Westalis Logistics Incorporated (WLI) is a SEC-registered company engaged in the business of buying and selling...
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Westalis Logistics Incorporated (WLI) is a SEC-registered company engaged in the business of buying and selling shipping boats and yachts. It sells premium vessels to the rich and famous, which includes high-ranking government officials, C-level executive officers of multinational corporations, and famous personalities. Upon review of the CPA of WLI, the total assets of the corporation, excluding the land where the head office is located in Makati City, exceeds PhP100,000,000.00. At the end of CY 2021, WLI reported the following amounts in its books of account: Gross income: 120,750,005.00 Land purchased by WLI in Manila as its expansion site/office to constructed: 65,657,456.46 Electricity, water and telephone expenses of WLI: 4,862,443.45 Salaries paid to the employees: 64,563,778.55 Written off receivables from bankrupt clients: 7,671,135.42 Depreciation allocated for its land and building where the main office located in Makati City: 4,567,112.58 Ships and yachts per inventory as of 31 December 2021: 1080,156,568.95 Compute for the income tax of WLI. Westalis Logistics Incorporated (WLI) is a SEC-registered company engaged in the business of buying and selling shipping boats and yachts. It sells premium vessels to the rich and famous, which includes high-ranking government officials, C-level executive officers of multinational corporations, and famous personalities. Upon review of the CPA of WLI, the total assets of the corporation, excluding the land where the head office is located in Makati City, exceeds PhP100,000,000.00. At the end of CY 2021, WLI reported the following amounts in its books of account: Gross income: 120,750,005.00 Land purchased by WLI in Manila as its expansion site/office to constructed: 65,657,456.46 Electricity, water and telephone expenses of WLI: 4,862,443.45 Salaries paid to the employees: 64,563,778.55 Written off receivables from bankrupt clients: 7,671,135.42 Depreciation allocated for its land and building where the main office located in Makati City: 4,567,112.58 Ships and yachts per inventory as of 31 December 2021: 1080,156,568.95 Compute for the income tax of WLI.
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Related Book For
Quantitative Methods for Business
ISBN: 978-0324651751
11th Edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey cam
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