I have already completed A and B I just need help to answer to C, complete a statement of comprehensive income showing as much detail as possible.
my answer to A
my answer to B
c ??
Assignment Facts1 Zeus Ltd was established on 1 July 2018 with share capital totalling $132.000 One year later the statement of comprehensive income and statement of follows: Statement of financial position were as Statement of comprehensive income for the year ended 30 June 2014 a Sales revenue Interest revenue Dividend revenue Exempt income Capital profit on sale of land 650,000 500 300 400 700 651,900 Cost of sales Depreciation on machinery Depreciation on vehicles Goodwill impairment loss Salaries and wages Annual leave Rent of premises Insurance Entertainment Fines and penalties Fringe benefits tax Warranty expense Doubtful debts expense Other expenses Profit before income tax 175,000 5,900 100 300 120,000 1,800 72,000 1,200 400 100 200 600 200 194,100 571,900 80,000 Taxable tamnorar Statement of Financial Position as at 30 June 2019 24,000 37,500 (200) Assets Cash Accounts receivable Less: Allowance for doubtful debts Interest receivable Inventory Prepaid insurance Machinery (cost) Less: Accumulated depreciation Vehicles Less: Accumulated depreciation Goodwill Less: Accumulated impairment loss Investments Total assets 37,300 100 20,000 300 73,100-CA 79,000 (5,900) 11,000 (100) 45,000 (300) 10,900 44,700 25,000 235,400 Liabilities Accounts payable Rent payable Provision for annual leave Provision for services warranties Total liabilities Net Assets 15,000 6,000 1,800 600 23,400 212,000 Shareholders' equity Share capital Retained earnings 132,000 80,000 212,000 Question 2 Answer Space od in the year ending 30 June 2019 Other information: For tax purposes, depreciation on machinery is $14.000 and for vehicles $300, for the year 30 June 2019. Doubtful debts, annual leave and service warranties are expensed in the year ending but are not tax deductible for tax purposes until paid. Zeus Ltd has accrued annual leave entitlements of $1,800 in calculating net profit ended 30 June 2019. aimed by customers. Service warranty expense is only deductible as a tax deduction when claimed by custom The company accrues doubtful debts expense as soon as it appears on a customer's account e. However, the bad debt is not allowable as a tax deduction until all avenues to collect the account have been exhausted. The tax rate is 30% and taxable income is $79,500. Requirements: A) Complete a deferred tax worksheet (8 marks). B) Complete the entry to account for taxes (2 mark) C) Complete a statement of comprehensive income showing as much detail as possible marks) an annoum 32552979 Expense CA Amount Tax Base ($) Current Tax Deductible ($) Temp Difference Taxable ($) Temp Difference (5) Payable 24,000 37.500 100 100 Assets Cash Accounts Receivable Inventory Pre-Paid Insurance Machinery Vehicle Goodwill Investment Liabilities Accounts Payable Rent Payable Provision for annual 24,000 37,300 100 300 73,100 10.900 44,700 25.000 300 65,000 10,700 44,700 25.000 100 300 8100 200 44,700 8100 200 44,700 15.000 5000 15.000 6000 1800 1800 1800 88 53,400 SORDO Warranty Temporary Difference at end less prior amount Tax effected at 30% Tas on taxable profit, 30x x 79500 ment 610 25410 T F6 EZ F8 F8 F9 59 610 (B) Journal Entry Income Tax Expense = 23850 DR Deductible Temp Difference DR Income Tax Expense 780 23850 CR Taxable Temp Difference CR Income Tax Payable 16020 8610
