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AB |nc., distributors of vehicular parts, was organized as a sole proprietorship. The balance sheet and income statement for AB inc., as of July 31, 1999 is shown below AB INCORPORATED CURRENT ASSETS CURRENT LIABILITIES 375,000 Accounts Payable 50,000 385,400 Banks Loans Payable 200,000 Notes Pa able 15 000 Total Current Assets 760,400 Total Current 265,000 Liabilities Owner' 5 equity Paid-in-capital Retained earnings 3' 5 Inventory Fixed Assets Ofce equipment 300,000 (-1 Accumulated 12,000 de . reciation Net office equipment Total assets 750,000 288,000 1 048 400 Total owner's equity 783,400 Total _'__.AndO E 1 048 400 Income Statement .For the month ending July 1999 _ 300,000 _:_.___ ______ _ ' 150,000 150 000 _ _ _ Income tax rates are as follows: 40% for the rst 30,000; 45% for any amount above 30,000. Taxes are paid in the next accounting period. Transactions for August 1999 are as follows: 1.] Makes a cash disbursement for the rental of his new ofce. Monthly rental is at 10,000 per month. AB inc. pays two months in advance. 2.] Purchased imported vehicular parts (all intended for sale). The list price on the imports were 50,000 but AB Inc. was able to negotiate for a discount of 5,000. In addition to this, AB Inc. paid 6,000 in taxes to have the imported goods cleared at customs. 0f the total amount of good, that were entered in the accounting records, 70% were paid in cash, and the rest were on credit. El 3.} Goods worth 20,000 were removed from inventory, and delivered to customers. 4.} Sales amounted to 60,000. Of this amount, 60% were on credit while the rest were on cash basis. 5.} It is estimated that 10% of those credit would never be collected. 6.} Issues a check for 70,000 to pay off part of the principal of the bank loan obtained. 7.} A customer pays AB Inc. 2,000 for a machine part worth 800. The customer requests that the part be delivered after 90 days. 8.} Cash disbursements: Salaries 3,000; Interest 5,000; Utilities 6,000 9.} Depreciation per month is 1,000 10.} One of month rent was used up 11.} What is the Net Income before Tax? 12.} How much is the tax applied? 13.} What is the Net Income After Tax? 14.} What [_5 the total assets of the company? 15.} What Is the amount of cash at the end of August 1999