building on a straight line basis. On 30 June 2019, the building had been revalued to RM950,000. It is the company's policy to provide a full year's depreciation in the year of purchase and none in the year of disposal. For tax purposes, initial allowance of 10% and annual allowance of 3% are given for such buildings. The company has no intention to dispose the revalued building. CoCo Berhad had trade receivables of RM1,500,000 and an allowance for doubtful debts of 10% has been made for the year. Income tax rate is 25% for the year ended 30 June 2019. Required: Calculate the deferred tax asset or deferred tax liabilities as at 30 June 2019 arising from the above transactions. (b)
Expert Answer:
Related Book For
Service Management Operations Strategy Information Technology
ISBN: 978-0077841201
8th edition
Authors: James Fitzsimmons, Mona Fitzsimmons, Sanjeev Bordoloi
Posted Date:
Students also viewed these accounting questions
-
The sheriff has been asked by the county commissioners to increase weekend patrols in the lake region during the summer months. The sheriff has proposed the follow-ing weekly schedule, shifting...
-
The finance director of Toy plc has been asked by a shareholder to explain items that appear in the current cost statement of comprehensive income for the year ended 31.8.20X9 and the statement of...
-
Exercise 6. Let F be a field, show that f(x) F[x] is irreducible if and only if f(x + r) is irreducible for all r ER. Note that by the binomial theorem, (x + r) is the following polynomial. k (x +...
-
Find a PTLU factorization of the given matrix A. (Enter each matrix in the form [[row 1], [row 2],...], where each row is a comma-separated list.) 0 1 2 -1 4 1 1 3 3 A =
-
Lakewood Laser SkinCare's ending cash balance as of January 31, 2015 (the end of its fiscal year 2014) was $ 15,000. Its expected cash collections and payments for the next six months are given in...
-
How can you calculate the synergies that must be extracted from an acquisition with a given premium?
-
A copy machine cost \($40,000\) when new and has accumulated depreciation of \($37,000.\) Suppose Copies R Us junks this machine, receiving nothing in return. What is the result of the disposal...
-
A partially completed worksheet for Christopher Cobb, CPA, for the month ending June 30, 2016, is shown below. INSTRUCTIONS 1. Record the balances as of June 30 in the ledger accounts. 2. Prepare the...
-
Variances, Entries, and Income Statement A summary of Blake Company's manufacturing variance report for June follows. Total Standard Costs (7,600 units) Actual Costs (7,600 units) Variances Direct...
-
You are working at a Trident Steel, a steel solution provider that manufactures steel for several industries, including construction, mining, and automotive industries. One of your immediate tasks is...
-
If we randomly pick a non-negative integer-valued vector (1, 2, 3, 4) such that + x + x3 + 4 = 20, what is the probability that 3, 2 4, and x3 5.
-
You work as a pensions actuary for consultancy ActyBen. One of ActyBen's major clients is multinational employer GDOI who sponsors two pension schemes for UK employees. Both schemes operate under...
-
In 1 hour, Nate paddles his canoe 6 km upstream and then returns back downstream to the dock. The current in the river is 3 km/h. a) b) Create a simplified quadratic equation to model the situation....
-
Tundra Textiles (TT) has $1,000 face value, 5.2% coupon rate (semi-annual coupon payments) with an original maturity of 20 years. The bonds were issued three years ago and are callable 10 years from...
-
Assume that Krafty Foods and Whole Cheese have identical assets that will pay off either $200 million or $300 million a year from today. Krafty is funded with equity that has a market value of $240...
-
To complete this segment, refer to the following financial information of GM, as of 31th December 2022. There are 1.454 billion shares outstanding. Short-term and long-term debt amounts are $38,778...
-
Let x0, x1 = (0, 1) and A0, A R. Suppose the quadrature formula L 1 log(x)p(x) dx = A0p(x0) + Ap(x1) is exact for all polynomials or order at most 3. What system of equations does x0,x1, A0, and A...
-
1. As a general strategy, would you recommend that Carl take an aggressive approach to capacity expansion or more of a wait-and-see approach? 2. Should Carl go with the option for one facility that...
-
1. Who are Goodwill's customers and how have their demographics changed over time? 2. How should the introduction of for-profit thrifts affect Goodwill's decisions about the role of customer service?...
-
Use inventory models to address Lou Carlson's questions. Support your recommendations with cost justification. A.D. Small, Inc., provides management consulting services from its offices located in...
-
Dutch Farms imports cheese by the case from Holland for distribution to its Texas retail outlets. During the year ( 360 days), Dutch Farms sells 1,080 cases of cheese. Because of spoilage, Dutch...
-
a. Who may bring suit under the 1934 Securities Exchange Act? b. Is the basis for action the same as in a 1933 Act suit? Explain.
-
What are the responsibilities of the plaintiff and the defendant in a 1933 Act suit?
-
Under what circumstances will a statement be presumed to be misleading?
Study smarter with the SolutionInn App