Answered: Calculate the taxable profit and…

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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Question

You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019
Cash Sales
950 000
Cost of Goods Sold
35 000
Amount received in advance for services to be performed in August 2019
9 500
Rent expenses for year ended 30 June 2019
9 000
Rent Prepaid for two months to 31 August 2019
1 200
Doubtful debts expenses
1 200
Amount provided in 2019 for employees’ long-service leave entitlements
5 000
Goodwill impairment expenses
7 000
Required:
Calculate the taxable profit and accounting profit for the year ending 30 June 2019.

my confusion : not sure if LSL will be 50%of or not?

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