Calculate deferred tax asset/liability?

koma nam ni File HomeDra Pae Layout Farmuias DaiaRVics Hellmwhal yu ant d e share Comments X Cut Normal Conditional Format as Formatting sert Dale Fonat Forniat Painter gTabl Filter Sclo: Cliatoard Alignmant 234589 2 PARTA The profit before tax, as reported in the statement of comprehense income of Superx Ltd an Australian 3 retall company for the year ended 4 amounted to: 5 including the following revenue and expense items: r the year ended 3D June 2019 $50,000 %1,000 $2.000 S0 $2,000 S0 51,000 5D SD 7O0 Subscriotion Revenue 7 Govenment Award Income 8 Doubtful debts expense y Deprec ation Equipment) Deprec ation Builcings) Mantenance expense 12 Employee benefits expense 1 Rent expense 14 Entertainment expense The draft statements of financial position of the Company at 3D June 2019 and 2018 showed the following 15 assets and llabil ties: 2019 ($ 2018 ($ Assets Cash 20 Innlory 21 Accounts rereivable 22 Allowance for doubtful debts 23 Prepaid rent 21 Equipment 25 Accumulated depreciation Equipment 26 Bui dings 27 Accumulated clepreciation-Builcings 53,000 7,000 $20,000 $1,000 50 $20,000 $8,000 $12,000 $5,000 1 Calculating DTA D-2019 53,000 6,000 $19,000 $1,000 50 $20,000 6,000 $12,000 $1,000 1)Background information Calculating taxahle irirnrnr 4) Discitsier! r urstien 12:20 PM 4/13/21)19 20 2019 () 2018 () Assets Cash Inventory Accounts receivable Allowance for doubtful debts Prepaid rent Equipment Accumulated depreciation - Equipment Buildings Accumulated depreciation Buildings Land Goodwill (net) Deferred tax asset $3,000 $7,000 $20,000 $1,000 $0 $20,000 $8,000 $12,000 $5,000 $7,000 $3,000 $3,000 $6,000 $19,000 -$1,000 S0 $20,000 -$6,000 $12,000 $4,000 $7,000 $3,000 $0 Liabilities Accounts payable Provision for maintenance Provision for employee benefits Subscription received in advance Deferred tax liability $11,000 $2,000 $1,000 $1,000 $10,000 $1,000 $1,000 $0 $0 Additional Information: a) Subscription revenue is tax assessable when it is received in cash b) Government award income is not tax assessable c) Doubtful debts are tax deductible when the company actually incurs bad debts/write off d) For accounting purpose, the equipment is depreciated using the straight line method at a rate of 10% per annum For tax purpose, however, the equipment is depreciated on e) Depreciation of buildings and entertainment expense are not allowed as tax deductions 15% per annum Employee benefits are tax deductible when they are paid in cash to the employees g) Rent expense and maintenance expense are tax deductible when paid in cash h) Fine expense is not allowed as tax deduction Assume a tax rate of 30% for the financial years ending 30 June 2018 and 2019 30% koma nam ni File HomeDra Pae Layout Farmuias DaiaRVics Hellmwhal yu ant d e share Comments X Cut Normal Conditional Format as Formatting sert Dale Fonat Forniat Painter gTabl Filter Sclo: Cliatoard Alignmant 234589 2 PARTA The profit before tax, as reported in the statement of comprehense income of Superx Ltd an Australian 3 retall company for the year ended 4 amounted to: 5 including the following revenue and expense items: r the year ended 3D June 2019 $50,000 %1,000 $2.000 S0 $2,000 S0 51,000 5D SD 7O0 Subscriotion Revenue 7 Govenment Award Income 8 Doubtful debts expense y Deprec ation Equipment) Deprec ation Builcings) Mantenance expense 12 Employee benefits expense 1 Rent expense 14 Entertainment expense The draft statements of financial position of the Company at 3D June 2019 and 2018 showed the following 15 assets and llabil ties: 2019 ($ 2018 ($ Assets Cash 20 Innlory 21 Accounts rereivable 22 Allowance for doubtful debts 23 Prepaid rent 21 Equipment 25 Accumulated depreciation Equipment 26 Bui dings 27 Accumulated clepreciation-Builcings 53,000 7,000 $20,000 $1,000 50 $20,000 $8,000 $12,000 $5,000 1 Calculating DTA D-2019 53,000 6,000 $19,000 $1,000 50 $20,000 6,000 $12,000 $1,000 1)Background information Calculating taxahle irirnrnr 4) Discitsier! r urstien 12:20 PM 4/13/21)19 20 2019 () 2018 () Assets Cash Inventory Accounts receivable Allowance for doubtful debts Prepaid rent Equipment Accumulated depreciation - Equipment Buildings Accumulated depreciation Buildings Land Goodwill (net) Deferred tax asset $3,000 $7,000 $20,000 $1,000 $0 $20,000 $8,000 $12,000 $5,000 $7,000 $3,000 $3,000 $6,000 $19,000 -$1,000 S0 $20,000 -$6,000 $12,000 $4,000 $7,000 $3,000 $0 Liabilities Accounts payable Provision for maintenance Provision for employee benefits Subscription received in advance Deferred tax liability $11,000 $2,000 $1,000 $1,000 $10,000 $1,000 $1,000 $0 $0 Additional Information: a) Subscription revenue is tax assessable when it is received in cash b) Government award income is not tax assessable c) Doubtful debts are tax deductible when the company actually incurs bad debts/write off d) For accounting purpose, the equipment is depreciated using the straight line method at a rate of 10% per annum For tax purpose, however, the equipment is depreciated on e) Depreciation of buildings and entertainment expense are not allowed as tax deductions 15% per annum Employee benefits are tax deductible when they are paid in cash to the employees g) Rent expense and maintenance expense are tax deductible when paid in cash h) Fine expense is not allowed as tax deduction Assume a tax rate of 30% for the financial years ending 30 June 2018 and 2019 30%