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19089 noitsnimsxa QUESTION 2 ToS panga Accounting For Income Tax Total: 15 Marks For the year ended 30 June 2017 Falcon Lid recorded a profit before tax of $12 000. Included in the profit were the following items of expense: orl noilstub moxa Bad debts Expense ofslugiso bevorags WOU $13 000 vd betfirmsg amell Long Service Leave Expense $16 000 Depreciation Expense - equipment $37 000 bellqque ebiA of anoilcoup amsbute of enolfosaid how isupe to The following is an extract from the comparative Statement of Financial Position as at 30 June 2017: enoblesup lis for luo pabhowtanolislualso lie world 2017 2016 Accounts Receivable 85 000 95 000 Allowance for Doubtful Debts (26 000) (32 000) Equipment 370 000 370 000 Accumulated depreciation - equipment to(111 000) EXO PINT (74 000) Provision for Long Service Leave 52 000 47 000 Question 2 continued over the pageQuestion 2 continued Additional information: beunitnoo & nobleevo :notlam . Equipment is depreciated at 20% each year for tax purposes. The accumulated depreciation for equipment for tax purposes as at 30 June 2016 was $148 000. . The tax rate is 30% June 2017. Show s bias enut 08 abne bongq grithogs bil yxof Required: (son) to 6908 el sim xet erT a) Calculate the current tax for Falcon Ltd for the year ending 30 June 2017. Show all noworking out and identify in your calculations if there is a: Taxable income or Tax (loss; and, Current Tax Liability or Deferred Tax Asset. Viseessen Vns (7 marks) wo prohow lis worte atus vint 01sge14 ,000,0%88 to priblind erit not sulev mist s benialdo bi yxof Xros anul, b) Prepare the necessary journal entry for a) above. (2 marks) of canine Ismuoj yiseesoon (anism e) c) Prepare the deferred tax worksheet on the last page of this exam booklet, (4 marks) completing all rows. ebbic s easel of bid lleciel ritiw easel sonenil s. oil became bid lieddmud aros d) Prepare the necessary journal entry for c) above. (2 marks) lemglupe ent olsh Jarl NO inomglupe to Jnemesis, sesol oril to elisteb eis oniwollot erT 000, ssre