Food-Pro Ltd is a special food processing company
Current Tax and Deferred Tax Computation Food-Pro Ltd is a special food processing company. For the financial year ended 30 June 2018, FoodPro Ltd made a profit before tax of $607,500. The following items of income and expenses are included in the calculation of its profit for the year: Rent revenue $60,000 Loss on disposal of plant $16,001 Depreciation expenses – plant $96,000 Entertainment expense $29,880 Amortization of Research & Development costs $72,000 Doubtful debts expense $33,600 Warranty expenses $129,600 Insurance expense $57,600 Annual leave expense $87,990 An extract of the company’s balance sheet for the financial year ended 30 June 2018 together with comparative figures for 2017 is given as follows: Assets 2018…
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