A company has the following results for the three years to 31 March 2021: Assuming that the
Question:
A company has the following results for the three years to 31 March 2021:
Assuming that the trading loss is carried forward and that maximum loss relief is taken as soon as possible, calculate the company's taxable total profits for each of the three years, showing the amount of losses carried forward at the end of each year. Also calculate the amount of tax saved as a result of trading loss relief.
Transcribed Image Text:
Trading profits/(losses) Gift Aid donations yle 31/3/19 (32,200) 4,000 yle 31/3/20 23,800 5,000 yle 31/3/21 40,300 6,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
Trading profits Less Trading losses bf Trading income Less Qualifying charitable donations Taxable t...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A company has the following results for the three years to 31 March 2022: Assuming that the trading loss is carried forward and that maximum loss relief is taken as soon as possible, calculate the...
-
A company has the following results for the three years to 31 May 2017: Trading profits/(losses) Gift Aid donations W/e 31/5/15 (32,200) 400 We 31/5/16 23,800 500 We 31/5/17 40,300 600 Assuming that...
-
A company has the following results for the three years to 31 March 2021: Assuming that the trading loss of 78,900 is carried forward and that maximum loss relief is taken as soon as possible,...
-
Patagonia founder and owner Yvon Chouinard argued that meaningful work depends on what one does, in terms of daily tasks, but also on the larger issues that a company stands for" He writes....
-
Written Report Instructions for your client that: Analyzes the client household's existing insurance and retirement program. Recommends changes that would remove unnecessary or inappropriate...
-
A pith ball is suspended from a string, and when a rubber rod is brought close to the ball at \(t=0\), the ball is not noticeably affected by the rod. At \(t=5.00 \mathrm{~s}\) the rod is turned...
-
There are about \(10^{11}\) stars in the Galaxy with mass comparable to the Sun. Determine total mass \(M_{S}\) in the stars and the fraction of the Galaxy mass in the form of interstellar medium...
-
The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts: Owners Capital $15,600, Owners Drawings $7,000, Service Revenue $37,000, Salaries and Wages...
-
All work must be shown on every facet of the solution. This includes a timeline with cashflows, timing and rates clearly laid out and formulas (in pure form, not in the calculator or excel form). A...
-
A company has the following results for the year to 31 October 2020: Assuming that a claim is made to relieve the trading loss against total profits of the lossmaking accounting period, calculate the...
-
A company which began trading on 1 April 2018 has no other income apart from its trading profits. Results for the first three accounting periods were as follows: All possible claims were made to set...
-
Calculate the missing amounts for each of the following Prepaid Insurance situations. For situation A, journalize the adjusting entry. Consider each situationseparately. Situation Beginning Prepaid...
-
The last dividend paid by Wilden Corporation was $4.00. The dividend growth rate is expected to be constant at 1.5% for 2 years, after which dividends are expected to grow at a rate of 8.0% forever....
-
Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $380,000 per quarter. For financial reporting...
-
A dog is playing in a swamp as shown in the diagram. She runs at 6 m/s in the swamp (anywhere except the road) and 6.5 m/s on the road. She got hungry and decided to return home imminently. What is...
-
The Ramirez Company's last dividend was $1.75. Ramirez's dividend growth rate is expected to be constant at 25% for 2 years, after which dividends are expected to grow at a rate of 6% forever....
-
Wildhorse Company reported retained earnings at December 31, 2021, of $306,500. Wildhorse had 196,500 shares of common stock outstanding at the beginning of 2022. The following transactions occurred...
-
Were the Hylers entitled to rescission based on misrepresentation?
-
The Adjusted Trial Balance columns of a 10-column work sheet for Webber Co. follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by...
-
Susan made the following purchases of ordinary shares in Semicycle plc: In January 2022, the company went into liquidation and Susan received a first distribution of 2 per share. The market value of...
-
Saeed made the following purchases of ordinary shares in Hyban plc: In June 2017, the company made a 1 for 20 rights issue at 1.50 per share and Saeed took up the shares which he was offered....
-
Suzanne acquired the following ordinary shares in Quarine plc: She made no further acquisitions and the shares were valued at 3.20 each on 31 March 1982. On 24 July 2021, Suzanne sold 1,200 shares...
-
Sue is employed by a large furniture retail business and as such is required to travel around the country sourcing supplies. She received a travel allowance of $9,400 for the year ended 30 June 2023....
-
DomCo, a domestic corporation, is a wholly-owned subsidiary of its Japanese parent corporation, ASIAco, which manufactures lightbulbs. During the current year, DomCo pays $100 million for 100 million...
-
Using Excel. 1 Creating an adjusted trial balance. (use very few accounts 3 asset, 2 liability 3 stockholder's equity, 1 revenue, 2 expense) Do not do the worksheet that is in problem 1 (a). It has...
Study smarter with the SolutionInn App