Homework Help is Here – Start Your Trial Now!
Business
Accounting
Net Taxable Income

Net Taxable Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Prepare:

Net Taxable Income for the year

Mica Thok Enterprise reported the following account bala Cash and Cash Equivalent 575,815.00 Accounts Receivables 385,000.00 Merchandise Inventory, Dec. 31 712,225.00 Prepaid Expenses 22,400.00 Land 1,200,000.00 Leasehold Improvements 350,000.00 Equipment 750,000.00 Furnitures and Fixtures 250,000.00 Accumulated Depreciation 50,000.00 Accounts Payable 175,000.00 Note Payable Mica Thok Capital, Jan. 1 1,000,000.00 2,400,565.00 Drawings 150,000.00 Sales 4,500,000.00 Purchases 2,925,000.00 Merchandise Inventory, Jan. 1 655,250.00 Purchase Discount 58,500.00 Sales Discount 90,000.00 Salaries and Wages 360,000.00 Interest Expense 85,000.00 Rent Expense 120,000.00 Advertising Expense 6,000.00 Travelling Expense 12,500.00 Utilities Expenses 150,000.00 Taxes and Licenses 15,750.00 Repairs and Maintenance 13,150.00 Depreciation 50,000.00 Representation 18,200.00 Taxpayer is a single proprietor and has paid in 3 quarter returns the amount of P 37,450.00
Transcribed Image Text:Mica Thok Enterprise reported the following account bala Cash and Cash Equivalent 575,815.00 Accounts Receivables 385,000.00 Merchandise Inventory, Dec. 31 712,225.00 Prepaid Expenses 22,400.00 Land 1,200,000.00 Leasehold Improvements 350,000.00 Equipment 750,000.00 Furnitures and Fixtures 250,000.00 Accumulated Depreciation 50,000.00 Accounts Payable 175,000.00 Note Payable Mica Thok Capital, Jan. 1 1,000,000.00 2,400,565.00 Drawings 150,000.00 Sales 4,500,000.00 Purchases 2,925,000.00 Merchandise Inventory, Jan. 1 655,250.00 Purchase Discount 58,500.00 Sales Discount 90,000.00 Salaries and Wages 360,000.00 Interest Expense 85,000.00 Rent Expense 120,000.00 Advertising Expense 6,000.00 Travelling Expense 12,500.00 Utilities Expenses 150,000.00 Taxes and Licenses 15,750.00 Repairs and Maintenance 13,150.00 Depreciation 50,000.00 Representation 18,200.00 Taxpayer is a single proprietor and has paid in 3 quarter returns the amount of P 37,450.00
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS