How to get deferred tax asset is coz answer is $1500 5. A Ltd commenced business on 1 July 20X1. On 30 June20X2, an extract of the financial statement for internalpurposes disclosed the following information:CashInventoryPlantAccounts payable80 000Long service leave provision 5 000Additional information:The plant was acquired on 1 July 20X1. Depreciation foraccounting purposes was 10% (straight-line method), while15% (straight-line) was used for tax purposes. The tax rate is30%. The deferred tax asset is:$40 000A) $1 500B) $4 500C) $5 000D) $25 500E) none of the aboveANSWER: A100 000300 000

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Description: How to get deferred tax asset is coz answer is $1500 5. A Ltd commenced business on 1 July 20X1. On 30 June20X2, an extract of the financial statement for internalpurposes disclosed the following information:CashInventoryPlantAccounts payable80 000Lo

A deferred tax asset is an accounting concept that represents a potential reduction in future tax…

Business

Accounting

5. A Ltd commenced business on 1 July 20X1. On 30 June 20X2, an extract of the financial statement for internal purposes disclosed the following information: Cash Inventory Plant Accounts payable Long service leave provision Additional information: The plant was acquired on 1 July 20X1. Depreciation for accounting purposes was 10% (straight-line method), while 15% (straight-line) was used for tax purposes. The tax rate is 30%. The deferred tax asset is: $40 000 100 000 300 000 A) $1 500 B) $4 500 C) $5 000 D) $25 500 E) none of the above ANSWER: A 80 000 5 000

5. A Ltd commenced business on 1 July 20X1. On 30 June 20X2, an extract of the financial statement for internal purposes disclosed the following information: Cash Inventory Plant Accounts payable Long service leave provision Additional information: The plant was acquired on 1 July 20X1. Depreciation for accounting purposes was 10% (straight-line method), while 15% (straight-line) was used for tax purposes. The tax rate is 30%. The deferred tax asset is: $40 000 100 000 300 000 A) $1 500 B) $4 500 C) $5 000 D) $25 500 E) none of the above ANSWER: A 80 000 5 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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