Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do I get the taxable income of $79,500 for these question? https://www.chegg.com/homework-help/questions-and-answers/zeus-ltd-established-1-july-2018-share-capital-totalling-132-000-one-year-later-statement--q53167471?trackid=Ci3fTtPF The amount i got is different from the given amount A. Computation

How do I get the taxable income of $79,500 for these question?

https://www.chegg.com/homework-help/questions-and-answers/zeus-ltd-established-1-july-2018-share-capital-totalling-132-000-one-year-later-statement--q53167471?trackid=Ci3fTtPF

image text in transcribed
The amount i got is different from the given amount
A. Computation of current taxable income $ 80,000.00 Profit before Tax (A) Add: Disallowed Items as per income tax Depreciation on machinery Depreciation on vehicle Annual leave Warranty expense Doubtful debts expense 5,900.00 100.00 1,800.00 600.00 200.00 Less : Allowable deduction as per income tax Depreciation as per income tax Exempt income (14,300.00) (400.00) 73,900.00 A. Computation of current taxable income $ 80,000.00 Profit before Tax (A) Add: Disallowed Items as per income tax Depreciation on machinery Depreciation on vehicle Annual leave Warranty expense Doubtful debts expense 5,900.00 100.00 1,800.00 600.00 200.00 Less : Allowable deduction as per income tax Depreciation as per income tax Exempt income (14,300.00) (400.00) 73,900.00

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

Step: 3

blur-text-image

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

Accounting For Beginners

Authors: Warren Piper Ruell

1st Edition

1713479397, 978-1713479390

More Books

Students also viewed these Accounting questions

Question

Who will receive the final evaluation?

Answered: 1 week ago