The following is the income statement of Al-Aqsa National Bank for the year 2018 in Jordanian Dinars:
Question:
The following is the income statement of Al-Aqsa National Bank for the year 2018 in Jordanian Dinars:
Al Aqsa National Bank
Income statement for 2018
Net benefits 30,000,000
Net commissions 15.000.000
Another America 10,000,000
Net revenue 55,000,000
Ask: expenses payroll 2,000,000
Staff training 300,000
Consumptions 3,000,000
Hospitality expenses 120000
Miscellaneous Allocations 4,000,000
Bad debts 250000
Other operating expenses 15.000.000
Total expenses 24,670,000
Declared net income 5,330,000
Upon assessment, the estimate was found to be:
1. That within the salary item 320,000 Jordanian dinars is a value-added tax on wages.
2. Please pay attention to 400,000 Jordanian Dinars, the customer has stopped paying for 120 days.
3. Among the depreciations of devices that cost 200 thousand dinars, 25% have been depreciated, and they are now 5 years old.
4. Miscellaneous balances consist of (a provision for non-performing credit facilities 1,800,000 dinars, an end-of-service benefit of 1,500,000 dinars, and an allowance for vacations of 700,000 Jordanian dinars).
5. Among the bad debts is an amount of 50,000 Jordanian dinars that does not meet the conditions for accepting the execution of the debt.
6. The exchange rate of the dinar is 5 shekels.
7. The terms are processed by law.
Required:
Calculate the income tax due on Al-Aqsa National Bank for the year 2018 in NIS (please show the full solution)
Expert Answer:
Calculation of Income tax due on AIAqsa National Bank for the year 2018 Particular... View the full answer
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
