Calculate the profit for the year after taxation for year

Assignment Help Financial Accounting
Reference no: EM132972206

Icebear Rockets ltd is a startup company. For their first year, the year 2019, they are selling a ice lollies at beach of Saint-Tropez.

Icebear Rockets LTD is buying the ice lollies from a local supplier at 10 BEF for 1 lolly (BEF=local currency) At the beginning of the year 2019 ice bear Rockets LTD had 182 ice lollies in stock, and during the year 2019 they bought 1.928 and they sold 1.958 lollies at a sales price of 24 BEF.

Icebear Rockets Ltd is renting a storage room close to the beach for an amount of 10000 BEF a year. There is 1 employee working on the beach selling the lollies, and the salary for 1 year is 8000 BEF.

Icebear Rockets ltd only has 1 investment in equipment. They invested in a big refrigerator. The purchase price of the refrigerator was 23000 EUR and this equipment is amortized at 3 years. Corporate taxation is 17%

Problem 1: Calculate the profit for the year after taxation for the year 2019 (in BEF)

Reference no: EM132972206

Questions Cloud

Prepare the partial Balance Sheet of Marconi on December : Prepare the partial Balance Sheet of Marconi on December 31, Year 3, that shows the presentation of the receivable
Analyze and apply lean tools to improve healthcare processes : Evaluate the key measures used to assess healthcare systems and process performance and Critically analyze and apply lean tools to improve healthcare processes.
Calculate net present value using thirteen percent : Calculate the Net Present Value, using 13% as discount rate for your investment. Your grandmother gave you a nice amount for your 18th birthday.
Determine the partner participation in the profit : Determine the partner's participation in the 2019 profit of 420,000 under the Allowance of interest at the rate of 8% on original investments
Calculate the profit for the year after taxation for year : Icebear Rockets ltd is a startup company. For their first year, the year 2019, Calculate the profit for the year after taxation for the year 2019 (in BEF)
How do calculate the safety margin : Calculate the safety margin (%). The third stage is washing. The washing activity is outsourced to an other company so it becomes a variable cost.
Calculate the value of the trade receiveables : OneWheel XR LTD is selling electric skateboards, Calculate the value of the TRADE RECEIVEABLES in the financial statements tat the closing of the year 2019.
Discuss the concepts of permanent income : Discuss the concepts of permanent income and economic income. Critically assess their implications for forecasting and equity valuation
Do you think you could be an ethics officer : Do you think you could be an ethics officer? Why or why not?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd