1. Jim Brown earned a salary of $75,000 from Bogus limited for the year ended 30 June...
Question:
1. Jim Brown earned a salary of $75,000 from Bogus limited for the year ended 30 June 2023. However, he elected to receive only $70,000 in the current year and the unpaid balance was credited to Brown's account in the company's books on 30 of June 2023 and paid to him on 6 September 2023.
Brown's taxable income for the current year should include a salary of . Just write the figures without any commas or $ sign
2. Harvey is a furniture retailer. He offers a deal in which clients can buy now and pay later. This offer is made in May of the current year and sales of $150,000 were made. The purchasers have removed all the furniture from the premises but none of them have paid any of the purchase price which is due in October of the next financial year.
The amount that Harvey should include as assessable income in the current financial year for these sales = . Just write the figures without any commas or $ sign
3. John received a lump sum of 81,120 on redemption of a fixed deposit from a bank. This represents the original principal of $70,000 and interest of $3,000 from the previous year which had been rolled over. The rest was interest that accrued this year.
The amount that John should include as assessable income in the current financial years = . Just write the figures without any commas or $ sign
4. Maurice is a personal gym instructor. He received fees of $26,500 during the current year, of which $3,500 represents fees for which instructions will be given next year. No refunds are given for absences.
The amount that Maurice should include as assessable income in the current financial years = . Just write the figures without any commas or $ sign
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts