Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Loren z Limited is a lorry manufacturer. On 1 January 2011, the company entered into an operating lease (as a lessee) over a company systems. Details of the annual lease rentals, payable in arrears, are as follows:
Lorenz Ltd's profit before tax is R1800 000 in 2011 (correctly calculated). The tax authorities grant a 20% capital allowance on owned assets but allow a deduction from taxable profits of the lease payments if the asset is leased.
The normal tax rate is 30%. There are no temporary differences other than those evident from the information provided. Lorenz Limited satisfies the requirements to raise deferred tax assets.
REQUIRED
Prepare the 2011 journal entries with regard to the above lease agreement.
Draft the following to fully disclose the above lease and its tax effect:
- statement of comprehensive income for the year ended 31 December 2011
-Statement of financial position as at 31December 2011
- Notes to the financial statement for the year ended 31 December 2011
Note that the accounting policy note is required, whist the deferred tax note is not required. Ignore VAT.
Ted Testator died January 1st of this year. Ted was married to Teri at the time of his death, but has two children, Timothy and Tabitha, from a prior marriage. You have been hired
In an effort to reduce alcohol consumption, the government is considering a $1 tax on each gallon of liquor sold (the tax is levied on producers). Suppose that the supply curve for
Avis's taxable income for the year is $300,000 and Best's taxable income for the year is $425,000. For each of the scenarios provided, (a) state if a control group has been created
Stewie loaned a friend $12,500 to buy some stock 3 years ago. In the current year the debt became worthless. a. How much is Stewie's deduction for the bad debt for this year? (Assu
Suppose there are 40 commuters in Apple Valley, Minnesota who commute to downtown Minneapolis. They have two options for getting downtown: they can take the light rail or they can
During 2011, C Ltd. A public corporation has net income for tax purposes of $600,000 including $100,000 of dividends from taxable Canadian corporations and $500,000 of retailing pr
The XYZ Corporation has total earnings of $20 million and decides to pay its stockholders a dividend of $8 million. If the corporate tax rate is 30% and the personal tax rate on in
John and Ellen Brite are married and file a joint return. John owns an unincorporated specialty electrical lightning retail store, Brite-On had the following assets on January 1, 2
The Madison Restaurant was formed a S corporation at the end of last year. Bob Buron, owns 60% of the stock, manages the restaurant. Ray Huges owns the remaining 40% of the stock
Suppose a company issues common stock to the public for $25 a share. The expected dividend is $2.50 per share and the growth in dividends is 8%. If the flotation cost is 10% of the
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd