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ounting profit before tax of Lindfield Ltd for the year as $150,000, including the following items of income rnment grant (exempt from tax) tainment expense (non-deductible) $ 5,000 14,000

ounting profit before tax of Lindfield Ltd for the year as $150,000, including the following items of income rnment grant (exempt from tax) tainment expense (non-deductible) $ 5,000 14,000

SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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The accounting profit before tax of Lindfield Ltd for the year ended 30 June 2022 was $150,000, including the following items of income and expense. $ Government grant (exempt from tax) Entertainment expense (non-deductible) Doubtful debt expense Depreciation of Equipment (10%) Long service leave expense Interest expense 5,000 14,000 8,000 35,000 13,000 8,000 Additional Information 1. The tax depreciation rate for equipment is 15% p.a., on a straight-line basis. 2. Bad debt written-off during the year was $3,000. 3. No long service leave was paid for the year 2022. 4. The interest payable account had a zero balance (nil balance) at the end of 30 June 2022. 5. The company tax rate is assumed to be 30%. Required Prepare the current tax worksheet and the journal entry to recognise the current tax at 30 June 2022. please give me the answer by making proper worksheet please
Transcribed Image Text:The accounting profit before tax of Lindfield Ltd for the year ended 30 June 2022 was $150,000, including the following items of income and expense. $ Government grant (exempt from tax) Entertainment expense (non-deductible) Doubtful debt expense Depreciation of Equipment (10%) Long service leave expense Interest expense 5,000 14,000 8,000 35,000 13,000 8,000 Additional Information 1. The tax depreciation rate for equipment is 15% p.a., on a straight-line basis. 2. Bad debt written-off during the year was $3,000. 3. No long service leave was paid for the year 2022. 4. The interest payable account had a zero balance (nil balance) at the end of 30 June 2022. 5. The company tax rate is assumed to be 30%. Required Prepare the current tax worksheet and the journal entry to recognise the current tax at 30 June 2022. please give me the answer by making proper worksheet please
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