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.
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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