Part B - Question 1 Hot Pink Batts Pty Ltd Net Profit per Financial Report Amount $ Net Profit Warranty Provision 30,000 Accounting Depreciation 60,000 Tax Profit on Sale of Furniture 24,000 ATO Penalties 4,000 Equals ADJUSTED NET PROFIT Warranties Paid 11,000 Tax Depreciation 50,000 Accounting Profit on Sale of Furniture 8,000 Total less amount Equals TAXABLE INCOME Tax on Taxable Income $ 179500 Tax Payable/(Refundable) (b) Calculate the net tax payable by the company for the year, clearly showing all your workings $3, 850 LESS: Tax Payable (Refundable) Additional Workings (if any) Then less $50,000 Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells (a) Prepare a statement reconciling net profit with taxable income ADD BACK: Write your answers Private organizations and Government agencies (c) Who would you consult if you required advice and guidance to determine any income tax related issues? Tax on Taxable Income $
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FNSACC601 Final Assessment| Comprehensive Solutions
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FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions FNSACC601 Final Assessment| Comprehensive Solutions
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