Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 23, 2024

QUESTION 1 The following information has been provided for the year ended 31 December 2022 Depreciation for Accounting purposes Machinery Equipment R16 000 R27

QUESTION 1 The following information has been provided for the year ended 31 December 2022 Depreciation for Accounting purposes Machinery Equipment R16 000 R27 500 Wear and Tear Machinery R25 000 Equipment R30 000 Dividends received R35 000 Revenue received in advance R26 000 (2022) R18 000 (2021) Revenue received in advance Profit before tax is R300 000 after taking the above figures into account. Assume a tax rate of 28% CALCULATE the current tax for the year ended 31 December 2022 (8 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting An Introduction to Concepts Methods and Uses

Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil

10th Edition

1111822239, 324639767, 9781111822231, 978-0324639766

More Books

Students also viewed these Accounting questions

Question

★★★★★

Why have some firms gone to voluntary benefits as opposed to discretionary benefits?

Answered: 1 week ago

Question

★★★★★

Historically, most of the diamond mines in the world have been controlled by a few companies and governments. Through clever marketing by diamond producers, many consumers have furthermore become...

Answered: 1 week ago

Question

★★★★★

Determine the Fourier series expansion of the sawtooth function in Fig. 17.67. fo)

Answered: 1 week ago

Question

★★★★★

Assuming the distribution being sampled is approximately normally distributed, use the small sample confidence interval for the mean to compute a (a) 95%lower bound confidence interval for ???? when...

Answered: 1 week ago

Question

★★★★★

Poitou-Chemises SARL manufactures shirts for retail chains. Armand Plessis, the accountant, is becoming increasingly disenchanted with Poitou-Chemises' six-month-old standard costing system. The...

Answered: 1 week ago

Question

★★★★★

Liberty Services is now at the end of the final year of a project. The equipment originally cost $26,500, of which 75% has been depreciated. The firm can sell the used equipment today for $6,000, and...

Answered: 1 week ago

Question

★★★★★

Suppose a summer drought destroys much of this year's wheat harvest. What would be your prediction for the change in the basis, F - S? 2. Oil inventories are at record levels and oil is being stored...

Answered: 1 week ago

Question

★★★★★

Suppose a jet's fuselage measures 80 feet long and 7 feet in diameter. Our objective is to design a reference wing for it using the following parameters: The subsonic aerodynamic center at 0.25c is...

Answered: 1 week ago

Question

★★★★★

Coffeex is a leading coffee importer and distributor for coffee capsules. The worldwide volume of coffee exports rose to a record of 4.5 billion tones in 2010, or $7 billion. Coffeex was the first...

Answered: 1 week ago

Question

★★★★★

11.7 A copper bar with a cross-sectional area of 1.5 in. is loaded as shown. What is the total change in length of the bar? Ec = 16 x 100 psi. Def=0.044 in 4 ft 10.000 lb 4000 lb - 8 ft PROB. 11.7

Answered: 1 week ago

Question

★★★★★

Divergent LTD is an investment company which owns a number of subsidiary companies. Each subsidiary produces a particular product or service. The subsidiary companies are grouped into three divisions...

Answered: 1 week ago

Question

★★★★★

A cylindrical casting of diameter 200 mm and height 100 mm is to be casted. From the previous observations it was found that to cast a shaft of 150 mm diameter and 500 mm length, the casting time is...

Answered: 1 week ago

Question

★★★★★

Help Save & Exit Doede Corporation uses activitybased costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts-equipment depreciation...

Answered: 1 week ago

Question

★★★★★

The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...

Answered: 1 week ago

Question

★★★★★

19. Develop a 10-question structured interview form Ron Browns service center managers can use to interview experienced technicians.

Answered: 1 week ago

Question

★★★★★

21. If you were advising Ron Brown, would you recommend that he implement the professors skill-based pay and incentive pay plan as is? Why? Would you implement it with modifications? If you would...

Answered: 1 week ago

Question

★★★★★

25. The text lists numerous suggestions for how to prevent accidents. Based on what you know about the Texas City explosion, what do you say Texas City tells you about the most important three steps...

Answered: 1 week ago

Previous Question Next Question