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- From the following information for R Ltd. for the year ended 31 March, 2016, calculate the deferred tax asset/ liability as per AS-22 Accounting Profit. ₹10,00,000 Book Profit as per MAT(|Minimum Alternate Tax. ₹9,00,000Profit as per income Tax Act. ₹1,00,000Tax Rate 30%MAT Rate 10%Refer to the following financial information of Scholz Company: NOPAT 8.250.000.00 EBITDA 17,725.000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280.000.00 Tax rate 40% 1. Calculate the Company's depreciation and amortization expense 2. calculate its interest expense. Use 2 decimal places for your final answer. 3. calculate its EVA. Use 2 decimal places for your final answer.1.Whatare the conditions under Income Tax Act, ACT 896 forexpenditure to be allowed as a deduction when computingbusiness, employment or investment income?2.List5 allowable deductions from the assessable income3.Assumethat the written down value of assets in the pool 2 isGH 100 000 and the repairs and improvements is GH 20 000What will be the tax allowable expenses?4.Giventhat the assessable income for the company isGH 140 000 the finance cost is GH 90 000 and there is nocorresponding finance gain, what is the allowable expense?
- You are given the following transactions relating to the capital expenditure of Marang Logistics Solutions (Pty) Ltd for the year ended 31 December 2022: The tax written down value of capital items on 1 January 2022 was: Cost Capital Allowance WDV Office Buildings 800,000 50,000 750,000 Furniture and Fittings 89,000 44,000 45,000 Other plant and machinery 350,000 125,000 225,000 Commercial Vehicles 1,600,000 750,000 850,000 The following purchases were…Please calculate capital allowance using declining balance method with the following information: Details of the Fixed Assets: Details Cost NBV Tax Written Down As at 31 Dec 2021 As at 31 Dec 2021 Value as at 1 Jan 2021Motor Vehicles 10,00,000 7,200,000 7,000,000Equipment 15,000,00 12,00,000 6,713,335Office buildings 45,000,000 36,000,000 36,450,000 Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000…BACKGROUND The company, North S.L., has the following information in the Balance Sheet and Profit and Loss Account for 2016, before calculating its Corporate Tax: BALANCE SHEET ASSETS LIABILITIES 69.360,00 A) NON CURRENT ASSET A) NET EQUITY 105.130,00 4.860,00 1. Intangible asset A-1) Equity 60.000,00 4.860,00 1. R+D 1. Capital 60.000,00 4.860,00 201 DEVELOPMENT 1. Issued capital 60.000,00 64.500,00 II. Tangible Fixed Assets 100 SOCIAL CAPITAL 19.500,00 64.500,00 2. Technical facilities and others. III. Funds 12.000,00 52.000,00 213 MACHINERY 1. Legal y statuary 12.000,00 8.000,00 216 FURNITURE 112 LEGAL FUNDS 7.500,00 3.500,00 217 INFORMATION PROCESSING EQUIP. 2. Other funds 7.500,00 25.000,00 218 TRANSPORT 113 VOLUNTEER FUND 25.630,00 -24.000,00 281 CUMULATIVE DEPRECIATION VII. Result of the fiscal year 32.000,00 104.050,00…
- BACKGROUND The company, North S.L., has the following information in the Balance Sheet and Profit and Loss Account for 2016, before calculating its Corporate Tax: BALANCE SHEET ASSETS LIABILITIES 69.360,00 A) NON CURRENT ASSET A) NET EQUITY 105.130,00 4.860,00 1. Intangible asset A-1) Equity 60.000,00 4.860,00 1. R+D 1. Capital 60.000,00 4.860,00 201 DEVELOPMENT 1. Issued capital 60.000,00 64.500,00 II. Tangible Fixed Assets 100 SOCIAL CAPITAL 19.500,00 64.500,00 2. Technical facilities and others. III. Funds 12.000,00 52.000,00 213 MACHINERY 1. Legal y statuary 12.000,00 8.000,00 216 FURNITURE 112 LEGAL FUNDS 7.500,00 3.500,00 217 INFORMATION PROCESSING EQUIP. 2. Other funds 7.500,00 25.000,00 218 TRANSPORT 113 VOLUNTEER FUND 25.630,00 -24.000,00 281 CUMULATIVE DEPRECIATION VII. Result of the fiscal year 32.000,00 104.050,00…Q1) At 30 June 2019, Beta Ltd had the following deferred tax balances: Deferred tax liability $18,000 Deferred tax asset $15,000 Beta ltd recorded a profit before tax of $80,00 for the year to 30 June 2020, which included the following terms: Depreciation expense-plant $7,000 Doubtful debts expense $3,000 Long-service leave expense $4,000 Depreciation rates for taxation purposes are higher than for accounting purposes. A corporate tax rate of 30% applies. Required: (a) Prepare the necessary journal entries to account for income tax assuming recognition criteria are satisfied. (b) What are the balance of deferred tax liability and deferred tax asset at 30 June 2020?BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of deferred tax asset? What is the net income after tax?
- BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of taxable temporary difference? What is the current tax expense?BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. Question: What is the amount of the deferred tax expense? What is the amount of deferred tax asset?BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes P12,000,000; Rent expense for financial accounting purposes is P2,000,000 Rent expense for tax purposes is P1,000,000; Tax depreciation is P3,200,000 Accounting depreciation is P1,700,000; Loss on a case incurred but not yet paid so tax-deductible in the future is P700,000. The tax rate is 30%. What is the net income after tax?