TASK 5Tardy Pty Ltd, a corporate tax entity, has the following transactions for the 2022/23 income year:DATETRANSACTION30-Jun-22Credit balance01-Sep-22Paid Full Franked Dividend (frankingcredit $3600)$1,5008,40007-Apr-23Paid Balance of 2022-23 company tax4,80029-Apr-23Paid Fringe Benefits Tax9,25001-May-23Paid Late Lodgement Penalty55008-Jun-23Received Unfranked Dividend3,000Note - the benchmark franking percentage is 100%REQUIRED:Using the template provided, prepare the franking account for the 2022/23 income year.

The objective of the question is to prepare the franking account for Tardy Pty Ltd for the 2022/23…

Answered: TASK 5 Tardy Pty Ltd, a corporate tax…

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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Q1. Taxable income and applicable tax rates for C.J. Company’s first four years are shown below. For each year, taxable income and pretax financial income are identical. In the table below, taxable income is before any consideration of NOL carryback and carryforward. The enacted tax rates were known at 1/1/2018. Taxable Income Enacted tax rate 2018 $200 20% 2019 ($300) 15% 2020 $340 25% 2021 $210 25% Now assume that C.J. opted to carryback its 2019 NOL and carryforward any unused NOL to future years. Complete the table below for 2018 through 2021 to show the amount of income tax payable to the IRS or the refund due from the IRS for each year. Put your answer in the table below. Show tax payable as a positive number and tax refund as a negative number. Year Tax…
A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 62,000 Cr. Deferred Tax Liability 11,000 Cr. Income Tax Payable 536,000 On the income statement, the current portion of income tax expense for 2021 appears as: _______________.
CASE IV JKL Company provided the following information to its accountant to determine the tax due for the current year 2021 as well as any tax consequences of items that cause difference between financial and taxable income: Accounting income before tax, P15,600,000 Accounting Depreciation, P500,000 Litigation loss accrued during the year, P80,000, taxable only when paid. Tax depreciation, P1,500,000 Accrued liability on employees’ health care P250,000 Development cost of computer software, P3,000,000. The computer software is expected to be useful for 3 years starting this year. Nondeductible expenses, P1,250,000 Nontaxable revenue, P2,100,000 Revenue subject to 20% tax rate, P750,000 Bad debts expense for the period, P75,000 Bad debts written off during the year, P45,000 Gross income of installment sales of P450,000 (taxable when collected expected on 2022) The tax rate applicable for this year onwards is 30%. QUESTION: 1. Compute the taxable income
A company makes the following journal entry for 2021: Dr. Income Tax Expense xxxx Dr. Deferred Tax Asset 80,000 Cr. Deferred Tax Liability 16,000 Cr. Income Tax Payable 200,000 On the income statement, the amount for deferred portion of income tax expense for 2021 appears as: _______________. (Very important: Just enter the amount. DO NOT put a plus or minus sign in front of the amount.)
PROBLEM 1 Xavier Company provided the following information for its first year of operations ended December 31, 2021 in connection with the preparation of its income tax return:Taxable income P 4,000,000Non-deductible expenses 200,000Non-taxable revenue 300,000Deferred income on installment saleincluded in financial income but taxable in 2022 450,000Doubtful accounts recorded 100,000Financial depreciation 300,000Tax depreciation 350,000Estimated warranty cost accrued in2021 but not deductible for tax purposes until paid…
CASE IV JKL Company provided the following information to its accountant to determine the tax due for the current year 2021 as well as any tax consequences of items that cause difference between financial and taxable income: Accounting income before tax, P15,600,000 Accounting Depreciation, P500,000 Litigation loss accrued during the year, P80,000, taxable only when paid. Tax depreciation, P1,500,000 Accrued liability on employees’ health care P250,000 Development cost of computer software, P3,000,000. The computer software is expected to be useful for 3 years starting this year. Nondeductible expenses, P1,250,000 Nontaxable revenue, P2,100,000 Revenue subject to 20% tax rate, P750,000 Bad debts expense for the period, P75,000 Bad debts written off during the year, P45,000 Gross income of installment sales of P450,000 (taxable when collected expected on 2022) The tax rate applicable for this year onwards is 30%. QUESTION: 7. Net income for the year is?
b. Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax liability 5,200,000 The balance on current tax represents the under/over provision of the tax liability for the year ended 31 March, 2018. The required provision for income tax for the year ended 31 March, 2019 is GH 38.8 million. The difference between the carrying amounts of the net assets of the company and their (lower) tax base at 31 March, 2019 is GH¢54 million. The rate of income tax is 25%. Required: Prepare a Statement of Profit or Loss Extract and Statement of Financial Position Extract for 31 March, 2019.
19.At 30 June 2023, Barry Ltd estimates it will be required to pay income tax expenses of $62 000 during the following financial year. The correct journal entry to provide for this income tax estimate at 30 June 2023 is: Group of answer choices 1.DR Income tax expense $62 000; CR Current tax liability $62 000 2.DR Current tax liability $62 000; CR Income tax expense $62 000 3.DR Income tax expense $62 000; CR Retained earnings $62 000 4.DR Income tax expense $62 000; CR Bank $62 000
x Company reports the following pretax income (loss) for both book and tax purposes. Year. Pretax income tax rate 2018 120,000 20% 2019 93,000 20% 2020. (82,000) 25% 2021 110,000 25% The tax rates listed were enacted by the beginning of 2018 Prepare the journal entries for years 2018-2021 to record income tax expense (benefit) and income taxes payable and the tax effects of the loss carryforward assuming that based on the weight of available evidence it is more likely than not that one half of the benefits of the loss carryforward will not be realized.
1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000
The entity made corporate estimated tax payment in the To compute the provision for income tax, the following Tax depreciation in excess of financial statement amount 160,000 Pecorino Company had pretax financial income of P2,500,000 3. What amount of income tax payable should be reported? 4. What amount of total tax expense should be reported? Problem 16-30 (IFRS) in the current year. amount of 180,000 during the current year. information was provided: 360,000 Interest income received Tax depreciation in excess of financial statement amount Rent received in advance Corporate tax rate 280,000 30% 1. What amount of permanent difference between book income and taxable income existed at year-end? a. 520,000 b. 360,000 c. 800,000 d. 280,000 2. What amount of current tax expense should be reported? a. 786,000 b. 510,000 c. 750,000 d. 678,000 000,00 a: 498,000 b. 606,000 c. 330,000 d. 570,000 4. What amount of total tax expense should be repor0 a. 714,000 b. 726,000 c. 642,000 d. 594,000 570
Penguins Ltd had tax adjusted trading profits of £133,000 for the period ended 31 March 2021. Qualifying charitable donations of £8,000 were made on 1 January 2021. Corporate chargeable gains (net of allowable losses) for the period ended 31 March 2021 were £82,000. What is Penguins Ltd’s corporation tax liability for the period ended 31 March 2021? A. £42,370 B. £25,270 C. £40,850 D. £39,330

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