Johnson Ltd recorded a profit before tax of $50 000 for the year to 30 June 2017, which included the following items:
|Depreciation expense – plant
Doubtful debts expense
Long-service leave expense
For taxation purposes the following amounts are allowable deductions for the year to 30 June 2017:
|Tax depreciation – plant
Bad debts written off
Depreciation rates for taxation purposes are higher than for accounting purposes. A corporate tax rate of 30% applies.
- Calculate current tax liabilities for the year ending 30 June 2017 and prepare journal entries for current tax liabilities.
- Calculate deferred tax liabilities for the year ending 30 June 2017 and prepare journal entries for deferred tax.
Click on Buy Solution and make payment. All prices shown above are in USD. Payment supported in all currencies. Price shown above includes the solution of all questions mentioned on this page. Please note that our prices are fixed (do not bargain).
After making payment, solution is available instantly.Solution is available either in Word or Excel format unless otherwise specified.
If your question is slightly different from the above question, please contact us at firstname.lastname@example.org with your version of question.