Question
(F) The net profit announced in the final accounts of the Al Sharq Industrial Garment Company for the year 2019 amounted to 250,000 riyals. When
(F) The net profit announced in the final accounts of the Al Sharq Industrial Garment Company for the year 2019 amounted to 250,000 riyals. When auditing the companys tax accounts, the following was found: 1. There are unacceptable tax expenses of 20,000 riyals 2. There are taxable expenses amounting to 5,000 riyals that did not appear in the companys income statement for the year 2019 due to its inclusion in the companys 2018 income statement, as it was not taxable in 2018. 3. The non-taxable revenues for the year 2019 that are shown in the companys income statement amounted to 8,000 riyals 4. The taxable revenues for the year 2019 that are not shown in the companys income statement amounted to 6,000 riyals. Required: What is the amount of taxable income?
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