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

Recognize the significance of cross-cultural research in highlighting the variability and changeability of gender roles.

Understand the structure and functions of muscles and muscle fibers.

Recognize the major types of connective tissues associated with muscles.

Identify common muscle-related disorders and their impact on the body.

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Definitions:

Fixed Expenses

Costs that do not fluctuate with changes in production level or sales volume, remaining constant over a period.

Target Profit

The desired financial gain a company aims to achieve within a specific period through its operations and sales.

Fixed Expense

Charges that stay unchanged with shifts in the amount of products made or the number of sales.

Unit Sales

The measure of the quantity of units of a product sold by a company, often used as an indicator of demand and financial health.