Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Smile Limited is a manufacturing company with a 28 February year-end. The following relates to the companys tax matters: 2022: Estimated taxable income R878 700

Smile Limited is a manufacturing company with a 28 February year-end.

The following relates to the companys tax matters:

2022:

Estimated taxable income R878 700

Actual taxable income per SARS assessment: R870 200

Deffered Tax Asset 1 March: R125 200

Deferred Tax Asset 28 Feb: R155 400

2023:

Estimated taxable income R995 200

Actual taxable income per SARS assessment: n/a

Deferred Tax Asset 1 March: R155 400

Deferred Tax Asset 28 Feb: R147 800

On 28 August Smile Limited received a tax refund from SARS of R2380. Required:

Prepare the income tax expense note to the financial statements per the ifrs standards, including comparative figures, of Smile Limited for the year ended 28 February 2023.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_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

Agile Audit Transformation And Beyond

Authors: Toby DeRoche

1st Edition

1032062894, 978-1032062891

More Books

Students also viewed these Accounting questions

Question

In Problems 7 14, find the value of each permutation. P(9, 0)

Answered: 1 week ago