George Godhi has a sole proprietorship called Godhi Sports. It has no associated business and files it sales tax return on an annual basis. The Income Statement for the current year is as follows (all amounts are shown before applicable GST/HST amounts): Revenues: Fully Taxable Goods $270000 Exempt Services 68000 $338000 Less Expenses: Cost Of Goods Sold (All Taxable) ($145000) Amortization Expense ( 18000) Salaries And Wages ( 20000) Rent ( 19000) Interest Expense ( 45000) Other Operating Expenses ( 22000) ( 269000) Income Before Taxes $ 69000 Less: Federai And Provincial Income Taxes ( 14000) Net Income $ 55000
George Godhi has a sole proprietorship called Godhi Sports. It has no associated business and files it sales tax return on an annual basis. The Income Statement for the current year is as follows (all amounts are shown before applicable GST/HST amounts): Revenues: Fully Taxable Goods $270000 Exempt Services 68000 $338000 Less Expenses: Cost Of Goods Sold (All Taxable) ($145000) Amortization Expense ( 18000) Salaries And Wages ( 20000) Rent ( 19000) Interest Expense ( 45000) Other Operating Expenses ( 22000) ( 269000) Income Before Taxes $ 69000 Less: Federai And Provincial Income Taxes ( 14000) Net Income $ 55000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 13P: Gray Companys financial statements showed income before income taxes of 4,030,000 for the year ended...
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