One
Susan Mbaya is an employee of Mauzo Ltd. She has provided the following details pertaining to
her income in the year of income 2021:
i) Her monthly basic salary was sh. 105,000 (PAYE sh. 21,000 per month)
ii) She was provided with a house by the company. The rental Market value was sh.
35,000 per month. The house was fully furnished and the cost of the furniture was
sh. 800,000.
iii) She was provided with free airtime of sh.10,000 for her cellphone
iv) She obtained a Life insurance policy of sh 1,000,000, where the company paid sh
40,000 per month to the insurance company
v) She was paying owner occupier interest of sh 600,000 on a mortgage loan she took
to build her own home
vi) She received a bonus allowance of sh. 180,000 in that year for working extra time.
vii) She was provided with a company car of 2500cc. The car was purchased by the
company for sh 2,092,000 on 1st
January 2019.
viii) She is a member of a registered pension scheme where she contributed sh. 18,000
per month towards the scheme
ix) She received a year end bonus payable to executive staff of sh. 120,000
x) The employer reimbursed (refunded) her, all medical expenses she incurred during
the year, amounting to sh. 365,400. The company’s medical scheme covers all staff
members.
xi) She spent sh 20,000 of her own money in the service of her employer and she has
maintained receipts of these payments. However, her employer only refunded her
sh. 5,000
Required
Taxable income of Susan Mbaya for the year of income ended 31st December 2021 and the Tax
payable ( if any ) on the income computed​
Answers: 3
Business, 22.06.2019 00:00
Choose the list of the best uses for word processing software. lists, resumes, writing a book, and payroll data letters to your friends, resumes, spreadsheets, and school papers resumes, cover letters, databases, and crossword puzzles book reports, letters to your friends, resumes, and contracts
Answers: 2
Business, 22.06.2019 20:10
The gilbert instrument corporation is considering replacing the wood steamer it currently uses to shape guitar sides. the steamer has 6 years of remaining life. if kept,the steamer will have depreciaiton expenses of $650 for five years and $325 for the sixthyear. its current book value is $3,575, and it can be sold on an internet auction site for$4,150 at this time. if the old steamer is not replaced, it can be sold for $800 at the endof its useful life. gilbert is considering purchasing the side steamer 3000, a higher-end steamer, whichcosts $12,000 and has an estimated useful life of 6 years with an estimated salvage value of$1,500. this steamer falls into the macrs 5-year class, so the applicable depreciationrates are 20.00%, 32.00%, 19.20%, 11.52%, 11.52%, and 5.76%. the new steamer is fasterand allows for an output expansion, so sales would rise by $2,000 per year; the newmachine's much greater efficiency would reduce operating expenses by $1,900 per year.to support the greater sales, the new machine would require that inventories increase by$2,900, but accounts payable would simultaneously increase by $700. gilbert's marginalfederal-plus-state tax rate is 40%, and its wacc is 15%.a. should it replace the old steamer? b. npv of replace = $2,083.51
Answers: 2
Business, 23.06.2019 00:30
Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?
Answers: 3
Business, 23.06.2019 01:50
In january, knox company requisitions raw materials for production as follows: job 1 $915, job 2 $1,590, job 3 $771, and general factory use $704. during january, time tickets show that the factory labor of $6,300 was used as follows: job 1 $2,344, job 2 $1,711, job 3 $1,554, and general factory use $691. prepare the job cost sheets for each of the three jobs.
Answers: 1
One
Susan Mbaya is an employee of Mauzo Ltd. She has provided the following details pertaining to
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