Off ACT 503 Corporate Accounting Search (Alt+Q) Insert Draw Design Layout References Mailings Review View Help QUESTION 1 Winter Ltd commenced operation on 1 July 2020 and prepared its first financial statements for the year ended 30 June 2021. The following information has been provided: rds D Profit before tax for the year ended 30 June 2021 was calculated as follows: Gross Profit $1,480,000 Less: Expenses: Long Service Leave 10,000 Depreciation Plant and Equipment 135,000 Salaries and Wages 99,000 Warranty Claims 36,000 Amortisation of Research and Development 180,000 Insurance 18,000 Doubtful Debts Expense 20,000 Other Expenses 370,000 Total expenses Profit before tax 868,000 612,000 f) Long Se g) Doubtfi h) Include 3) The tax Required: Using the meth 1. Calcula 2. Prepar 3. Prepar 4. Prepar marks Balance Sheet items as at 30 June 2021: QUESTION 2 The following extracted from Details $ $ Assets: Cash 4,000 Reconciliation Inventories 144,000 Accounts Receivable 162,000 Sales revenue Less Allowance for Doubtful Debts 20000 142,000 Less: Cost of Prepaid Insurance 7.200 Gross pront Plant and Equipment 540,000 Less Accumulated Depreciation 135,000 405,000 Research and Development 600,000 Less Accumulated Amortisation 180,000 420,000 Add Other C Dividends rec Management Gain on sale Goodwill (net) Liabilities: Accounts Payable 50,000 Total gross pr Less Expens 290,000 Administrativ Provision for Warranty Claims 27.000 Depreciation Provision for Long Service Leave 10,000 Management Loan Payable 577/200 Other expens Profit before t Additional Information: Less: Tax exp a) Tax deductions for warranty expenses are only available when claims are paid b) Insurance expense is an allowable tax deduction when paid in cash c) The company can claim a tax deduction of 125% on research and development expenditure paid. d) There are no accrued salaries and wages at 30 June 2021 e) For accounting purposes, Winter Ltd. depreciates the cost of Plant and Machinery over four Accessibility: Investigate Profit for the y Retained eam Less: Dividen Retained ear