Problem 3: The records of ABC Trading for the current year show the following: Problem 3:The records of ABC Trading for the current year show the following:December 31, 2020January 1, 2020500,000150,000Assets300,000Liabilities50,000During the year, the sole proprietor made a total withdrawal from the business amounting to 240,000.Using the information above, how much is the net taxable income using the Net Asset Approach?

The net asset approach is used in order to determine the taxable income of an individual. Under this…

The records of ABC Trading for the current year show the following: December 31, 2020 January 1, 2020 500,000 Assets 300,000 Liabilities 150,000 50,000 During the year, the sole proprietor made a total withdrawal from the business amounting to 240,000. Using the information above, how much is the net taxable income using the Net Asset Approach?

The records of ABC Trading for the current year show the following: December 31, 2020 January 1, 2020 500,000 Assets 300,000 Liabilities 150,000 50,000 During the year, the sole proprietor made a total withdrawal from the business amounting to 240,000. Using the information above, how much is the net taxable income using the Net Asset Approach?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assets Cash Receivables (net) Inventory PP & E (net) Patents&Licenses Goodwill Total assets Liabilities & Equity Accounts payable Short term debt Long term debt Preferred stock Common Equity Total Liabilities + Equity New Chip Corp Balance Sheet at 12/31/22 ($ in Millions) 31 45 64 215 28 19 402 53 19 179 23 128 402
a spreedsheet is needed to complete for this question. PR17-04b from Cegage accounting 2 (financial statement analysis)
Choose the correct letter of answer: Which of the following items generally vary directly with sales *a. Common Stockb. Retained Earningsc. Mortgage Bondsd. Preferred Stocke. Inventory
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31st December 2021 is presented below: Dr [£] Cr [£] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment 90,000 Vehicles 50,000 Premises 96,000 Sales 829,000 Sales returns 2,000 Purchases 335,000 Carriage in Wages and salaries Discounts allowed 15,000 114,000 4,500 Electricity costs Vehicle maintenance 37,500 2,500 8,000 Advertising and marketing 14,000 Irrecoverable debts 3,000 Allowance for receivables 1,500 Bank 19,200 Accounts payable 31,600 Accounts receivable 60,000 Inventory (1-1-21) Drawings Bank loan [10%] Capital (1-1-21) 91,700 60,000 150.000 324,900 1,594,700 1,594,700 Additional notes: 1) Inventory at 31st December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been…
Q5. The following items would be presented in the Statement of Changes in Equity.Answer only TRUE or FALSE for each(i) Revaluation of investment property(ii) Rights issue made in the year
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Please answer complete and properly
Blyth Traders are a well-established wholesale business operating in the north of England and south Scotland. Their trial balance for year ended 31" December 2021 is presented below: Dr [E] Cr (E] Non-current assets (cost): Plant and machinery 150,000 Vehicles 100,000 Premises 600,000 Accumulated depreciation (1-1-21): Plant and equipment Vehicles 90,000 50,000 Premises 96,000 Sales Sales returns Purchases Carriage in Wages and salaries Discounts allowed Electricity costs Vehicle maintenance Advertising and marketing Irrecoverable debts 829,000 2,000 335,000 15.000 114.000 4.500 37.500 8,000 2,500 14,000 3,000 Allowance for receivables Bank 1,500 19,200 Accounts payable Accounts receivable 31,600 60,000 Inventory (1-1-21) 91,700 Drawings Bank loan [10%] Capital (1-1-21) 60,000 150.000 324,900 1.594.700 1.594.700 Additional notes: 1) Inventory at 31" December 2021 was valued at £94,000. However, on 4th January 2022 additional lines of inventory were uncovered that had not been included…
how was the trading of MMM company in march 2022?
Which of the following refers to the current rate used for the purpose of translations? O a. The current rate at the time of transaction O b. The spot rate O. The rate prevailing on the date of preparation of the consolidated balance sheet O d. The rate prevailing on the date of the balance sheet
Which of the following items is considered to be a current asset? Common Stocks. Inventory. Bonds. Preferred Stocks. Retained Earnings.
compute the following ratios using the Balance Sheet (Current Year) and Income Statement provided in the images below Current Ratio (in numeric format, 2 decimal places): Debt to Equity (in numeric format, 2 decimal places(): Return on Equity (stated as a percentage, 2 decimal places): Return on Assets (stated as a percentage, 2 decimal places):