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  • Tutorial 12 (Answer)

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    Vidya Intani
    107 visualizzazioni6 pagine
    This document contains information about a company's pretax income, taxable income calculations, tax payments and receivables, deferred tax assets and liabilities, and journal entries to record income taxes. Pretax income was $1.4 billion. Taxable income was $1.36 billion after adjustments such as deducting rental income and adding penalties. Total current tax expense was $358 million including corporate income tax of $340 million and final tax of $18 million. The company had a tax underpayment of $140 million and prepaid taxes of $200 million. Deferred tax asset was $5 million and deferred tax liability was $7.5 million. Journal entries were made to record current tax expense, prepaid final tax

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    This document contains information about a company's pretax income, taxable income calculations, tax payments and receivables, deferred tax assets and liabilities, and journal entries to record income taxes. Pretax income was $1.4 billion. Taxable income was $1.36 billion after adjustments such as deducting rental income and adding penalties. Total current tax expense was $358 million including corporate income tax of $340 million and final tax of $18 million. The company had a tax underpayment of $140 million and prepaid taxes of $200 million. Deferred tax asset was $5 million and deferred tax liability was $7.5 million. Journal entries were made to record current tax expense, prepaid final tax

    Copyright:

    © All Rights Reserved
    Scarica in formato XLSX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    107 visualizzazioni6 pagine

    Tutorial 12 (Answer)

    Caricato da

    Vidya Intani
    This document contains information about a company's pretax income, taxable income calculations, tax payments and receivables, deferred tax assets and liabilities, and journal entries to record income taxes. Pretax income was $1.4 billion. Taxable income was $1.36 billion after adjustments such as deducting rental income and adding penalties. Total current tax expense was $358 million including corporate income tax of $340 million and final tax of $18 million. The company had a tax underpayment of $140 million and prepaid taxes of $200 million. Deferred tax asset was $5 million and deferred tax liability was $7.5 million. Journal entries were made to record current tax expense, prepaid final tax

    Copyright:

    © All Rights Reserved
    Scarica in formato XLSX, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    di 6

    a.

    Taxable income
    Pretax income 1,400,000,000

    Reconciliation:
    (-) Income from rent (100,000,000)
    (+) Tax penalties 20,000,000
    (+) Benefit in kind 80,000,000
    (+) Depreciation expense 20,000,000
    (+) Tax provision 10,000,000
    (-) Amortization expense (30,000,000)
    (-) Interest income (40,000,000)

    Taxable income 1,360,000,000

    b. Tax under/over payment


    Tax 340,000,000
    Prepaid tax article 23 (80,000,000)
    Prepaid tax article25 (120,000,000)
    Tax under payment 140,000,000

    c. Deferred tax asset and liability

    DTA: DTL:
    Depreciation expense 20,000,000 Amortization e

    DTA= 5,000,000 DTL=

    d. Prepare necessary journal entrie


    journal:
    1. Current tax expense 340,000,000
    Income tax payable 140,000,000
    Prepaid tax 23 80,000,000
    Prepaid tax 25 120,000,000
    (utk pajak PPh Badan)

    2. Current tax expense 18,000,000


    Prepaid tax exp-final 18,000,000

    Rincian:
    Penghasilan sewa 10,000,000
    Interest income 8,000,000
    18,000,000
    (utk pajak PPh final)

    3. Deferred tax aset 5,000,000


    Deferred tax expense 7,500,000
    Deferred tax liability 7,500,000
    Deferred tax revenue/benefit 5,000,000

    e. Income before income tax 1,400,000,000


    Current tax exp (358,000,000) 340.000.000+18.000.000 Pajak final
    Deferred Tax Expense (7,500,000)
    Deferred Tax Benefit 5,000,000
    Net income 1,039,500,000
    30,000,000

    7,500,000

    Alternative journal:
    Current tax expense 340,000,000
    Deferred tax expense 7,500,000
    Deferred tax asset 5,000,000
    Income tax payable 140,000,000
    Prepaid tax 23 80,000,000
    Prepaid tax 25 120,000,000
    Deferred tax liab 7,500,000
    Deferred tax benefit 5,000,000
    0.000.000+18.000.000 Pajak final

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