ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres: Interest income from OCBC Bank $5,000 Dividend income from DBS Bank $3,000 Rental from investment property $20,000 What is ABC's taxable income for the Year of Assessment 2021? Group of answer choices a) $100,000 b) $97,000 c) $92,000 d) None of the above
ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres: Interest income from OCBC Bank $5,000 Dividend income from DBS Bank $3,000 Rental from investment property $20,000 What is ABC's taxable income for the Year of Assessment 2021? Group of answer choices a) $100,000 b) $97,000 c) $92,000 d) None of the above
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres:
Interest income from OCBC Bank $5,000
Dividend income from DBS Bank $3,000
Rental from investment property $20,000
What is ABC's taxable income for the Year of Assessment 2021?
Interest income from OCBC Bank $5,000
Dividend income from DBS Bank $3,000
Rental from investment property $20,000
What is ABC's taxable income for the Year of Assessment 2021?
Group of answer choices
a) $100,000
b) $97,000
c) $92,000
d) None of the above
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