Calculate the taxable profit and accounting profit for the year ending 30 June 2019.
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Q: Calculate the taxable profit and accounting profit for the year ending 30 June 2019.
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You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019
Cash Sales
950 000
Cost of Goods Sold
35 000
Amount received in advance for services to be performed in August 2019
9 500
Rent expenses for year ended 30 June 2019
9 000
Rent Prepaid for two months to 31 August 2019
1 200
Doubtful debts expenses
1 200
Amount provided in 2019 for employees’ long-service leave entitlements
5 000
7 000
Required:
Calculate the taxable profit and accounting profit for the year ending 30 June 2019.
my confusion : not sure if LSL will be 50%of or not?
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- A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019Cash Sales950 000Cost of Goods Sold35 000Amount received in advance for services to be performed in August 20199 500Rent expenses for year ended 30 June 20199 000Rent Prepaid for two months to 31 August 20191 200Doubtful debts expenses1 200Amount provided in 2019 for employees’ long-service leave entitlements5 000Goodwill impairment expenses7 000Required:Calculate the taxable profit and accounting profit for the year ending 30 June 2019.B. GYV Ltd has the following deferred tax balances as at 30 June 2019.Deferred tax asset $9 00 000Deferred tax liability $7 00 000The above balances were calculated when the tax rate, was 20 per cent. On 1 December 2019 the government raises the corporate tax rate to 25 per cent.Required:Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.Multiple Company provided the following information on December 31, 2020: Accounts payable after deducting debit balances in supplier's accounts of P100.000 Accrued liabilities Note payable - due March 31. 2021 Note payable - due May 31, 2023 Note payable - due December 31, 2022 P500.000 P50.000 P1.000.000 P800.000 P2.000.000 On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month note for the same amount. During November 1, 2020, the Company breached a covenant pertaining to the May 31, 2023 note, making it due and demandable. On December 24, 2020, the creditor agreed to not to demand payment for 13 months from the date of breach. The note payable maturing on December 31, 2022, which was acquired on June 30, 2018. The creditor has the right to call the note 36 months from issuance How much is the total current liabilities as of December 31. 2020?CAB Co. reported rent income of P600,000 under cash basis accounting for 2020. Additional Information are as follows: Dec. 31, 2020 Dec. 31, 2019 Unearned rent 50,000 30,000 75,000 Accrued rent income 40,000 How much is the rental collections on 2020?
- The balances at the end of each year are as follows: December 31, 2019 December 31,2020 $ $ Inventory 41,000 48,500 Trade receivables 29,300 35,750 Prepaid rent 500 600 Fixtures (net) 20,000 19,000 Trade payables 19,500 19,000 Debit card receivables 1,325 750 Required: d. Prepare the Debit Card Receivables AccountDetails about the account balances and general journal information of Maxwell Company for 2019 are given below. Beginning account balances for 2019 Amunt Ca Land Suli Unmed Reven ee Cn Sk Retainad Eanings 20.00 The following are the general journal information of Maxwell Соmpany for 2019 Mane Compy General ural. 219 Account T Event D Cre 1. Cad Bask Lon Offee Egieel 15.000 Cah 150 Accou Rocile 35,000 Service Reven 35, 4. Ca 15000 Account Roceinabe 15,00 Dividends 5000 Cah 5,00 hupaid Re 120 Cah 12,00 Lncamed Revenee 5000 Senice Reven Rest Eapee huped Ro 4.000 6000 Spples spense Supple 10,00 Required: b. Prepare T- Account c. Prepare Trial Balanc. d. Prepare Income Statement e. Prepare Balance SheetDesigner Architects had the following additional information at its November 30, 2020, year-end: The Unearned Revenue account showed a balance of $73,000, which represented four months of services paid in advance by a client for services beginning on October 15, 2020. The payroll register showed the following unpaid amounts as at November 30: EI*Premium IncomeTaxes* CPP* TotalDeductions NetPayable OfficeSalaries SalesSalaries 190.41** 1,400.00 293.98** 1,884.39 4,615.61 3,600.00 2,900.00 *These values are based on assumed payroll deductions.**The employer's portions of EI and CPP are 1.4 times and 1 times the employees' portion, respectively. The November utility bill in the amount of $3,260 was unpaid and unrecorded at November 30. Required:Prepare the appropriate entries at year-end based on the above information: (Round the final answers to 2 decimal places.) Analysis Component:If the above entries are not recorded on November 30, 2020, what is the effect on the…
- . A business has received £98,200 of rental income in the year ended 30 September 2021. Details of the rent received in advance and in arrears are shown below. Rent received in advance Rent arrears 30 September 2020 £ 2,400 7,000 A. £98,200 B. £104,000 C. £97,300 D. £92,400 30 September 2021 £ 4,600 3,400 Which of the following rental income figures should be included in the income statement for the year ended 31 September 2014?Payroll Accounting McLaughlin Manufacturing has the following data available for its March 31, 2019, payroll: *All Subject to Social Security and Medicare matching and withholding at 6.2% and 1.45%, re9eetivety. Federal unemployment taxes of 0.50% and state unemployment taxes of 0.80% are payable on the first $1,000,000. Required: 1. Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny) 2. CONCEPTUAL CONNECTION McLaughlin Manufacturing would like to hire a new employee at a salary of $80,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 28% of gross pay, what will be the total cost of this employee for McLaughlin?Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: *All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes. ( Note: Round to the nearest penny.) 2. CONCEPTUAL CONNECTION Jet would like to hire a new employee at a salary of $65,000. Assuming payroll taxes are as described above (with unemployment taxes paid on the first $9,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 25% of gross pay, what will be the total cost of this employee for Jet?
- Rons Diner received the following bills for December 2019 utilities: • Electricity: $625 on December 29, 2019 • Telephone: $150 on January 5, 2020 Both bills were paid on January 10, 2020. On the December 31, 2019, balance sheet, Rons Diner will report accrued expenses of: a. $0 b. $150. c. $625. d. $775.Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
