Amman Gardens LLC is a Jordanian gardening and landscaping company. Income Tax calculation based on financial...
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Amman Gardens LLC is a Jordanian gardening and landscaping company. Income Tax calculation based on financial accounting for 2018 is disclosed below. Additional information indicates that: -Of the total revenue, 16'500 is a governmental grant -Of the total expenses 'Bad debt' expense is overstated by JOD 2700 (based on tax code) - Donation is given to heart diseases research charity (acceptable) Required: prepare 'tax liability' calculation (based on the Jordanian Tax Law), Show all works Tax Calculation Accounting-Based 218'550 Item Works Tax-Based Total Revenue - Total Expenses (185'600) Net Income 32'950 - Donation (10'000) Adjusted Taxable Income 22'950 Tax Liability 3'213 Amman Gardens LLC is a Jordanian gardening and landscaping company. Income Tax calculation based on financial accounting for 2018 is disclosed below. Additional information indicates that: -Of the total revenue, 16'500 is a governmental grant -Of the total expenses 'Bad debt' expense is overstated by JOD 2700 (based on tax code) - Donation is given to heart diseases research charity (acceptable) Required: prepare 'tax liability' calculation (based on the Jordanian Tax Law), Show all works Tax Calculation Accounting-Based 218'550 Item Works Tax-Based Total Revenue - Total Expenses (185'600) Net Income 32'950 - Donation (10'000) Adjusted Taxable Income 22'950 Tax Liability 3'213
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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