SME Solution
The first spot to get the latest financial info. We offered book keeping service which include reco
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Good day all,
Happy New Year to you all.
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Ada is a young, hard working entrepreneur. Ada owned a small clothing store. She worked hard every day to make a living and provide for her family, but she always struggled to keep up with the taxes that she was required to pay.
One day, Ada received a letter from the Federal Inland Revenue Service (FIRS) stating that she owed a large amount of back taxes. Ada was shocked and didn't know what to do. She had always tried to pay her taxes on time, but she had gotten so caught up in running her business that she had neglected to pay some of them.
Feeling overwhelmed and uncertain, Ada decided to seek the help of a tax professional. The tax professional explained to Ada the importance of paying taxes and how they support essential services such as schools, hospitals, and roads. Ada realized that she had a responsibility to contribute to the well-being of her community, and she made a plan to pay her back taxes and stay current on all of her future tax obligations.
With the help of the tax professional, Ada was able to catch up on her taxes and get back on track. She learned the importance of paying taxes and made sure to always stay up to date with her tax obligations. Ada's small business continued to thrive, and she was able to make a good living for herself and her family.
In calculating the depreciable amount of an asset: the estimated useful life/lifespan of the asset needs to be ascertain objectively, the total cost of the asset including the costs incurred in getting the asset to its useful state must be known.
Assuming the asset is a techno phone: cost of techno phone = 60,000; cost of screen guard =1,000; cost of pouch=2,000; cost of installing antivirus=3000 and data to upload app before using the phone 3000. Total cost of the phone=69,000
Depreciable amount= total cost/lifespan of the asset.
In 2022, try to separate your assets from your liabilities. It is necessary to be able to distinguish between the two. Try to have a plan of what you want to buy. It is IMPORTANT.
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