ABC Pty Ltd is a resident private company. It is not a small business entity 01/07/20 Received unfranked dividend from D Ltd 3,000 01/09/20 Paid PAYG Instalment 3,000 Received 30% franked dividend from Q Ltd 10,000 11/03/21 Paid interim dividend fully franked 20,000 15/03/21 Paid balance of company tax 6,000 01/04/21 Paid fringe benefits tax of 7,000 11/06/21 Received fully franked dividend from C Ltd 7,000 15/06/21 Paid final dividend franked to 80% 10,000 The entity had an opening franking account balance of $1000 credit The entity was not granted any variations to its benchmark franking percentage Prepare the franking account for the year ended 30 June 2021.

ABC Pty Ltd is a resident private company. It is not a small business entity 01/07/20 Received unfranked dividend from D Ltd 3,000 01/09/20 Paid PAYG Instalment 3,000 Received 30% franked dividend from Q Ltd 10,000 11/03/21 Paid interim dividend fully franked 20,000 15/03/21 Paid balance of company tax 6,000 01/04/21 Paid fringe benefits tax of 7,000 11/06/21 Received fully franked dividend from C Ltd 7,000 15/06/21 Paid final dividend franked to 80% 10,000 The entity had an opening franking account balance of $1000 credit The entity was not granted any variations to its benchmark franking percentage Prepare the franking account for the year ended 30 June 2021.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 9BCRQ

See similar textbooks

Similar questions

ABC Pty Ltd is a resident private company. It is not a small business entity. 01/07/20 Received unfranked dividend from D Ltd 3,000 01/09/20 Paid PAYG Instalment 3,000 Received 30% franked dividend from Q Ltd 10,000 11/03/21 Paid interim dividend fully franked 20,000 15/03/21 Paid balance of company tax 6,000 01/04/21 Paid fringe benefits tax of 7,000 11/06/21 Received fully franked dividend from C Ltd 7,00015/06/21 Paid final dividend franked to 80% 10,000 The entity had an opening franking account balance of $1000 credit The entity was not granted any variations to its benchmark frankingpercentage Prepare the franking account for the year ended 30 June 2021.
In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends. AlmondCorporation BananaCorporation CherryCorporation Income from operations $700,000 $800,000 $900,000 Expenses from operations (600,000) (860,000) (910,000) Qualifying dividends 100,000 100,000 100,000 Click here to view the dividend received deduction table. a. The dividends received deduction for Almond Corporation is $fill in the blank 1. b. The dividends received deduction for Banana Corporation is $fill in the blank 2. c. The dividends received deduction for Cherry Corporation is $fill in the blank 3.
P Corporation is parent having purchased 60% of S Company's ordinary shares at par value of P600,000. S Company is in financial difficulty. The parent granted an unsecured loan of P200,000 to the subsidiary. An accounting statement of affairs for S Company shows a dividend of 30%. What amount can P Corporation expect to receive on the loan?
In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends. Almond Corporation Banana Corporation Cherry Corporation Income from Operations $700,000 $800,000 $900,000 Expenses from Operations (600,000) (860,000) (910,000) Qualifying dividends 100,000 100,000 100,000
In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. Assume that Oak Corporation owns 25%, Elm owns 15% and Mahogany owns 60% of the stock in the corporations paying the dividends. OakCorporation ElmCorporation MahoganyCorporation Income from operations $650,000 $900,000 $825,000 Expenses from operations (525,000) (1,050,000) (830,000) Qualifying dividends 160,000 160,000 160,000 Click here to view the dividend received deduction ownership percentages and corresponding deduction percentage. a. The dividends received deduction for Oak Corporation is b. The dividends received deduction for Elm Corporation is c. The dividends received deduction for Mahogany Corporation is
APA Corporation is a parent, having purchased 60% of ABC Company’s common stock at par value for P600,000. ABC Company is in financial difficulty. The parent granted an unsecured loan of P200,000 to the subsidiary. An accounting estimate of affairs for ABC Company shows a dividend of 30%. APA Corporation can expect to receive on the loan of appropriately:
APA Corporation is a parent, having purchased 60% of ABC Company’s common stock at par value for P600,000. ABC Company is in financial difficulty. The parent granted an unsecured loan of P200,000 to the subsidiary. An accounting estimate of affairs for ABC Company shows a dividend of 30%. APA Corporation can expect to receive payment for its Investment in ABC Company of approximately
For the year ended December 31, the following results were given: Dividend Paid Net Income Parent Company P15,000 P30,200Subsidiary Company 4,000 9,400 Using the proportionate basis or partial goodwill method, compute the non-controlling interest on December 31.A. P 10,600 C. P 12,010B. P11,140 D. P 12,300 Note: Just use the information provided to solve the problem.
ABC Ltd. receives $12,000 in dividends from a non-connected corporation, Telus Corp. Which of the following is INCORRECT? a. ABC Ltd. owns more than 10% of the shares of Telus Corp. b. Part IV Tax Payable = $4,600. c. Dividends from non-connected corporations like Telus Corp. are often referred to as portfolio dividends. d. ABC Ltd. owns less than 10% of the shares of Telus Corp. e. Dividends from non-connected corporations are always subject to Part IV tax payable.
Clinton Ltd acquired 20% of and significant influence over the operations of Lee Ltd on 1 July 20X0. At that date, the equity of Lee Ltd comprised retained profits of $800,000 and paid up capital of $3,000,000. During the financial year ended 30 June 20X1, Lee Ltd paid a final dividend of $300,000 out of profits earned in the year ended 30 June 20X1. Clinton Ltd does not control any entities. What is the journal entry to record these dividends for Clinton Ltd for the year ended 30 June 20X1 under equity accounting? Note that the reclassification method/approach is used. Select one: A. Accounts Debit $ Credit $ Bank 300,000 Dividend revenue 300,000 ... B. Accounts Debit $ Credit $ Bank 60,000 Investment in Lee 60,000 ... C. Accounts Debit $ Credit $ Bank 60,000 Dividend revenue…
Bones Ltd acquired 8 100 ordinary shares for R15 400 in Dunn Ltd, a company in the motor industry on 1 July 2006 when the retained earnings of Dunn Ltd were R8 000 and 18 000 ordinary shares worth R36 000. Bones Ltd exercises significant influence over the management of financial policies of Dunn Ltd and has a 45% interest in Dunn Ltd. The separate trial balances for the year ended 30 June 2009 showed the following: Bones Ltd Dunn Ltd R R Dividends received 11 500 - Dividends paid 12 500 12 000 How much will be recognised as Other Income in Bones Ltd.’s Group Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 2009? Select one: a. R11 500 b. R5…
Meldrum Pty Limited (a private company) had the following transactions in relation to its franking account: DateDetailsAmount1 July 2018Opening balance$2,0006 Sept 2018Received a fully franked dividend from BHP Limited$49,0007 Sept 2018Paid Goods and Service Tax$25,0009 Sept 2018Paid a dividend franked to 50%$56,0002 Oct 2018Paid income tax instalment$6,00011 Nov 2018Received a refund of income tax$49,0007 Feb 2019Paid income tax instalment$5,00014 Mar 2019Paid a dividend fully franked$56,0008 April 2019Paid income tax instalment$6,0003 May 2019Paid fringe benefits tax$50,00015 June 2019Paid a dividend 30% franked$42,000Required: (a)What is the closing balance of the franking account on 30 June 2019? (b)What are the consequences of the closing balance of the franking account? (c)What other tax consequences are there for Meldrum Pty Ltd? 3 / 3 125%