Frank is a Taguig resident and is a fresh graduate of DLSU. Frank is such a...
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Frank is a Taguig resident and is a fresh graduate of DLSU. Frank is such a hot dog fan that he decided to put up a small milk tea shop called "Frank's Franks". Based on his feasibility study, there is an opportunity to grow a milk tea business along Taft Avenue, so he decided to rent out a condominium in the vicinity and put up his business there. By the end of 2021, Frank reported the following: Gross sales: 2,267,850.25 Supplies used for the shop: 564,767.50 Water and electricity expenses of the shop: 385,985.00 Unpaid personal purchases from "regular" customers which remains uncollected to date: 76,675.95 Rent paid for the condominium leased by Frank to be nearer to the shop: 590,405.75 Water and electricity expenses incurred in Frank's condominium: 74,056.00 Rent paid for the commercial space leased for the shop: 744,540.25 Taxes paid to the LGU of Manila: 35,145.00 Personal exemption: 50,000.00 Compute for Frank's income tax for 2021. Frank is a Taguig resident and is a fresh graduate of DLSU. Frank is such a hot dog fan that he decided to put up a small milk tea shop called "Frank's Franks". Based on his feasibility study, there is an opportunity to grow a milk tea business along Taft Avenue, so he decided to rent out a condominium in the vicinity and put up his business there. By the end of 2021, Frank reported the following: Gross sales: 2,267,850.25 Supplies used for the shop: 564,767.50 Water and electricity expenses of the shop: 385,985.00 Unpaid personal purchases from "regular" customers which remains uncollected to date: 76,675.95 Rent paid for the condominium leased by Frank to be nearer to the shop: 590,405.75 Water and electricity expenses incurred in Frank's condominium: 74,056.00 Rent paid for the commercial space leased for the shop: 744,540.25 Taxes paid to the LGU of Manila: 35,145.00 Personal exemption: 50,000.00 Compute for Frank's income tax for 2021.
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Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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