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How to calculate the current tax liability for the year end

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Question

XYZ pty ltd has made an accounting profit before tax of $40 000 for the year ended 30 June 2021. Included in the accounting profit were the following items of revenue and expense.

donation $5000

depression expenses . $15000

annual leave expenses . $5600

rent avenue . $12000

For tax purposes the following applied.

machinery depreciation rate . 25%

annual leave paid . $6500

rent recieved . $10000

income tax rate . 30%

How to calculate the current tax liability for the year ended 30 June 2021, and how to adjusting journal entry. how the treatment of rent items in answer to requirement 1.

Reference no: EM132386249

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