Mr. Mensah, a board member of Stingy Men Ltd receives a net income of GHÂ¢3600 per month as board fees. He iscurrently also a part-time lecturer at the University of Ghana Business School and received GHA¢54,000 (net of withholdingtax) for lecturing during the 2020 year of assessment. He owns an appartment at airport hills from which he received agross rental income of GHAC84,000 from his tenant covering the half year of 2020. The appartment tradionally attracts aproperty rate of GHÂ¢1,000 per year. What is the tax paid on the rent?A. GHÁC8,400B. GHÅ¢6,720C. GHÂ¢4,200D. GHÅ¢12,600

Net Rental Income:Gross rental income (half-year): GHAC84,000Annualize the income by multiplying by…

Answered: Mr. Mensah, a board member of Stingy…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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