The Balance Sheets of Rainbow Ltd Show The Statement of Profit or Loss and Other Comprehensive Income

question 53

Multiple Choice

The balance sheets of Rainbow Ltd show:
$$\begin{array} { c c c } & 31 \text { December 2018 } & 31 \text { December } 2019 \\\text { Current tax liability } & \$ 55000 & \$ 65000\end{array}$$
The statement of profit or loss and other comprehensive income for the year ended 31 December 2019 shows income tax expense of $65 000.
What amount, in respect of income tax paid, will appear in the statement of cash flows for the year ended 31 December 2019? Assume tax is paid annually in arrears and there are no over- or under-provisions of tax.

• A) Nil
• B) $55 000
• C) $65 000
• D) $120 000

Comprehend the impact of leisure opportunity cost on work decisions and labor supply.

Examine how external changes, such as immigration or industry attractiveness, influence labor markets.

Understand how changes in the demand and supply of labor affect wages and employment levels.

Evaluate the effects of technological changes on labor markets.

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Definitions:

Discrete Product-Producing Process

A manufacturing or production process that outputs distinct, separate goods, often in a batch or serialized manner.

Human-Machine Interface

The user interface in industrial control systems that allows humans to interact, monitor, and communicate with machinery and processes.

Actuators

Devices that convert electrical signals into physical movement or action, often used in industrial machinery to move or control mechanisms.

Sensors

Devices that detect and respond to some type of input from the physical environment, such as temperature, light, pressure, etc.