Question
The following information has been provided for the year ended 31 December 2022: Depreciation for Accounting purposes Machinery R16 000 Equipment R27 500 Wear and
The following information has been provided for the year ended 31 December 2022:
Depreciation for Accounting purposes
Machinery R16 000
Equipment R27 500
Wear and Tear
Machinery R25 000
Equipment R30 000
Dividends received R35 000
Revenue received in advance R26 000 (2022)
Revenue received in advance R18 000 (2021)
Profit before tax is R300 000 after taking the above figures into account. Assume a tax rate of 28%
Required.
1. CALCULATE the current tax for the year ended 31 December 2022
2.Show the calculations
3. Allocate the calculated amounts to the taxable template.
Step by Step Solution
3.41 Rating (151 Votes )
There are 3 Steps involved in it
Step: 1
Calculation of Current Tax for the Year Ended 31 December 2022 Calculate Taxable Income Profit befor...
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
Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
