Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thank you! The accounting yearend for Flowers Ltd. is 30/06/2020. On 30/06/2020, the accountant managers of Flowers Ltd. provide the following balances for some accounts:

Thank you!

image text in transcribed
The accounting yearend for Flowers Ltd. is 30/06/2020. On 30/06/2020, the accountant managers of Flowers Ltd. provide the following balances for some accounts: revenue from sales is 60,000 and revenue from services is 2,000, the inventory on 30/06/2019 is 12,000. Total purchases for the period amount to 2,000 and the inventory on 30/06/2020 is 3,000. The salary expenses are 5,000 and bill expense is 4,000. The corporate tax rate is 19%. Considering this information, which of the following statements is true? Select one: Q a. None of the answers is true. O b. On 30/06/2020, Flowers Ltd. will have a gross profit of 48,000 and taxation expense equal to 9,690. O, c. On 30/06/2020, Flowers Ltd. will have a gross profit of 51,000 and tax expense equal to 7,980. Q d. On 30/06/2020, Flowers Ltd. will have an operating profit of 51 ,000 and tax expense equal to 7,980

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

Rockford Practice Set To Accompany Intermediate Accounting

Authors: Donald E. Kieso

16th Edition

1119287936, 9781119287933

More Books

Students also viewed these Accounting questions

Question

8. What are the costs of collecting the information?

Answered: 1 week ago