Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information relates to Huen Limited for the year ended 30 June 2018. Accounting profit before income tax (revenue and expenses all included) $280,000
The following information relates to Huen Limited for the year ended 30 June 2018. Accounting profit before income tax (revenue and expenses all included) $280,000 Government grant 20,000 Rent revenue 15,000 Rent received 5,000 Fines and penalties 22,000 Depreciation of plant (accounting) 50,000 Depreciation of plant (tax) 110,000 Long-service leave expense 10,000 Income tax rate 30% No employee has been paid long-service leave in the current year. On the basis of this information the current tax liability is: $66,600 $59,400 $72,600 $78,600
The following information relates to Huen Limited for the year ended 30 June 2018. Accounting profit before income tax (revenue and expenses all included) $280,000 Government grant 20,000 Rent revenue 15,000 Rent received 5,000 Fines and penalties 22,000 Depreciation of plant (accounting) 50,000 Depreciation of plant (tax) 110,000 Long-service leave expense 10,000 Income tax rate 30% No employee has been paid long-service leave in the current year. On the basis of this information the current tax liability is: $66,600 $59,400 $72,600 $78,600Step 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