CQ 18.27MR Ltd commences operations on 1 July2022and presents its first statement of profit or loss and other comprehensive income and first statement of financial position on 30 June2023. The statements are prepared before considering taxation.

CURRENT TAX WORKSHEET

Accounting Profit Before Tax

$300,000

Add:

Deduct:

Taxable Income

Statement of comprehensive income

For the year ended 30 June2023

Gross profit

$730,000

Administration expenses

80,000

Salaries

200,000

Long service leave

20,000

Warranty expenses

30,000

Depreciation - Plant

80,000

Insurance

20,000

Total expense

430,000

Accounting profit before tax

300,000

Other information:

All administrative and salaries expenses incurred have been paid as at year end.