H15020: Corporate Accounting Report Writing - Accounting and Finance Assignment Help

Assignment Task:

Task:

Question 4 
Week 6 (7 Marks) 
On 1 July 2017, Bright Star Ltd was incorporated. The accounting profit and other relevant information of Bright Star for the three years to 2019 are as follows: 
2019 2018 Profit before tax $4 500 000 $3 600 000 Warranty expense — 1500 000 Depreciation expense — machinery 60 000 60 000 Gain on sale of machinery for accounting — — Warranty paid 750 000 — Tax depreciation — machinery 90 000 90 000 Gain on sale of machinery for tax — — Provision for warranty — carrying amount 750 000 1500 000 Provision for warranty —tax base — — Machinery — carrying amount 180 000 240 000 Machinery — tax base 120 000 210 000 
The company tax rate is 30%. Required (a) Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 (4 marks) (b) Prepare the required tax journal entries for each year. (3 marks) 

Question 5 
Week 12 (11 Marks) 
On January 1, 20X1, Popular Creek Corporation organized RoadTime Company as a subsidiary in Switzerland with an initial investment cost of Swiss francs (SFr) 60,000. RoadTime's December 31, 20X1, Trial balance in SFr is as follows: 
Debit (SFr) Credit (SFr) Cash 7000 Accounts Receivable 20000 Receivable from Popular Creek 5000 Inventory 25000 Plant and Equipment 100000 Accumulated Depreciation 10000 Accounts Payable 12000 Bonds Payable 50000 Common Stock 60000 Sales 150000 Cost of goods sold 70000 Depreciation Expense 10000 Operating Expense 30000 Dividend paid 15000 Total SFr 282,000 SFr 282,000 
Additional Information 1. The receivable from Popular Creek is denominated in Swiss francs. Popular Creek's books show a $4,000 payable to RoadTime. 2. Purchases of inventory goods are made evenly during the year. Items in the ending inventory were purchased November 1. 3. Equipment is depreciated by the straight-line method with a 10-year life and no residual value. A full year's depreciation is taken in the year of acquisition. The equipment was acquired on March 1. 4. The dividends were declared and paid on November 1. 5. Exchange rates were as follows: 
January 1 1SFr=$.73 March 1 1SFr=$.74 November 1 1SFr=$.77 December 31 1SFr=$.80 20X1 Average 1SFr=$.75 
6. The Swiss franc is the functional currency. 

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