Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on 30 june 2020 paul ltd had the following balance

On 30 June 2020 Paul Ltd had the following balances: current tax liability of $13,000;...

60.1K

Verified Solution

Question

Accounting

On 30 June 2020 Paul Ltd had the following balances: current tax liability of $13,000; deferred tax asset $19,000 (2019: $11,000); deferred tax liability $10,000 (2019: $8,000); and, profit and loss summary $32,000.

Assuming there are no other changes to the deferred tax accounts throughout the year, and the income tax rate is 30%, the total income tax expense that Paul Ltd will report in the Profit or Loss and Other Comprehensive Income Statement for 30 June 2020 is:

Select one:

a.

$13,000

b.

$9,600

c.

$19,000

d.

$7,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

What is the value today of a money machine that will pay $4,389.00 per year for...

Finance
Q

Post a news story of an external issue that affects at least one company. Discuss and...

Economics
Q

In some materials the relationship between stress and strain during plastic deformation is given by σ =...

Chemistry
Q

Write a java code that ask users to pick two of the job categories and enter...

Programming
Q

Using the Epoch plate reader you got an absorbance of 0 2 for your protein...

Biology
Q

4 M 30 30 D 130 20 N Similarity Stmt Reason 5 R X Similarity...

Geometry
Q

Solve for t 0 t 2 24 sin t cos t 6 sin t t...

Basic Math
Q

Isle Royale an Island in Lake Superior has provided an important study site of wolves...

Statistics
Q

Calculating Average Operating Assets, Margin, Turnover, Return on Investment (ROI) Forchen, Inc., provided the following...

Accounting
Q

sale of inventory want you to provide information about the sale of inventory. gers to...

Accounting
Q

Perpetual Inventory Using FIFO. Beginning inventory, purchases, and sales for Item Zeta9 are as follows:...

Accounting
Q

4. Dollar (or funding on maturity) gap management focuses on the repricing characteristics of assets...

Accounting