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.
Given the below information, provide the journal entry to recognize tax expense. Assume taxes are paid immediately (with cash). Note: the statutory rate is assumed to be 40%. As
Utilize Okun's law to answer the questions below; u t - u t-1 = -0.4(g yt - 3%) Assuming u t-1 = 7% a. Calculate the change in u (u t - u t-1 ) for each of the followin
Problems for Benchmark HW: There are issues here that were not covered in live lecture, but here are some issues that you need to be conscious of when attempting the problems. t
Sue, Scarlett and Sally are in a partnership together providing accounting services. The partnership uses the cash basis to account for income tax. Under the partnership agreemen
Assume that a large copy machine is being purchased by your employer. the cost is 200.000$. the manufacturer claims it has a useful life of 8 years. this machine will lower operati
I have the whole case and this is the question (Canadian Taxation) Compute Net Income, Taxable Income and Net Federal Tax Payable for 2012 for Sandra, Steven, Annabelle and Ronnie
there is significant difference between the average service tax collection per assessee in Pune zone and the average service tax collection per assessee in the country
The following information is available for Kessler Company after its first year of operations: Income before taxes $250,000 Federal income tax payable $104,000 Deferred income tax
1-7
Hello! My name is Jeanne Lebel and I am a senior at TC Central High School. I would need somebody to interview for my final Recommendation paper, which is on the topic listed above
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