The company, North S.L., has the following information in the Balance Sheet and Profit and Loss Account for 2016, before calculating its Corporate Tax:
- 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.
- 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.
- A provision for insolvencies of 3,000 is provided, an obligation that has already been judicially claimed.
- The administrators have been paid for the performance of senior management functions with 10,000.
- An administrative penalty of 600 has been imposed on the company.
- 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.
- The company is entitled to a deduction for having made investments affected to R & D of 1,200.
- The company has made instalment payments of 4,400.
BALANCE SHEET ASSETS LIABILITIES 69.360,00 A) NON CURRENT ASSET A) NET EQUITY 105.130,00 A-1) Equity 1. Capital 4.860,00 4.860,00 4.860,00 64.500,00 1. Intangible asset 1. R+D 201 DEVELOPMENT II. Tangible Fixed Assets 60.000,00 60.000,00 60.000,00 19.500,00 1. Issued capital 100 SOCIAL CAPITAL 64.500,00 2. Technical facilities and others. 52.000,00 213 MACHINERY 8.000,00 216 FURNITURE 3.500,00 217 INFORMATION PROCESSING EQUIP. 25.000,00 218 TRANSPORT -24.000,00 281 CUMULATIVE DEPRECIATION III. Funds 1. Legal y statuary 112 LEGAL FUNDS 2. Other funds 113 VOLUNTEER FUND 12.000,00 12.000,00 7.500,00 7.500,00 25.630,00 32.000,00 VII. Result of the fiscal year 104.050,00 B) CURRENT ASSET B) NON-CURRENT LIABILITY 32.000,00 20.500,00 II. Stock II. Long-term debts 5. Other financial liabilities 32.000,00 32.000,00 20.500,00 1. Commercial 171 LONG-TERM DEBTS 36.280,00 C) CURRENT LIABILITY 6.100,00 6.100,00 III. Short-term debts 6.100,00 5. Other financial liabilities 523 SUPPLIERS 20.500,00 300 GOODS 16.250,00 III. Debtors 11.850,00 1. Clients (sales and services) 11.850,00 b) Clients (sales and services) short-term 14.300,00 430 CLIENTS 1.800,00 431 CLIENTS, COMMERCIAL PURPOSE 4.250,00 490 VALUE IMPAIRMENT 4.400,00 6. Other scedits with Public Adminis. 4.400,00 473 PUBLIC FINANCES, WITHOLDINGS 67.300,00 VII. Cash V. Creditors 1. Suppliers 30.180,00 11.200,00 11.200,00 11.200,00 18.980,00 18.980,00 b) Short-term suppliers 400 SUPPLIERS 3. Different Creditors 410 Creditors 105.130,00 67.300,00 1. Treasury 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 LOSS AND PROFIT ACCOUNT 1. Net revenue 700 SALES OF GOODS 705 PROVISION OF SERVICES 708 SALES RETURNS 204.300,00 200.000,00 5.500,00 -1.200,00 -69.800,00 -72.450,00 2.650,00 4. Supplies 600 PURCHASE OF GOODS 610 CHANGE IN INVENTORY -75.170.00 6. Staff costs 640 WAGES AND SALARIES 642 SOCIAL SECURITY 649 OTHER SOCIAL EXPENSES 7. Other operating costs -56.800,00 -16.470,00 -1.900,00 -19.850,00 626 BANK SERVICES 627 ADVERTISING AND PR 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 -700.00 3.600,00 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 BALANCE SHEET ASSETS LIABILITIES 69.360,00 A) NON CURRENT ASSET A) NET EQUITY 105.130,00 A-1) Equity 1. Capital 4.860,00 4.860,00 4.860,00 64.500,00 1. Intangible asset 1. R+D 201 DEVELOPMENT II. Tangible Fixed Assets 60.000,00 60.000,00 60.000,00 19.500,00 1. Issued capital 100 SOCIAL CAPITAL 64.500,00 2. Technical facilities and others. 52.000,00 213 MACHINERY 8.000,00 216 FURNITURE 3.500,00 217 INFORMATION PROCESSING EQUIP. 25.000,00 218 TRANSPORT -24.000,00 281 CUMULATIVE DEPRECIATION III. Funds 1. Legal y statuary 112 LEGAL FUNDS 2. Other funds 113 VOLUNTEER FUND 12.000,00 12.000,00 7.500,00 7.500,00 25.630,00 32.000,00 VII. Result of the fiscal year 104.050,00 B) CURRENT ASSET B) NON-CURRENT LIABILITY 32.000,00 20.500,00 II. Stock II. Long-term debts 5. Other financial liabilities 32.000,00 32.000,00 20.500,00 1. Commercial 171 LONG-TERM DEBTS 36.280,00 C) CURRENT LIABILITY 6.100,00 6.100,00 III. Short-term debts 6.100,00 5. Other financial liabilities 523 SUPPLIERS 20.500,00 300 GOODS 16.250,00 III. Debtors 11.850,00 1. Clients (sales and services) 11.850,00 b) Clients (sales and services) short-term 14.300,00 430 CLIENTS 1.800,00 431 CLIENTS, COMMERCIAL PURPOSE 4.250,00 490 VALUE IMPAIRMENT 4.400,00 6. Other scedits with Public Adminis. 4.400,00 473 PUBLIC FINANCES, WITHOLDINGS 67.300,00 VII. Cash V. Creditors 1. Suppliers 30.180,00 11.200,00 11.200,00 11.200,00 18.980,00 18.980,00 b) Short-term suppliers 400 SUPPLIERS 3. Different Creditors 410 Creditors 105.130,00 67.300,00 1. Treasury 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 LOSS AND PROFIT ACCOUNT 1. Net revenue 700 SALES OF GOODS 705 PROVISION OF SERVICES 708 SALES RETURNS 204.300,00 200.000,00 5.500,00 -1.200,00 -69.800,00 -72.450,00 2.650,00 4. Supplies 600 PURCHASE OF GOODS 610 CHANGE IN INVENTORY -75.170.00 6. Staff costs 640 WAGES AND SALARIES 642 SOCIAL SECURITY 649 OTHER SOCIAL EXPENSES 7. Other operating costs -56.800,00 -16.470,00 -1.900,00 -19.850,00 626 BANK SERVICES 627 ADVERTISING AND PR 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 -700.00 3.600,00 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
