A ustralian Company Accounting - Coursework Example

Only on StudentShare

Extract of sample
A ustralian Company Accounting

Income tax Liability (Statement of Financial Position) $ 4,650 Requirement 3: Treatment: Doubtful Debts Expense: Doubtful debts represent that balance of amount which will not be recoverable out of the total trade receivables of the company. This is considered to be a trade expense thus is accounted for in the income statement of the company. Rent Revenue: Rent revenue is defined as an income generated by the company through renting out any of its assets. It can include machinery, equipment or property. All kinds of income generated by the company are included in the profit and loss account of the company. But for tax purposes it is taxable under savings income heading so it will be deducted from the profit of the company and taxable separately as the savings income has a different tax rate. Entertainment Expense: Entertainment expense comprises of the expense incurred during the process of entertaining the clientele of the company. ...Show more

Summary

Company Accounting Name Company Accounting Question: Requirement 1: For the calculation of income tax liability the accounting profit is to be adjusted for the carrying amount of the equipment and the tax exempted revenue. Thus the amount of accounting profit for the year 30 June 2011 becomes: Accounting Profit $ 18,500 Carrying amount of equipment sold $ 18,000 Royalty Revenue (exempt from tax) $ (5,000) Rent Revenue $ (16,000) - Tax - Adjusted Accounting Profit $ 15,500 The tax rate is 30%…
Author : walterbenny
A ustralian Company Accounting essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the coursework on your topic
"A ustralian Company Accounting"
with a personal 20% discount.
Grab the best paper

Related Essays

Management Accounting
It states the best in management accounting advise such as how to apply the budgeting process, the impacts of a budget and how to incorporate a budget in an organization. I can use this to illustrate the role played by a budget in management accounting. This book concludes that budgeting is important in managing a business and this is true since it forecasts profitability, costs and thus used for decision making.
10 pages (2500 words) Coursework
Partnership Accounting
PARTNERSHIP ACCOUNTING Partnership Accounting 1. Cash $ 200,000 Capital – Sammy $ 200,000 2. Cash $ 300,000 Capital - Sammy $ 200,000 Goodwill $ 100,000 Goodwill $ 100,000 Capital - William $ 60,000 Capital - Frank $ 40,000 3.
4 pages (1000 words) Coursework
3M COMPANY
3M COMPANY Contents 2 Introduction 3 Evaluation of the purpose and context of International Financial Reporting Standards 3 Discussion of the role and purpose of IASB 5 Discussion of the role and purpose of FASB 5 Evaluation of the company’s financial statements adherence to GAAP 7 Conclusion 8 Reference 9 Introduction An accounting principle is used to guide and standardise accounting practices across the world.
5 pages (1250 words) Coursework
Accounting
So, what was the root cause of corporate fiascos such as Enron/Arthur Anderson and WorldCom and what force serves as incentives for
2 pages (500 words) Coursework
International Accounting
Just as the name suggests, Generally Accepted Accounting Principles, USA GAAP are a set of accounting principles applicable in the United States only. Ruckman, Inc. has a large presence in the
10 pages (2500 words) Coursework
Company
The report further proceeds to examine the use of financial and non-financial information for controlling, planning and decision
5 pages (1250 words) Coursework
Accounting fraud
A firm should always have an independent audit so that both the investors and the stakeholders are aware of the profit margins. It also helped me learn that customized entries can form a flawed system in view of the company. One
2 pages (500 words) Coursework
Accounting cousework
The discussion also focuses on ratio analysis of two consecutive years to find out a change in performance of the company. The report also focuses on using balance score card as framework to use 3 non
6 pages (1500 words) Coursework
Accounting coursework
Consequently, Mr. William efficiently did the same job within a favourably shorter time period (Chapman, 2011). Another example occurs when one task uses the lowest expense amount. Effectiveness indicates the successful
6 pages (1500 words) Coursework
Accounting ds
Accounting information system is composed of data, people, software, procedures and instructions, internal controls and information technology infrastructure. Accounting Information system is shaped by volumes of data, the type of business, the
2 pages (500 words) Coursework
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT