Test Your Understanding $1$: The following is the income statement of Aman Trading LLC for the year$-$end $2022.$

Income Statement

RO

Sales $124670$

Less: Cost of Goods Sold

Opening inventory $13455$

Add: Purchases $71320$

Less: Closing inventory $(9875)(74900)$

Gross Profit $49770$

Less: Operating Expenses

Cost of Computers $2500$

Salary $12400$

Internet charges $450$

Bad Debts $1200$

Advertisement Expenses $7500$

Insurance $800$

Donation $2000$

Office expenses $2300(29150)$

Net Profit $20620$

Additional Information:

$($a$)$ Bad debts of $2021$ of RO$500$ recovered in this year. Such bad debts were deductible expenses in the concerned year not included in current year profit.

$($b$)$ The accountant overvalued opening inventories by RO$245$ and undervalued closing inventories by RO$160.$

$($c$)$ The company owned motor vehicle cost RO$15000.$ In the law, the depreciation rate attracted @ $33\mathrm{.}33\%.$ In the current year company also paid for repair expenses of RO$230$ for the same vehicle. Accountant omitted to record the depreciation and repairs.

$($d$)$ Donation made to approved charitable project and charged from the gross profit.

Requirement: Calculate the taxable income and tax liability for Aman Trading LLC for the year $2022.$