Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $65,000 Cost...
Flip's Pizzeria Inc. has the following financial items for the current year:
Advertising Expenses $65,000
Cost of Goods Sold $655,000
Other Operating Expenses $525,000
Sales $2,020,000
Wages and Salaries $525,000
Capital Gain $45,000
Calculate Flip's taxable income for the current year.
Homework Answers
Solution: Calculation of Taxable Income of Flip's Pizzeria Inc.
| Particulars | $ | $ |
| Income From Business | ||
| Sales | 2,020,000 | |
| Less: Cost of goods sold | 655,000 | |
| Less: Wages and salaries | 525,000 | |
| Gross profit | 840,000 | |
| Less: Advertising Expenses | 65,000 | |
| Less: Other operating expenses | 525,000 | |
| Net Profit | 250,000 | 250,000 |
| Capital Gains | 45,000 | |
| Total Taxable Income | 295,000 |
Therefore, the Total Taxable Income of Flip's Pizzeria Inc. is $295,000
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