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Advanced Corporate Reporting

   

Added on  2020-02-24

15 Pages1731 Words32 Views
Running head: ADVANCED CORPORATE REPORTINGAdvanced Corporate ReportingName of the Student:Name of the University:Author’s Note:Course ID:
Advanced Corporate Reporting_1
1ADVANCED CORPORATE REPORTINGTable of ContentsAnswer to Question 1:.....................................................................................................................2Answer to Part A:........................................................................................................................2Answer to Part B:.........................................................................................................................6Answer to Part C:.........................................................................................................................7Answer to Question 2:.....................................................................................................................7Answer to Part 1:.........................................................................................................................7Answer to Part 2:.......................................................................................................................14Answer to Part 3:.......................................................................................................................18Bibliographies:...............................................................................................................................21
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2ADVANCED CORPORATE REPORTINGAnswer to Question 1:Answer to Part A:Current tax worksheetfor the year ended 30 June 2017ParticularsAmount (in $)Amount (in $)Operating profit before income tax 3,500,000 Add:Goodwill impairment loss200,000 Doubtful debts expense45,000 Depreciation expense- plant and equipment160,000 Long service leave expense105,000 Entertainment expense75,000 Warranty expense50,000 Amortisation expense- Research and development12,000 647,000 4,147,000 Deduct:Bad debts written off 65,000 Long service leave paid90,000 Tax depreciation- plant and machinery200,000 Warranty expense paid 550,000
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3ADVANCED CORPORATE REPORTING150,000 Research and development paid 3,597,000 Taxable incomeCurrent tax liability @30% 1,079,100 ItemsStatement ofFinancial Position ($) Taxbases($) DeductibleTemporaryDifferences ($)TaxableTemporaryDifferences($)Taxexpense($)Current taxpayable ($)Assets:Cash2,50,000 - Inventory3,50,000 - Accounts Receivable(Net)7,40,000 3,50,000 3,90,000 Plant and Equipment(Net)4,80,000 6,00,000 1,20,000 Research andDevelopment Cost1,08,000 - Goodwill6,00,000 - 25,28,000 Liabilities:Payables7,80,000 - Provision for LongService Leave1,15,000 - Provision forWarranty Expense80,000 - Loan11,00,000 - 20,75,000 Net Assets4,53,000 TemporaryDifferences at end of 1,20,000 3,90,00
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