Prepare:
Net Taxable Income for the year
Extracted text: Mica Thok Enterprise reported the following account bala Cash and Cash Equivalent 575,815.00 Accounts Receivables 385,000.00 Merchandise Inventory, Dec. 31 712,225.00 Prepaid Expenses 22,400.00 Land 1,200,000.00 Leasehold Improvements 350,000.00 Equipment 750,000.00 Furnitures and Fixtures 250,000.00 Accumulated Depreciation 50,000.00 Accounts Payable 175,000.00 Note Payable Mica Thok Capital, Jan. 1 1,000,000.00 2,400,565.00 Drawings 150,000.00 Sales 4,500,000.00 Purchases 2,925,000.00 Merchandise Inventory, Jan. 1 655,250.00 Purchase Discount 58,500.00 Sales Discount 90,000.00 Salaries and Wages 360,000.00 Interest Expense 85,000.00 Rent Expense 120,000.00 Advertising Expense 6,000.00 Travelling Expense 12,500.00 Utilities Expenses 150,000.00 Taxes and Licenses 15,750.00 Repairs and Maintenance 13,150.00 Depreciation 50,000.00 Representation 18,200.00 Taxpayer is a single proprietor and has paid in 3 quarter returns the amount of P 37,450.00