question archive Information is as follows: (your name) is employed as Senior Bookkeeper of Abacus Accounting Solutions, Inc
Information is as follows: (your name) is employed as Senior Bookkeeper of Abacus Accounting Solutions, Inc
Subject:BusinessPrice: Bought3
Information is as follows: (your name) is employed as Senior Bookkeeper of Abacus Accounting Solutions, Inc. and at the same time the proprietor of Motivated Computer Solutions, VAT registered has information for the taxable year 2021 as follows: Particulars Amount REVENUES Gross Compensation Income, net of mandatory deductions 400,000 Capital gains on direct sale to buyers of shares 20,000 Capital gains on sale of real property, in the Philippines (selling price 900,000 3,000,000) Interest on Bank Deposit 10,000 Gross Sales 2,800,000 Other non-operating income (repair of computers and hardwares) 100,000 10,000 840,000 360,000 120,000 12,000 15,000 50,000 BUSINESS EXPENSES AND DEDUCTIONS Sales returns and discounts Cost of Goods Sold Salaries and wages Rental expense Interest Expense Representation expense Loss of computer inventories due to flooding (indemnity is 50% of the cost of loss) Electricity expense Communication expense Depreciation expense Bad debts expense 2020 Income tax due Contributions to DSWD for youth development Expanded withholding tax Withholding tax on compensation Income tax paid in previous quarters 24,000 16,800 12,000 2,000 30,000 5,000 56,000 30,000 21,000
