Jimmy’s income and expenses for the current year are as follows:

Receipts $

Sale of shoes 2,250,000

Jimmy had issued invoices totalling $2,280,000 but at 30 June 2018 he had only received $2,245,000.

He also received $5,000 which related to invoices from the previous year

Shoe design classes income. Cash received $60,000, of which $10,000 was for courses not yet taken 60,000

Compensation payment for loss of business profits when he broke his ankle trying out a new style of shoe and couldn’t work. 40,000

Interest on savings account 1,345

Dividends from Sparkles Galore Ltd 5,890

(franking credits attached to the dividend were $1289)

Unfranked Dividend from High Heels Pty Ltd 2,000

Jimmy is a member of the army reserves and received wages for his duties undertaken for the year 10,000

QUESTION:

From the above information, which account will go under income in order to get total assessable income.

Answer rating: 100% (QA)

Following accounts will be considered for calculating the as... View the full answer