TUTORIAL 5 (Protected View) - Word (Product Activation Failed) PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing Week 5 Tutorial Adjusta Prepare the current tax worksheet and journal entry record current tax liability. Journal Entries: CQ 18.27 MR Lid commences operations on 1 July 2022 and presents its first statement of profit or loss and other comprehensive income and first statement of financial position on 30 June 2023. The statements are prepared before considering taxation. CURRENT TAX WORKSHEET Demonstration Problem 12.1. (adapted from Loftus et al. 2020. Financial Reporting (3rd $309,000 Statment of comprebwaive Iscena Edition). For the yea sided JO Juan 2023 Gross profit $730 060 The accounting profit before tax of Nippers Ltd for the period ended 30 June 2023 was Administration expenses 10/000 Current tax worksheet and journal entry 200 DOO 175 900. It included the following revenue and expense items. Long service laws Nippers LTD Deduct Depreciation - Plus Interest revenue $11 000 Current tax worksheet lasurance 20 900 Long service leave expense 7 000 for the year ended 30 June 2023 Total expense 430 900 Doubtful debt expense 4 200 Accounting profit before ray 390 900 Other inform Depreciation expense - plant (15% p.a., straight line |33 000 Rent expense 22 800 Entertainment expense (non-deductible) 3 900 None of long service leave has actually bess paid. The draft statement of financial position as at 20 June 2023 included the following assets . Warmly expense sure accrued and it year end actual payment of $ 10,000 had been made. Insurance was initially p penset of the prepaid insurance and liabilities, mounted to $10,806. The plant depreciated over Shoe years far scce ating purposes but over four your far tagation pa 2023 2022 Cash $ 9 000 $ 7 500 Accounts receivable 83 000 76 800 Allowance for doubtful debts (5 000) (3 200) DEFERRED TAX WORKSHEET Inventories 67 100 58 300 Carrying Deductible Interest receivable Temporary Tax income Tax 1 000 Enau Payable Prepaid rent 2 800 2 400 Plant 220 000 220 000 Accumulated depreciation - plant (99 000) (66 000) Workings: 20 000 Deferred tax asset ? 30 960 100 000 Accounts payable 71 200 73 600 Provision for long service leave 64 000 61 000 Interest receivable 100 000 Deferred tax liability ? 720 10 600 320 600 Additional information: Provision for long service leave for war The tax depreciation rate for plant is 10% p.a., straight line. on for LEL 20 060 . The tax rate is 30%. 200 000 . The company has $15 000 in tax losses carried forward from the previous year. A deferred tax asset was recognised for the losses in the previous year. Taxation 230 909 legislation allows such losses to be offset against future taxable profit. Allowance for doubtful debt mass for the period Required H CREENS 1-3 OF 4
