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Question - The following are all independent situations. Prepare the journal entries for deferred tax on the creation or reversal of any temporary differences. Explain in each case the nature of the temporary difference. Assume a tax rate of 30%.
(a) The entity has an allowance for doubtful debts of $10 000 at the end of the reporting period relating to accounts receivable of $125 000. The prior period balances for these accounts were $8500 and $97 500 respectively. During the current period, debts worth $9250 were written off as uncollectable.
(b) The entity sold a vehicle at the end of the reporting period for $15 000. The vehicle cost $100 000 when purchased 3 years ago and had a carrying amount of $25 000 when sold. The taxation depreciation rate for equipment of this type is 33%.
(c) The entity has recognised an interest receivable asset with a beginning balance of $17 000 and an ending balance of $19 500 for the current year. During the year, interest of $127 000 was received in cash.
Financial Statement Analysis and Preparation
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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