1) Business income is computed by adjusting the net profit as shown in the profit and loss account by adding back inadmissible expenses and deducting allowable expenses not accounted in the profit and loss account and income not taxable under the head 'profits and gains from business or profession'.
2) Several examples are given showing the computation of business income by making the prescribed additions and deductions like salary, interest, donations, depreciation, income from other heads etc.
3) House property income is also computed by deducting standard deduction and interest on home loan from annual rent received in case of let out and self-occupied properties respectively.
Retention and Labour Market Outcomes of Registered Apprentices in New Brunswi...DataNB
As the second phase of a two-part analysis looking at retention rates and labour market outcomes of post-secondary graduates in New Brunswick (NB), this report examines the trends, retention, and incomes of those who receive apprenticeship certificates in the province. Using the Canada Research Data Centre Network’s Education and Labour Market Longitudinal Platform (ELMLP), it analyzes cohorts of trade certificate holders from 2009 to 2017.
Retention and Labour Market Outcomes of Registered Apprentices in New Brunswi...DataNB
As the second phase of a two-part analysis looking at retention rates and labour market outcomes of post-secondary graduates in New Brunswick (NB), this report examines the trends, retention, and incomes of those who receive apprenticeship certificates in the province. Using the Canada Research Data Centre Network’s Education and Labour Market Longitudinal Platform (ELMLP), it analyzes cohorts of trade certificate holders from 2009 to 2017.
B2B email list rental information - special offersAzam Marketing
Information Azam Marketing's business databases. Contact Azam Marketing to advertise to our millions of subscribers! Email results [at] azam.net with information about your advertising requirements.
Title: Payroll Seminar
How to register;
RTI (Real Time Information);
Record keeping and reporting requirements;
Mistakes to avoid;
Penalty regime;
CIS refunds.
Summary:
In this seminar you will learn the basic skills to enable you to deal with the payroll and CIS yourself. It will also enhance your understanding of the RTI (Real Time Information) initiative and the penalty regime. Case studies will be completed in groups for better understanding of the practical application of the knowledge learned.
To be delivered by:
Zee Shan Bawany – Regional Tax Adviser – Smartfield Accountants
ICA provide vocational training courses under skill development initative on prescribed by DGET, GOVT.OF INDIA. This training is fully equipped to provide the candidates with the opportunity to develop through understandings of the taxation for individuals, companies, partnerships and other structures in India.
B2B email list rental information - special offersAzam Marketing
Information Azam Marketing's business databases. Contact Azam Marketing to advertise to our millions of subscribers! Email results [at] azam.net with information about your advertising requirements.
Title: Payroll Seminar
How to register;
RTI (Real Time Information);
Record keeping and reporting requirements;
Mistakes to avoid;
Penalty regime;
CIS refunds.
Summary:
In this seminar you will learn the basic skills to enable you to deal with the payroll and CIS yourself. It will also enhance your understanding of the RTI (Real Time Information) initiative and the penalty regime. Case studies will be completed in groups for better understanding of the practical application of the knowledge learned.
To be delivered by:
Zee Shan Bawany – Regional Tax Adviser – Smartfield Accountants
ICA provide vocational training courses under skill development initative on prescribed by DGET, GOVT.OF INDIA. This training is fully equipped to provide the candidates with the opportunity to develop through understandings of the taxation for individuals, companies, partnerships and other structures in India.
1Exercise 8-4The ledger of Wainwright Company at the end of .docxhyacinthshackley2629
1Exercise 8-4
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $76,000; Credit Sales $801,000; and Sales Returns and Allowances $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(a)
If Wainwright uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Wainwright determines that Hiller’s $1,000 balance is uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of $990 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable.
(c)
If Allowance for Doubtful Accounts has a debit balance of $850 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable.
No.
Account Titles and Explanation
Debit
Credit
(a)
(b)
(c)
Exercise 8-4
Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Allowance for Doubtful Accounts
Bad Debt Expense
Cash
Common Stock
Cost of Goods Sold
Dividends
Income Tax Expense
Income Taxes Payable
Interest Receivable
Interest Revenue
Inventory
No Entry
Notes Receivable
Other Operating Expenses
Other Receivables
Retained Earnings
Sales Discounts
Sales Returns and Allowances
Sales Revenue
Service Charge Expense
Supplies
Supplies Expense
Exercise 8-11
Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2014
2013
Accounts receivable (gross)
$ 3,480
$ 4,430
Accounts receivable (net)
3,472
4,401
Allowance for doubtful accounts
8
29
Sales revenue
34,728
37,059
Total current assets
7,883
7,166
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
times
The average collection period for 2014
days
Is accounts receivable a material component of the company’s total current assets?
2
Broadening Your Perspective 8-1
The financial statements of Tootsie Roll are presented below.
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178.
Principles of Microeconomics Problem Set 10 Due on 12215 .docxChantellPantoja184
Principles of Microeconomics Problem Set 10
Due on 12/2/15
1. How does taxation harm the economy? If taxes hurt the economy, why do they exist?
2. Which would you expect to be larger, the price elasticity of demand for luxury goods, or the
price elasticity of supply for luxury goods? Based on that, where do you expect the majority of
the burden of a luxury tax to fall? Based on that, do you think that the luxury tax is
accomplishing its goals?
3. Draw a supply and demand diagram for a market with a unit tax. Be sure to label the
deadweight loss, the consumer surplus, the producer surplus, and the government's revenue.
4. Name a good with an excise tax. Does it feature a negative externality? If so, what is it? If not,
explain lawmakers' motivations for taxing that good extra.
SAMPLE
XYZ Contracting Corporation
Financial Statements
December 31, 20XX
CPA Accounting Firm Name
Address & Phone Number
CPA Accounting Firm Name
Address & Phone Number
Table of Contents
Page
Accountant’s Review Report 1
Financial Statements
Balance Sheet 2
Income Statement 3
Schedule of General and Administrative Expenses 4
Retained Earnings Statement (Statement of Net Worth) 5
Statement of Cash Flow (Cash Flow Analysis) 6
Notes to Financial Statements 7-8
Accounts Receivable Aging Schedules 9
To the Stockholders of XYZ Contracting Corporation:
We have reviewed the accompanying balance sheet, income statement, retained earnings, cash flows and
schedules of general and administrative expenses for the years then ended, in accordance with Statements on
Standards for Accounting and Review Services, issued by the American Institute of Certified Public
Accountants. All information included in these financial statements is the representation of the management
of XYZ Contracting Corporation.
A review consists primarily of inquiries of Company personnel and analytical procedures applied to the
financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.
Based on our reviews, we are not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in conformity with generally accepted accounting
principles.
Signed,
CPA Accounting Firm
Date
1
CPA Accounting Firm Name
Address & Phone Number
XYZ Contracting Corporation
Balance Sheet
December 31, 20XX and 200X
ASSETS
Current Assets: 20XX 200X
Cash and Cash Equivalents $1,191,729 $1,158,079
Accounts Receivable:
Trade, net of allowance for doubtful accounts 1,649,073 2,387,469
Retainage 445,682 .
NL Tax Advantages Sole Proprietorship vs Private Limited CompanyJürgen van de Sande
Workshop for Eindhoven Startups Foundation about Dutch Tax Advantages Sole Proprietorship (eenmanszaak) vs Private Limited Liability Company (besloten vennootschap, B.V.)
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
2. Business
Definition: “Any trade,
commerce, manufacture or any
adventure or concern in the
nature of trade, commerce and
manufacture”
Economic
activity
carried on
for earning
profits
9. Particulars ₹ ₹
Net profit as per profit/loss account 1,39,000
Add: Inadmissible expenses
**** Xx
**** xx Xx
Xxx
Less: Expenses allowed but not debited in P/L a/c
*** Xx
*** xx Xx
Xxx
Less: Exempted income and income not taxable under this head
*** Xx
*** xx Xx
Business Income xxx
Computation of Business Income
12. Particulars ₹ ₹
Net profit as per profit/loss account 1,39,000
Add: Inadmissible expenses
Advertisement in cash (100% of 22,250) 22,250
Proprietors salary 1,12,500
Interest on capital 2,000
Income tax 1000
Advance income tax 1,000
Donation 500
Motor car expenses 375
Help to poor student 2,200
Depreciation 2,000 1,43,825
2,82,825
Computation of Business Income
13. Particulars ₹ ₹
Less: Expenses allowed but not debited
Depreciation 2,900
2,79,925
Less: Income not taxable under this
head
Bad debts recovered disallowed earlier 4,000
Interest on government securities 4,000 8,000
Business Income 2,71,925
14.
15. Particulars ₹ ₹
Net profit as per profit/loss account 1,90,000
Add: Inadmissible expenses
Drawings 24,000
Interest on proprietors capital 7,000
Bonus to proprietor 4,000
Car purchased 72,000
Donations 2,000
Provision for bad debts 6,000
Legal charges (being capital expenses) 3,000
Computation of Business Income
16. Particulars ₹ ₹
Repairs on let out building 1,250
Depreciation 15,000
Advertisement expenses paid in cash 24,000 1,58,250
3,48,250
Less: Income to be treated under separate heads
Income from interest on securities 14,000
Income from house property 25,000 39,000
3,09,250
Less: Allowable depreciation 14,400
Income from business 2,94,850
Computation of Business Income
17.
18.
19. Particulars ₹ ₹
Net profit as per profit/loss account 1,25,000
Add: Inadmissible expenses
Income tax 25,000
Depreciation 30,000
Bad debt reserve 5,000
Salary to partner beta 10,000
Salary to partner alpha 24,000
Legal charges regarding partnership deed (being capital
expenditure)
500
Computation of Business Income
20. Particulars ₹ ₹
Penalty (it is not allowable deduction) 4,500
Furniture purchased (being capital
expenditure)
3,000
Cash shortage (being capital loss) 200
Conveyance expenses (50% being personal
expenses of partner)
4,000
Purchases made with bearer cheque
exceeding Rs. 10,000 (100% disallowed)
60,000 1,66,200
2,91,200
21. Particulars ₹ ₹
Less: Depreciation 35,500
Book Profit 2,55,700
Less: Allowable remuneration u/s
40(b)
24,000
Business Profit 2,31,700
22.
23.
24. Particulars ₹ ₹
Net profit as per profit/loss account 2,03,000
Add: Inadmissible expenses
Patents (1/4th part) 7,000
Provision for bad debts 11,000
Expenditure on promotion of family planning amongst
employees
14,000
Donation to an approved institutions 15,000
Sales tax penalty 12,000
Depreciation 1,20,000
Computation of Business Income
25. Particulars ₹ ₹
Income tax 40,000
Provision for income tax 20,000
Health insurance premium of employees –
50% paid in cash
8,000
Advertisements – cost of sign board being
capital expenditure
15,000 2,62,000
4,65,000
26. Particulars ₹ ₹
Less: Expenses allowed but not debited
Depreciation
On Patent rights 7000*14/1=98,000*25%*1/2year 12250
On neon sign boards 15000*15% 2,250
Factory Building 2,00,000*10% 20,000
Non- Factory Building 3,00,000*5% 15,000
P*M old 3,00,000*15% 45,000
P*M New 2,00,000*15%*1/2 15,000
Additional depreciation on new P&M
2,00,000*20%*1/2
20,000
1,29,500
27. Particulars ₹ ₹
Amount given to university for research allowed
@100% of 40,000 40,000
Less: Already debited 40,000 NIL 1,29,500
3,35,500
Less: Income credited but not allowed under this
head
Rent from let out house 30,000
Profit from sale of old medicine 16,000
Interest on Govt. Securities (Investment) 20,000
Interest on Income tax refund 8,000 74,000
2,61,500
28. Particulars ₹ ₹
Add: Income accrued but not credited 20,000
Taxable Business Income 2,81,500
29.
30. Particulars ₹ ₹
Net profit as per profit/loss account 40,100
Add: Inadmissible expenses
Income tax 2,600
Depreciation 600
Municipal Tax 1,625
Repair to house 5,000
Commission paid to collect interest on security 25
LIC Premium 1,320 11,170
51,270
Computation of Business Income
31. Particulars ₹ ₹
Less: Expenses allowed but not debited
Depreciation on assets 4,500
46,770
Less: Exempted income
Bank interest 450
Rent from house property 4,800
Interest on commercial security 2,000 7,250
39,520
32.
33.
34. Particulars ₹ ₹
Net profit as per profit/loss account 24,375
Add: Inadmissible expenses
Household expenses 3500
Fire Insurance 300
Reserve for bad debts 1000
LIC 1000
Donation 1000
Income tax 3300
Computation of Business Income
35. Particulars ₹ ₹
Repair (house property) 500
Depreciation 1000
Interest on capital 200 11800
36175
Less: Expenses allowed but not debited in
P/L a/c
Depreciation 500
35675
36. Particulars ₹ ₹
Less: Income is not taxable under
this head and exempted income
Rent from HP 6,000
Dividend from Indian company 2,400 8,400
Business Income 27,275
37. Particulars ₹ ₹
House property Income
Let out
Rent - NAV 6000
(-) Standard deduction 30% of NAV 1800
Let out income 4200
Self occupied income
NAV Nil
(-) Interest on loan 12000
Self occupied loss (12000)
House property income (7800)
38. Particulars ₹ ₹
Gross total income
House property loss (7800)
Business Income 27,275
Income From other sources:
Dividend from Indian Company
2400
GTI 21,875