John is a retailer operating on an accruals method of accounting. He offers a 5% discount off the face value of all invoices where his customers pay the invoice within 10 days of it being issued. John issued three invoices for $5000 each to three customers. One of the customers always takes advantage of the early payment discount conditions. Another customer rarely pays within the discount period, while the other customer is always late in paying.

Based on these transactions, what amount should john bring to account as assessable income at the time of issuing the invoice?


Sharon, a world class tennis player, is a resident of Australia and competes in her sport on a full time basis. She received $34,000 for product endorsements, $27,000 in appearance fees and $56,000 in match winnings during the year ended 30th June 2021. In addition, she was awarded a non-transferrable travel voucher prize of $4,000 on may 4 2021, plus a perpetual trophy worth $5,000 for being the best Australian female tennis player for the year.
What amount should she include in assessable income for the year ended 30 june 2021?

Answer rating: 100% (QA)

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