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Question - The Profit and loss account of (Sole Trader) Quality Mechanical Services for the year ended 31/12/16 shows the following:
Sales
80 000
Less COGS
15 000
Gross profit
65 000
Less Expenses
Donations
1 500
Advertisements
390
Depreciation
5 000
Legal fees
500
Rent
100
Interest on overdraft
4 300
Insurance
5 600
Wages
4 330
Bank fee
700
22 420
Operating profit
42 580
ADD OTHER INCOME
Gain from sale of asset
4 100
Net profit
$46 680
Additional information:
Depreciation for tax purpose - $ 8000
Gain on sale for tax purpose - $ 1800
Loss carried forward (5 years) - $ 4 000
Tax paid in advance - $ 10 700
Donation was to approved charity
Legal fees was incurred to buy a building from ANZ bank
Required: Calculate the taxable income for Quality Mechanical Services as at 31/12/2016.
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