On January 1, 2019, Sahil Limited (SL) had an opening credit balance of Rs. 10,000 on its tax account, which represented the balance on the account after settling its tax liability for the previous year. The company had a credit balance on its deferred tax account of Rs. 3.2 million at the same date. Income tax expense for the year has been estimated at Rs. 2 million which would increase its deferred tax account balance by Rs. 300,000. What amount would be reported in the statement of financial position of SL as at December 31, 2019? (03)

The following balances were extracted from the accounting records of SA Traders at 31 December 2023.  REquipment  405 000Bank (Cr)100 000Long term loan220 000Trade payables control85 000Inventory15 000Trade receivables control79 000 The equity amount of SA Traders at 31 December 2023 is as follows?Select one:a.R64 000b.R294 000c.R94 000d.R194 000

Saginaw Inc. completed its first year of operations with a pretax loss of $742,500. The tax return showed a net operating loss of $896,500 that the company will carry forward. The $154,000 book-tax difference results from excess tax depreciation over book depreciation. Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assume the current tax expense is zero. b. Prepare the journal entry to record the deferred tax consequences for recognition of the current year NOL before considering the valuation allowance. C prepare the journal entry to record deferred tax consequences of valuation allowance D prepare the journal entry to record deferred tax consequences of depreciation book-tax differences

On Jan 2 year 1, X Co purchased a machine for 70000 USD (5 year useful life and salvage value 10,000). Depreciated using SLM for financial statement purpose. For tax purpose, depreciation exp was 25K in year 1 and 20,000 for Y2. X's Year 2 book income before income tax and dep exp was 100,000 and its tax rate is 30%. If X had made no estimated tax payments during Year 2, what amount of current income tax liability would X report in its Dec 31 Y2 Balance Sheeta.26400b.22500c.25800d.24000

At the end of its first year of operations, December 31, 2018, Caoayan, Inc. reported the following information: Accounts receivable, net of allowance for doubtful accountsP9,500,000Customer accounts written off as uncollectible during 2018240,000Bad debts expense for 2018840,000 What should be the balance in accounts receivable at December 31, 2018, before subtracting the allowance for doubtful accounts?Select one:a.P10,340,000b.P10,100,000c.P10,580,000d.P  9,740,000

For the year ended 30 June 2020, Marshall Ltd (Marshall) had an accounting profit of $200 000 and a taxable profit of $170 000. The tax expense of Marshall for the year ended 30 June 2020 was $60 000. At 30 June 2020 it was determined that the company had a deferred tax liability of $27 000. Assume that there was no deferred tax asset at the beginning or end of the period.The tax rate is 30 per cent.Which of the following statements is correct in accordance with AASB 112 Income Taxes?Group of answer choicesThe deferred tax expense for the year ended 30 June 2020 was $27,000.The current tax expense for the year ended 30 June 2020 was $33,000.The deferred tax liability as at 30 June 2019 was $18,000.The deferred tax liability as at 30 June 2019 was $0.