Find and prepare general journal entries on june to record

Assignment Help Accounting Basics
Reference no: EM132728116

Swiftsure Ltd has carried forward a deferred tax liability of 170000, arising from differences between carrying amount and tax bases of the company's assets. On 30 June 2013, the carrying amounts and tax bases of the company's assets were as follows:

Assets Carrying amount Tax base

A $142000 $108000
B $541000 $340000
C $820000 $610000
D $86000 $40000
The current income tax expense for the year ended 30 June 2013 is $8400000 and tax rate is 30%.

Required:

Problem (a) Prepare general journal entries on 30 June 2013 to record company's income tax expense.

Problem (b) How would your answer differ if the balance of the deferred tax liability carried forward was $120000?

Reference no: EM132728116

Questions Cloud

Motivational strategies for fitness professionals : When working with clients it is important to determine their readiness for change and identify appropriate motivational strategies
Ford and firestone communication strategy : Discuss the role the Internet played in Ford and Firestone's communication strategy. How would the situation been affected by today's Twitter-happy society?
Prepare the entries required in the Jail Addition Capital : Prepare the entries required in the Jail Addition Capital Projects Fund for Franklin County for the following transactions and events
Differentiate the traditional view and modern view conflict : Question 1a. Differentiate the traditional view and modern view conflict.
Find and prepare general journal entries on june to record : Create general journal entries on 30 June 2013 to record company's income tax expense. Swiftsure Ltd has carried forward a deferred tax liability of 170000.
Differing approaches of nursing leaders : Essay describing the differing approaches of nursing leaders and managers to issues in practice.
Determine the revenue for the year : The firm sold Capital Stock for $10,000 in cash during the year. Assume expenses for the year were $46,393. Determine the revenue for the year
How do calculate depreciation expense for the second year : Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June. Calculate the depreciation expense for the second year
List five methods to identify risk : Compare the methods in terms of their efficiency and effectiveness.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd