Hi

I need help with my question below

Ben Rawiller, a resident taxpayer operates an electrical goods store, During the 2017/2018 tax year, Ben had the following

Sales $2,927,800

Purchases of Trading Stock $1,385,680

Stock - 1 July 2017 $458,470

Stock - 30 June 2018 (cost) $401,800

Stock Donated to registered Charities at market value (deductible) $49,300

Other deductible expenses $582,370

Trading stock destroyed due the flooding in store $83,490

Using the above data, calculate Ben's taxable income for 2017/2018

AUSTRALIA

Answer to Q-7.5 (Disposals not in the ordinary course of business) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Ben Rawiller a resident taxpayer Business Receipt Items Receipt Amount $ Write your Reasons or Workings (if applicable) Enter receipt amount here $ Sales Stock not disposed in ordinary course of business Business Income 2,927,800.00 49,300.00 Write your Business Deduction Items Receipt Amount $ Enter deduction amount here $ Reasons or Workings (if applicable) Decrease in Trading Stock: Purchase of Trading Stock ------------- Stock - 1 July 20xx - (Financial year - refer to your textbook) Decrease in Trading Stock Stock - 30 June 20xx (cost) - (Financial year - refer to your textbook) Stock donated to registered charities at market value (deductible) Other Deductions expenses Trading stock destroyed due to flooding in store Business Deductions 1,385,680.00 458,470.00 401,800.00 49,300.00 582,370.00 83,490.00 TAXABLE INCOME Additional Workings (if any)