Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4.XYZ Company is a Chemical industrial company, the income statement for 2020 shows the following accounts: 2,500,000 1,100,000 Sales CGS 1,400,000 G.P G&A expense Salaries

image text in transcribed
4.XYZ Company is a Chemical industrial company, the income statement for 2020 shows the following accounts: 2,500,000 1,100,000 Sales CGS 1,400,000 G.P G&A expense Salaries 500,000 Social sec. 75,000 Utilities 40,000 Professional fees 30,000 Write-down/inventory 25,000 Provision /lawsuit 40,000 Donations (25%) 80,000 Headquarter cost 60,000 Total Exp. 850,000 N.I from operations Other gains & Losses Gain on disposal of land Dividends received Loss on sale of equipment Net Income Required: Determine taxable income and tax due 250,000 25,000 30,000 (20,000) 285,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting With Peachtree Complete 2011

Authors: Carol Yacht, Peachtree Software

15th Edition

007811098X, 978-0078110986

More Books

Students also viewed these Accounting questions

Question

8. Explain how to price managerial and professional jobs.pg 87

Answered: 1 week ago