Question 3The following information was obtained from the financial records of Narrowbeach Ltd for the yearended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: AnEarnings Before Interest and Tax (EBIT) sub-total must be shown as a separate line item on theincome statement.$'000Retained Earnings 1 July 2020180Sales revenue from continuing operations for the year1,200Finance costs49Estimated income tax expense for the year ended 30 June2021Interim dividends paid (ordinary shares)10140Provision for final dividend on ordinary shares62Transfer retained earnings to general reserve12Goodwill impairment12Research and development expenses8Share capital (1 million $1 shares)1,000General reserve (1 July 2020)80Expenses from ordinary activities (excluding finance costs)500(TotaI 0marke)

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ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings Before Interest and Tax (EBIT) sub-total must be shown as a separate line item on the income statement. $'000

ended 30 June 2021. Prepare an income statement for the year ended 30 June 2021. Note: An Earnings Before Interest and Tax (EBIT) sub-total must be shown as a separate line item on the income statement. $'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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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

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