Hi!

I have tried to attempt this question but I do not understand when the questions states that "Tran Nguyen pays the 25 per cent company rate".

Also what does "accounting profit equals taxable income" mean?

Thanks!

104 12 Multi-step income statement These items were taken from the financial records of Tran Nguyen Pty Ltd: $ 17650 50 14600 Electricity expense Interest expense Selling expense Administrative expense Interest revenue Cost of sales Net sales 15230 500 75620 154 900 REQUIRED Prepare a multi-step income statement assuming Tran Nguyen pays the 25 per cent company rate and has a 30 June financial year end (you can assume in this case accounting profit equals taxable income). 12. Tran Nguyen Pty uted Multi-step income Statement and wh year 30 June Not Sales 154960 lost of sales (75620 ) arors profit 79280 Operating expenses Electricity expense Selling expense (17650) (14600) Administrative expense lis 23o) 1 474gol Total operating expense Operating profit/ (Loss) 31800 other expenses and revenues Interest revenue 500 (so) Interest expense 3220 Profit /(Loss) before tax Income tax expense Net Profit (60ss) before tax