Sales Revenue 400,000,000 Less: cost of sales 253,000,000 Gross profit 147,000,000 Add: miscellaneous income 53,000,000 Gross profit 200,000,000 Less: Operating expenses Rent of office space 6,000,000 Electricity 3,200,000 Staff salaries & wages 2,000,000 Telephone and meals 7,000,000 Repairs 2,600,000 Sales promotions 3,600,000 Depreciation 10,000,000 Consultancy fees 5,000,000 Bad debts 7,500,000 Donations 22,000,000 -98,900,000 Surplus 101,100,000 Gift of Stationery from Picfare 26,000,000 Transport paid for the Gift 500,000 telephone and meals Meals 1,750,000 shareholders consumption 2625000 Telephone 2625000 5250000 Total Telephone and Meals 7,000,000 Donations Donations 1,000,000 NRM Donation 19000000 Donations 2000000 Bad Debts General Bad Debts 6,000,000 Skyline bad debt 500,000 Employees 1,000,000 Repairs purchase of Box files 650000 Motor cycle 1,950,000 Total repairs 2,600,000 Compute the taxable income for the year ended 30th June 2022
Sales Revenue 400,000,000 Less: cost of sales 253,000,000 Gross profit 147,000,000 Add: miscellaneous income 53,000,000 Gross profit 200,000,000 Less: Operating expenses Rent of office space 6,000,000 Electricity 3,200,000 Staff salaries & wages 2,000,000 Telephone and meals 7,000,000 Repairs 2,600,000 Sales promotions 3,600,000 Depreciation 10,000,000 Consultancy fees 5,000,000 Bad debts 7,500,000 Donations 22,000,000 -98,900,000 Surplus 101,100,000 Gift of Stationery from Picfare 26,000,000 Transport paid for the Gift 500,000 telephone and meals Meals 1,750,000 shareholders consumption 2625000 Telephone 2625000 5250000 Total Telephone and Meals 7,000,000 Donations Donations 1,000,000 NRM Donation 19000000 Donations 2000000 Bad Debts General Bad Debts 6,000,000 Skyline bad debt 500,000 Employees 1,000,000 Repairs purchase of Box files 650000 Motor cycle 1,950,000 Total repairs 2,600,000 Compute the taxable income for the year ended 30th June 2022
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter14: Decentralized Operations
Section: Chapter Questions
Problem 3SEQ: Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of...
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Question
Shs. | |||
Sales Revenue | 400,000,000 | ||
Less: cost of sales | 253,000,000 | ||
Gross profit | 147,000,000 | ||
Add: miscellaneous income | 53,000,000 | ||
Gross profit | 200,000,000 | ||
Less: Operating expenses | |||
Rent of office space | 6,000,000 | ||
Electricity | 3,200,000 | ||
Staff salaries & wages | 2,000,000 | ||
Telephone and meals | 7,000,000 | ||
Repairs | 2,600,000 | ||
Sales promotions | 3,600,000 | ||
10,000,000 | |||
Consultancy fees | 5,000,000 | ||
7,500,000 | |||
Donations | 22,000,000 | -98,900,000 | |
Surplus | 101,100,000 | ||
Gift of Stationery from Picfare | 26,000,000 | ||
Transport paid for the Gift | 500,000 | ||
telephone and meals | |||
Meals | 1,750,000 | ||
shareholders consumption | 2625000 | ||
Telephone | 2625000 | ||
5250000 | |||
Total Telephone and Meals | 7,000,000 | ||
Donations | |||
Donations | 1,000,000 | ||
NRM Donation | 19000000 | ||
Donations | 2000000 | ||
Bad Debts | |||
General Bad Debts | 6,000,000 | ||
Skyline bad debt | 500,000 | ||
Employees | 1,000,000 | ||
Repairs | |||
purchase of Box files | 650000 | ||
Motor cycle | 1,950,000 | ||
Total repairs | 2,600,000 |
Compute the taxable income for the year ended 30th June 2022
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