Question: Fred also does evening gigs for friends and contacts, and he tells you that the profit he made was 3,733. You find that has

Fred also does evening gigs for friends and contacts, and he tells

Fred also does evening gigs for friends and contacts, and he tells you that the profit he made was 3,733. You find that has deducted the following to arrive at that profit figure: 4,300 that he drew for himself, 100 per evening 160 in parking fines incurred while working 499 to a friend to design a website for his business 737 on drinks during performance intervals for himself and others in the band 70 on sheet music. Required: Calculate for Fred the correct profits that he should include on his tax return for 2020/21. 4 marks

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