The financial data of Al-Safa Trading Company showed that the total income achieved during the year 2020
Question:
The financial data of Al-Safa Trading Company showed that the total income achieved during the year 2020 amounted to 465,000 dinars, and it included income of leased real estate by 60,000 dinars, and the company also achieved profits of 8,000 dinars instead of a deposit it has in the National Bank of Jordan that was not included with the total income.
The expenses that appeared in the company’s data were as follows: Acceptable tax expenses amounting to 140,000 dinars, and the leased properties amounted to 9,000 dinars.
REQUIRED:
1- Finding the amount of the amount that the National Bank must deduct as income tax from the profits of the deposit
2- Finding the amount of the net amount that the bank must pay from the deposit profits of Al-Safaa
3- Finding the amount of Al-Safaa's taxable income for the year 2020
4- Finding the amount of income tax owed by Al-Safaa
5- Finding the amount of income tax payable for the year 2020
Cost Accounting Foundations and Evolutions
ISBN: 978-1111971724
9th edition
Authors: Michael R. Kinney, Cecily A. Raiborn