Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / 1

1

Accounting

1. A Never tax-deductible B Always tax-deductible C) Deductible if they fall within categories specified in the ITAA Deductible if one person carries out work for another person and waives payment on the grounds that the work was 'a present'.

2.A tax payer can deduct from his/her assessable income any loss or outgoing to the extent that: (A It is incurred in gaining or producing the person's assessable income (B The person has signed a declaration saying that all losses and outgoings incurred are 'for the benefit of the employer' The loss or outgoing was incurred on the weekend D None of the above.

3.When A Ltd acquired 90% of B Ltd in 20x6, A Ltd has “Freehold land” carried in its book as property, plant and equipment (PPE) at cost of $100 million but has a fair value of $500 million, and B Ltd has “Freehold land” carried in its book as PPE at cost of $100 million but has fair value of $300 million. At that date, A Ltd and B Ltd also each disclosed a contingent liability in which there was a 40% probability of having to pay $10 million damages to a third party.

As at 31 December 20x8, A Ltd’s freehold land has a fair value of $800 million, and B Ltd’s freehold land has fair value of $400 million. The group’s policy is to carry PPE at cost. As at this date, there is no change to the two contingent liabilities.

In A Ltd’s 20x8 consolidated statement of financial position:

Freehold land = $......................................................................................million

Provision for litigation loss = $............................................................... million

Option 1

Low Cost Option
Download this past answer in few clicks

2.89 USD

PURCHASE SOLUTION

Already member?


Option 2

Custom new solution created by our subject matter experts

GET A QUOTE