Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Time left O The CFO of Tuna Ltd has asked you to calculate the taxable income and prepare journal entries at 30th June 2022. Use
Time left O The CFO of Tuna Ltd has asked you to calculate the taxable income and prepare journal entries at 30th June 2022. Use the information below in your calculation. Accounting Profit/ (Loss) before tax 90,000 Entertainment 10,000 Amortisation expense 10,000 Long service leave expense. 5,000 Depreciation Plant 6,000 Annual leave expense 8,000 Depreciation for tax - Plant** 12,000 Long service leave paid . ** 10,000 Annual leave paid ** 15,000 Note These items ** are deductible for tax purposes Calculate (1) current tax liability for Tuna Ltd (6 marks) (2) Prepare the journal entry to show this. (1 mark O Search
Step 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