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Time left 1:22:47 Question 2 Not yet answered Marked out of 1.00 Flag question Question text A company commenced business on 1 July 2022. On
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A company commenced business on 1 July 2022. On 30 June 2023, an extract of the statement of financial position prepared for internal purposes, but excluding the effect of income tax, disclosed the following information:
Assets Liabilities
Cash $20 000 Accounts payable $50 000
Inventories 60 000 Provision for annual leave 8 000
Plant 200 000
Accumulated depreciation (20 000)
Additional information:
The plant was acquired on 1 July 2022. Depreciation for accounting purposes was 10% (straight-line method), while 20% (straight-line) was used for tax purposes.
The tax rate is 30%.
The deferred tax asses is (hint use tax worksheet):
a.
$2 400
b.
$6 000
c.
$8 000
d.
$20 000
e.
None of the above
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