Assume the following taxpayer information: The taxpayer is a South African manufacturing company (not asmall business corporation as defined) with a 31 March 2022 year of assessment. Calculate the taxablecapital gain/(loss) for the current year of assessment taking the BELOW information into account.Information pertaining to assets disposed of during the year:Events RDate disposed ofCapitalgain/(loss)Machine 1-disposed21 October 202165 000Machine 2- disposed15 February 202217 500Building - disposed18 August 2021(22 500)Note: There is an assessed capital loss from 2021 year of assessment of R57 000.O a R48 000O b. R20 400OC R2 40034*B135KRR(t a891015 16 1722 23 242930 3136 37 38Finish attempt22°C Maity Ty

Capital Gains/ Losses: When a company or individual sold or disposed off the capital assets more or…

ass corporation as defined) with a 31 March 2022 year of assessment. Calculate the tax inv(loss) for the current year of assessment taking the BELOW information into account. ation pertaining to assets disposed of during the year: Events D Date disposed of Capital gain/(loss) me 1-disposed 21 October 2021 65 000 ne 2-disposed 17 500 15 February 2022 18 August 2021 ng-disposed (22 500) There is an assessed capital loss from 2021 year of assessment of R57 000. 148 000 R20 400 R2 400 RRR

ass corporation as defined) with a 31 March 2022 year of assessment. Calculate the tax inv(loss) for the current year of assessment taking the BELOW information into account. ation pertaining to assets disposed of during the year: Events D Date disposed of Capital gain/(loss) me 1-disposed 21 October 2021 65 000 ne 2-disposed 17 500 15 February 2022 18 August 2021 ng-disposed (22 500) There is an assessed capital loss from 2021 year of assessment of R57 000. 148 000 R20 400 R2 400 RRR

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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PT. A in the year 2020 reported an accounting profit before tax of IDR 800.000.000.000. The following information is related to the year 2020: The entity donated IDR 40.000.000.000 to the surrounding community PT A has interest income of IDR 100.000.000.000 which is subject to final tax of 20%. PT A purchased a fixed asset of IDR 200.000.0000, which is depreciated for 4 year for book purposes while for tax purposes is depreciated in 8 years (straight line with no residual value). PT A made a provision for uncollectible account receivable of IDR 10.000.000.000 which is not deductible for tax purposes Required: Prepare a schedule of the deferred tax (asset) and liability. assume there is no beginning deferred tax asset or liability. Compute the net deferred tax expense (benefit). Prepare the journal entry to record income tax expense, deferred taxes, and the income taxes payable for 2020
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Godo Subject: acounting
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Pole Co. at the end of 2018, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Use of the depreciable assets will result in taxable amounts of €350,000 in each of the next three years. The estimated litigation expenses of €840,000 will be deductible in 2021 when settlement is expected. Instructions a) Prepare the journal entry to record income tax expense, deferred taxes, and income taxes payable for 2018, assuming a tax rate of 40% for all years
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