Annual fringe benefit tax liability

Assignment Help Accounting Basics

Reference no: EM133608890

Question: Tommy Pty Ltd, a company incorporated in Australia, had the following transactions in relation to its franking account during the 2022/33 income year. The compa tax at a rate of 30%. Complete the relevant entries in the franking account below to calculate the closing balance. For each transaction, complete the relevant debit or credit entry and update the running balance of the franking account. 1 July 2022 - opening balance -$5000 cr 5 July 2022 income tax refund of $980 12 September 2022 paid a PAYG instalment of $5000 5 January 2023 paid a dividend, franked to 100% of $7000 28 February 2023 - received a $10000 dividend franked to 70% 4 march 2023 paid a PAYG instalment of $5000 20 April 2023 paid annual fringe benefit tax liability of $8700 11 June 2023 paid a franked dividend of $14000 (with a franking percentage of 50%)

Reference no: EM133608890

Questions Cloud

Which medication should the nurse anticipate being : reporting chest pain that is radiating to the left arm, shortness of breath, and diaphoresis. Which medication should the nurse anticipate being prescribed

Identify the social class of most the members : Consider the community that you grew up in, how would you identify the social class of most the members? How does it compare to the United States overall?

How the proposed solution meets a business need and aligns : Provide a concise statement that includes a description of (a) the problem, (b) who and what is affected by the problem, (c) the impact or consequence

Calculate the profit margin for the company : under the ticker symbol VZ. If Verizon has revenues of $126,034 M and profit of $30,101 M, calculate the profit margin for the company

Annual fringe benefit tax liability : annual fringe benefit tax liability of $8700 11 June 2023 paid a franked dividend of $14000 (with a franking percentage of 50%)

What were the political and economic factors : What were the political and economic factors that led to the expansion of the trans-Atlantic slave trade among West and Central African states and polities?

What is the total fixed overhead applied to work in process : Actual Fixed Overhead $308,000 Budgeted Fixed Overhead $216,000 Fixed Overhead Applied to WIP ??? Total Variance = 60,000 Unfavorable (U) What is the total fixe

How did the great depression set america back : How did The Great Depression set America back, with ripple effects felt around the globe? Why did The economic difficulties of the Great Depression affected?

Calculate the companys earnings per share : Common shares outstanding 200,000 Preferred stock dividend declared and paid $80,000 Net income $450,000 Calculate the company's earnings per share

User Account

All Pages