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The following information relates to ABC Limited for the year ended 30 June 2022. Accounting profit before income tax (after all expenses have been included) $650000 Fines and penalties (not tax deductible) $ 24000 Depreciation of plant (accounting) $ 80000 Depreciation of plant (tax) $ 90000 Long - service leave expense (not a tax deduction until the leave is paid) $34000 Income tax rate 30% No employee has been paid long - service leave in the current year. On the basis of this information the current tax liability is:

The following information relates to ABC Limited for the year ended 30 June 2022. Accounting profit before income tax (after all expenses have been included) $650000 Fines and penalties (not tax deductible) $ 24000 Depreciation of plant (accounting) $ 80000 Depreciation of plant (tax) $ 90000 Long - service leave expense (not a tax deduction until the leave is paid) $34000 Income tax rate 30% No employee has been paid long - service leave in the current year. On the basis of this information the current tax liability is:

FINANCIAL ACCOUNTING
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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The following information relates to ABC Limited for the year ended 30 June 2022. Accounting profit before income tax (after all expenses have been included) $650000 Fines and penalties (not tax deductible) $ 24000 Depreciation of plant (accounting) $ 80000 Depreciation of plant (tax) $ 90000 Long - service leave expense (not a tax deduction until the leave is paid) $34000 Income tax rate 30% No employee has been paid long - service leave in the current year. On the basis of this information the current tax liability is:
Transcribed Image Text:The following information relates to ABC Limited for the year ended 30 June 2022. Accounting profit before income tax (after all expenses have been included) $650000 Fines and penalties (not tax deductible) $ 24000 Depreciation of plant (accounting) $ 80000 Depreciation of plant (tax) $ 90000 Long - service leave expense (not a tax deduction until the leave is paid) $34000 Income tax rate 30% No employee has been paid long - service leave in the current year. On the basis of this information the current tax liability is:
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