Aida Enterprise has been involved in manufacturing chemical products. The following is the income statement for...

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Aida Enterprise has been involved in manufacturing chemical products. The following is the income statement for Aida Enterprise for the year end 31 December 2020; Note RM RM Sales 1,700,500 (1.070.000) 630,500 Less: Cost of Goods Sold Gross profit Less: Expenses Depreciation Salaries and wages 40,000 57,000 59,120 150,000 62,000 5,200 11,200 18,000 24,000 1,500 11,000 Utilities Research and development Repairs and maintenance Loss on disposal of fixed assets Legal fees Insurance 3 4 5 Rental Donation (approved) EPF contribution (439,020) Net profit 191.480 Notes: 1. Including in the cost of goods sold is purchase of computer for personal use of the manager, Ms. Aida. The computer was acquired at a cost of RMS,200. 2. Salaries and wages include RM15,000 paid to disabled employee, certified by Community Welfare Department. 3. Research and development is conducted by an approved and registered R&D company. 4. Repairs and maintenance expenses are comprising of Renovation of meeting room Repairing photostat machines Services on air- conditioner equipment Other office maintenances RM 18,000 12,000 7,000 25,000 62.000 5. Legal fees include RM6,000 paid for the registration of the new company's trademark. 6. EPF contribution expenses are determined at the rate of 19% from the salaries and wages paid. 7. Capital allowances available for the company is RM20,000. Required: Compute the statutory business income of the business for the year of assessment 2020. 2. Aida Enterprise has been involved in manufacturing chemical products. The following is the income statement for Aida Enterprise for the year end 31 December 2020; Note RM RM Sales 1,700,500 (1.070.000) 630,500 Less: Cost of Goods Sold Gross profit Less: Expenses Depreciation Salaries and wages 40,000 57,000 59,120 150,000 62,000 5,200 11,200 18,000 24,000 1,500 11,000 Utilities Research and development Repairs and maintenance Loss on disposal of fixed assets Legal fees Insurance 3 4 5 Rental Donation (approved) EPF contribution (439,020) Net profit 191.480 Notes: 1. Including in the cost of goods sold is purchase of computer for personal use of the manager, Ms. Aida. The computer was acquired at a cost of RMS,200. 2. Salaries and wages include RM15,000 paid to disabled employee, certified by Community Welfare Department. 3. Research and development is conducted by an approved and registered R&D company. 4. Repairs and maintenance expenses are comprising of Renovation of meeting room Repairing photostat machines Services on air- conditioner equipment Other office maintenances RM 18,000 12,000 7,000 25,000 62.000 5. Legal fees include RM6,000 paid for the registration of the new company's trademark. 6. EPF contribution expenses are determined at the rate of 19% from the salaries and wages paid. 7. Capital allowances available for the company is RM20,000. Required: Compute the statutory business income of the business for the year of assessment 2020. 2.

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