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BACKGROUND The company, North S.L., has the following information in the Balance Shoot and Profit and Loss Account for 2016, before calculating its Corporate Tax: BALANCE SHEET ASSETS LIABILITIES 69.360,00 A) NON CURRENT ASSET A) NET EQUITY 105. 130,00 628 SUPPLIES 629 OTHER SERVICES 631 OTHER TAXES 694 IMPAIRMENT LOSSES 8. Depreciation 681 DEPRECIATION 12. Other outcomes 678 EXTRA COSTS A) ACTIVITY OUTCOME 13. Financial income b) Other financial income 769 OTHER FINANCIAL INCOME B) FINANCIAL OUTCOME C) INCOME BEFORE TAXES D) FISCAL YEAR OUTCOME 3.800,00 -7.100,00 -400,00 -4.250,00 13 950.00 - 13 950.00 600,00 - 600 00 24.930,00 700,00 700,00 700,00 700,00 25.630,00 25.630,00 4.860,00 1. Intangible asset A-1) Equity 60.000,00 4.860,00 1. R+D 1. Capital 60.000,00 4.860,00 201 DEVELOPMENT 1. Issued capital 60.000,00 64.500,00 II. Tangible Fixed Assets 100 SOCIAL CAPITAL 19.500,00 64.500,00 2. Technical facilities and others III Funds 12.000,00 52.000,00 213 MACHINERY 1. Legal y statuary 12.000,00 8.000,00 216 FURNITURE 112 LEGAL FUNDS 7.500,00 3.500.00 217 INFORMATION PROCESSING 2. Other funds 7.500,00 EQUIP 25.000,00 218 TRANSPORT 113 VOLUNTEER FUND 25.630.00 -24.000,00 281 CUMULATIVE DEPRECIATION VII. Result of the fiscal year 32.000,00 104.050,00 B) CURRENT ASSET B) NON-CURRENT LIABILITY 32.000,00 20.500,00 II. Stock II. Long-term debts 32.000,00 20.500,00 1. Commercial 5. Other financial liabilities 32.000,00 20.500,00 300 GOODS 171 LONG-TERM DEBTS 36.280,00 16.250,00 III. Debtors C) CURRENT LIABILITY 6.100,00 11.850,00 1. Clients (sales and services) III Short-term debts 6.100,00 11.850,00 b) Clients (sales and services) short-5. Other financial liabilities 6.100,00 term 14.300,00 430 CLIENTS 523 SUPPLIERS 30.180,00 1.800,00 431 CLIENTS, COMMERCIAL V. Creditors 11.200,00 PURPOSE -4.250,00 490 VALUE IMPAIRMENT 1. Suppliers 11.200,00 4.400,00 6. Other credits with Public b) Short-term suppliers 11.200,00 Adminis 4.400,00 473 PUBLIC FINANCES 400 SUPPLIERS 18.980,00 WITHOLDINGS 67.300,00 VII. Cash 3. Different Creditors 18.980,00 67.300,00 1. Treasury 410 Creditors 105.130,00 2.200,00 570 CASH FLOW, EUROS 65.100,00 572 BANKS AND CREDIT INSTITUTIONS 173.410,00 TOTAL ASSETS TOTAL NET EQUITY AND LIABILITIES 173.410,00 1. Make in each of the following points the adjustment needed to obtain the tax base of the Corporate Tax, basing the response and establishing the amount that corresponds. You must also indicate if you are facing a temporary or permanent difference. In points 8 and 9 you should not propose any adjustment in these two cases you should describe how they affect the liquidation of the Corporate Tax. The machinery was acquired for 52,000 in January 2014. An accounting depreciation expense of 7,000 is provided. Fiscally a maximum amortisation coefficient of 12% and a maximum period of 18 years is established. II. The transport element or vehicle was acquired on January 1, 2013, with a price of 25,000 and a useful life of 5 years. The accounting amortisation is carried out using the method of decreasing digit numbers Provision of 1,250 is provided for a debt that occurs on October 1, 2016. The liability has not been claimed judicially. IV. A provision for insolvencies of 3,000 is provided, an obligation that has already been judicially claimed. V. The administrators have been paid for the performance of senior management functions with 10,000 VI. An administrative penalty of 600 has been imposed on the company. VII. The company has paid the posters for a sports conference for its employees. This serves to advertise their products and services and has cost 1,200. The company gave the customers who attended the event a batch of products worth 2.200. Extraordinarily, he has given his employees an assortment of products worth 400. VIL The company is entitled to a deduction for having made investments affected to R&D of 1,200 IX. The company has made instalment payments of 4,400. LOSS AND PROFIT ACCOUNT 1. Net revenue 700 SALES OF GOODS 705 PROVISION OF SERVICES 708 SALES RETURNS 4. Supplies 600 PURCHASE OF GOODS 610 CHANGE IN INVENTORY 6. Stuff costs 640 WAGES AND SALARIES 642 SOCIAL SECURITY 649 OTHER SOCIAL EXPENSES 7. Other operating costs 626 BANK SERVICES 627 ADVERTISING AND PR 204.300,00 200.000,00 5.500,00 -1.200,00 69.800,00 -72.450,00 2.650,00 -75.170,00 -56.800,00 16.470,00 -1.900,00 -19.850,00 -700,00 -3.600,00 Page 1 Page 2 BACKGROUND The company, North S.L., has the following information in the Balance Shoot and Profit and Loss Account for 2016, before calculating its Corporate Tax: BALANCE SHEET ASSETS LIABILITIES 69.360,00 A) NON CURRENT ASSET A) NET EQUITY 105. 130,00 628 SUPPLIES 629 OTHER SERVICES 631 OTHER TAXES 694 IMPAIRMENT LOSSES 8. Depreciation 681 DEPRECIATION 12. Other outcomes 678 EXTRA COSTS A) ACTIVITY OUTCOME 13. Financial income b) Other financial income 769 OTHER FINANCIAL INCOME B) FINANCIAL OUTCOME C) INCOME BEFORE TAXES D) FISCAL YEAR OUTCOME 3.800,00 -7.100,00 -400,00 -4.250,00 13 950.00 - 13 950.00 600,00 - 600 00 24.930,00 700,00 700,00 700,00 700,00 25.630,00 25.630,00 4.860,00 1. Intangible asset A-1) Equity 60.000,00 4.860,00 1. R+D 1. Capital 60.000,00 4.860,00 201 DEVELOPMENT 1. Issued capital 60.000,00 64.500,00 II. Tangible Fixed Assets 100 SOCIAL CAPITAL 19.500,00 64.500,00 2. Technical facilities and others III Funds 12.000,00 52.000,00 213 MACHINERY 1. Legal y statuary 12.000,00 8.000,00 216 FURNITURE 112 LEGAL FUNDS 7.500,00 3.500.00 217 INFORMATION PROCESSING 2. Other funds 7.500,00 EQUIP 25.000,00 218 TRANSPORT 113 VOLUNTEER FUND 25.630.00 -24.000,00 281 CUMULATIVE DEPRECIATION VII. Result of the fiscal year 32.000,00 104.050,00 B) CURRENT ASSET B) NON-CURRENT LIABILITY 32.000,00 20.500,00 II. Stock II. Long-term debts 32.000,00 20.500,00 1. Commercial 5. Other financial liabilities 32.000,00 20.500,00 300 GOODS 171 LONG-TERM DEBTS 36.280,00 16.250,00 III. Debtors C) CURRENT LIABILITY 6.100,00 11.850,00 1. Clients (sales and services) III Short-term debts 6.100,00 11.850,00 b) Clients (sales and services) short-5. Other financial liabilities 6.100,00 term 14.300,00 430 CLIENTS 523 SUPPLIERS 30.180,00 1.800,00 431 CLIENTS, COMMERCIAL V. Creditors 11.200,00 PURPOSE -4.250,00 490 VALUE IMPAIRMENT 1. Suppliers 11.200,00 4.400,00 6. Other credits with Public b) Short-term suppliers 11.200,00 Adminis 4.400,00 473 PUBLIC FINANCES 400 SUPPLIERS 18.980,00 WITHOLDINGS 67.300,00 VII. Cash 3. Different Creditors 18.980,00 67.300,00 1. Treasury 410 Creditors 105.130,00 2.200,00 570 CASH FLOW, EUROS 65.100,00 572 BANKS AND CREDIT INSTITUTIONS 173.410,00 TOTAL ASSETS TOTAL NET EQUITY AND LIABILITIES 173.410,00 1. Make in each of the following points the adjustment needed to obtain the tax base of the Corporate Tax, basing the response and establishing the amount that corresponds. You must also indicate if you are facing a temporary or permanent difference. In points 8 and 9 you should not propose any adjustment in these two cases you should describe how they affect the liquidation of the Corporate Tax. The machinery was acquired for 52,000 in January 2014. An accounting depreciation expense of 7,000 is provided. Fiscally a maximum amortisation coefficient of 12% and a maximum period of 18 years is established. II. The transport element or vehicle was acquired on January 1, 2013, with a price of 25,000 and a useful life of 5 years. The accounting amortisation is carried out using the method of decreasing digit numbers Provision of 1,250 is provided for a debt that occurs on October 1, 2016. The liability has not been claimed judicially. IV. A provision for insolvencies of 3,000 is provided, an obligation that has already been judicially claimed. V. The administrators have been paid for the performance of senior management functions with 10,000 VI. An administrative penalty of 600 has been imposed on the company. VII. The company has paid the posters for a sports conference for its employees. This serves to advertise their products and services and has cost 1,200. The company gave the customers who attended the event a batch of products worth 2.200. Extraordinarily, he has given his employees an assortment of products worth 400. VIL The company is entitled to a deduction for having made investments affected to R&D of 1,200 IX. The company has made instalment payments of 4,400. LOSS AND PROFIT ACCOUNT 1. Net revenue 700 SALES OF GOODS 705 PROVISION OF SERVICES 708 SALES RETURNS 4. Supplies 600 PURCHASE OF GOODS 610 CHANGE IN INVENTORY 6. Stuff costs 640 WAGES AND SALARIES 642 SOCIAL SECURITY 649 OTHER SOCIAL EXPENSES 7. Other operating costs 626 BANK SERVICES 627 ADVERTISING AND PR 204.300,00 200.000,00 5.500,00 -1.200,00 69.800,00 -72.450,00 2.650,00 -75.170,00 -56.800,00 16.470,00 -1.900,00 -19.850,00 -700,00 -3.600,00 Page 1 Page 2
