The Income Statement with selective notes of ABC Ltd. For the year ended on 30th June,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Income Statement with selective notes of ABC Ltd. For the year ended on 30th June, 2014 is as under: ABC Ltd. Income Statement For the year ended on June 30, 2015 Particulars Net Sales Cost of goods sold Gross Profit Gain on Sale of furniture Administrative and Selling Expenses Net Profit Taka 10,00,000 5,40,000 4,60,000 45,000 5,05,000 2,15,000 2.90,000 Compute the income from business or profession of ABC Ltd for the year ended on December 31, 2014 based on the given other information: The Cost of the Furniture was Tk. 82,000 and the amount of accumulated depreciation up to the date of sale was Tk. 34,000 and sold for Tk. 93,000. Legal expenses have been incurred in defending an action of infringement of its trademarks. Tax depreciation amounts to be Tk. 25,000 and details of Administrative and Selling & Distribution Expenses includes: Salaries and Wages Tk. 40,000; Supplies Expense Tk. 11,000; Rents, Rates & Taxes Tk. 10,000; Provision for Bad and Doubtful Debts Tk. 14,000; Legal Charges Tk. 11,000; 'Underwriting Commission Tk. 13,000; Repair Expenses Tk. 10,000; Incentive Bonuses Tk.40,000;, Advertising expense (free sample distribution Tk. 16,000) Tk. 20,000; Audit Fees Tk.10,000; Depreciation Expense Tk. 18,000; and Overseas traveling expense Tk. 12,000. The Income Statement with selective notes of ABC Ltd. For the year ended on 30th June, 2014 is as under: ABC Ltd. Income Statement For the year ended on June 30, 2015 Particulars Net Sales Cost of goods sold Gross Profit Gain on Sale of furniture Administrative and Selling Expenses Net Profit Taka 10,00,000 5,40,000 4,60,000 45,000 5,05,000 2,15,000 2.90,000 Compute the income from business or profession of ABC Ltd for the year ended on December 31, 2014 based on the given other information: The Cost of the Furniture was Tk. 82,000 and the amount of accumulated depreciation up to the date of sale was Tk. 34,000 and sold for Tk. 93,000. Legal expenses have been incurred in defending an action of infringement of its trademarks. Tax depreciation amounts to be Tk. 25,000 and details of Administrative and Selling & Distribution Expenses includes: Salaries and Wages Tk. 40,000; Supplies Expense Tk. 11,000; Rents, Rates & Taxes Tk. 10,000; Provision for Bad and Doubtful Debts Tk. 14,000; Legal Charges Tk. 11,000; 'Underwriting Commission Tk. 13,000; Repair Expenses Tk. 10,000; Incentive Bonuses Tk.40,000;, Advertising expense (free sample distribution Tk. 16,000) Tk. 20,000; Audit Fees Tk.10,000; Depreciation Expense Tk. 18,000; and Overseas traveling expense Tk. 12,000.
Expert Answer:
Answer rating: 100% (QA)
Compute the income from business or profession of ABC Ltd for the year ended on December 31 2014 Adj... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
Students also viewed these accounting questions
-
From the income statement (Figure 22.8) and balance sheet (Figure 22.9) of Aberson Company, compute the following for 2016: (a) current ratio, (b) acid test ratio, (c) accounts receivable turnover,...
-
In Problem 10.16, we projected financial statements for Walmart Stores, Inc. (Walmart) for Years +1 through +5. The data in Exhibits 12.17-12.19 (pages 948-950) include the actual amounts for 2012...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Identify the accounting periods relating to the following periods of account: (a) year to 30 November 2020 (b) 1 October 2019 to 31 July 2020 (c) 1 January 2021 to 31 January 2021 (d) 33 months to 31...
-
1. Using the information provided, describe, through graphical summaries and numerical summaries such as the mean and standard deviation, each probability distribution. 2. Does it appear that, on...
-
Presented below are selected transactions for Patterson Warehouse during April and May of the current year. Patterson uses a perpetual inventory system and the contract-based approach for revenue...
-
In a recent study involving 54 women, the mean body temperature of the women was found to be 97.2F, with a standard deviation of 0.83. Random samples of size 36 are drawn from this population, and...
-
Levy Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of 1,000 units. Levy made 20,000 blankets during the prior accounting...
-
Exercise 5-18 (Algorithmic) (LO. 5) Global Corporation distributed property with an $180,000 fair market value and a $99,000 adjusted basis to one of its shareholders. The property was subject to a...
-
Bruce also requires a calculation of taxable income for the most recent year ended December 31, 2019. The calculation should be prepared in Excel. He has also requested that you prepare the year-end...
-
Below is the C++ program for the implementation of a particular data structure (25 points). 1. First, describe in detail which type of data structure is used in the following C++ program and which...
-
The following summary data are from the job order cost sheets of Hampton Company: Using the above data, compute (a) the finished goods inventory at May | and May 31, (b) the work in process inventory...
-
Reston Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department | for May 2016 were as follows: Department | handled the following units during...
-
Selected data for the consulting department of Austin Consulting, Inc., follow: Assuming that direct labor cost is the basis for applying consulting overhead, a. Calculate the predetermined overhead...
-
On January 1, 2011, Arizona Enterprises purchased a parcel of land for \(\$ 16,000\) cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2013, Arizona...
-
Reliable Wrecker Service has just completed a minor repair on a tow truck. The repair cost was \(\$ 620\), and the book value prior to the repair was \(\$ 5,600\). In addition, the company spent \(\$...
-
How much should you pay for an investment that will give you a dividend of RM 6 0 0 at the beginning of each quarter for the next 5 years if your cost of capital is 9 percent per annum?
-
Write electron configurations for the following ions, and determine which have noble-gas configurations: (a) Cd2+ (b) p3- (c) Zr4+ (d) Ru3+ (e) As3- (f) Ag+
-
Napoleon Incorporated presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from the companys Year 2 and Year 1 year-end balance...
-
TRS Company experienced the following events: 1. Purchased merchandise inventory for cash. 2. Sold merchandise inventory on account. Label the revenue recognition 2a and the expense recognition 2b....
-
The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210,000 of service revenue earned on account. 3....
-
Enter the following in the personal accounts only. Do not write up the other accounts. Balance down each personal account at the end of the month. After completing this, state which of the balances...
-
Enter the following, personal accounts only. Bring down balances at end of the month. After completing this state which of the balances represent debtors and those which are creditors. 19X7 May 1 "...
-
You are to enter up the necessary amounts for the month of May from the following details, and then balance off the accounts and extract a trial balance as at 31 May 19X6. Started firm with capital...
Study smarter with the SolutionInn App