Solution-Determine income before income tax

Determine income before income tax

Assignment Help Accounting Basics

Reference no: EM132648275

Sales revenue HK$116,000

Gain on sale of plant assets 34,800

Selling and administrative expenses 11,600

Cost of goods sold 63,800

Interest expense 5,800

Income tax rate 20 %

Question 1: Determine (a) Income from operations HK$ 116000 (b) Income before income tax HK$ 5800 (c) Net income HK$

Reference no: EM132648275

Questions Cloud

How much is Franco adjusted basis in the LLC interest : How much is Franco's adjusted basis in the LLC interest after the distribution, and what is the amount of his basis in the equipment received

Conduct research on the topic of erp systems : For this assignment, conduct research on the topic of ERP systems.

Record the primary sic code and industry title : Record the primary SIC code and industry title at the top of the Ratio Analysis Worksheet. The purpose of the third part of the comprehensive project

Simulating effects of hepatitis b interventions : Explain one advantage and disadvantage of simulating effects of hepatitis B interventions.

Determine income before income tax : Determine Income from operations HK$ 116000. Income before income tax HK$ 5800. Net income HK$. Selling and administrative expenses 11,600

Find organisation in a business environment : Why is it important for leadership to analyse the challenges faced by an organisation in a business environment?

How might paradigm shift from competition to collaboration : How might the paradigm shift from competition to collaboration make the job of a leader more difficult? Could it also make a leaders job easier?

How income allocated between the buying and selling partner : When a partnership interest is sold during the partnership's taxable year, how is the income allocated between the buying partner and selling partner

Trait theories and behavior theories of leadership : What is the difference between Trait Theories and Behavior Theories of Leadership?

User Account

All Pages

Determine income before income tax

Reference no: EM132648275

Reference no: EM132648275

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

Research the efficacy of mis and decision-making systems

Brothers manufacturing applies overhead to production at a

Determine what is net cash provided by operating activities

Cody co developed its annual manufacturing overhead budget

What happens to the break-even level of units per month

How many stronkers does strokner need to sell to break even

Compute net income on an accrual basis for the year 2012

Calculate the taxable income for tom and terry

How will the development above effect the accounting

Read the opener about marco giannini and his company

The financial statements of minnesota mining

What consequence of telling president ofgross miscalculation

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT