Andrea ceases trading on 31 October 2017 . Her adjusted trading profits/(losses) for the closing periods of
Question:
Andrea ceases trading on 31 October 2017 . Her adjusted trading profits/(losses) for the closing periods of account are as follows:
Overlap profits of £3,200 arose when Andrea commenced trading. Calculate the terminal loss, assuming that no claims are made to set trading losses against total income.
Transcribed Image Text:
year to 31 December 2015 year to 31 December 2016 10 months to 31 October 2017 6,600 2,400 (22,500)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Trading loss 6417 to 311017 ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Olive ceases trading on 31 May 2017. Her recent adjusted trading profits/(losses) are: year to 30 June 2013 year to 30 June 2014 year to 30 June 2015 year to 30 June 2016 11 months to 31 May 2017...
-
Olive ceases trading on 31 May 2021. Her recent adjusted trading profits/(losses) are: Overlap relief of 7,140 is available. Calculate the terminal loss and show how this would be relieved, assuming...
-
The following information was drawn from the 2016 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. 2. Customers returned...
-
Suppose the random variable X has a geometric distribution with p _ 0.5. Determine the following probabilities: (a) P(X = 1) (b) P(X =4) (c) P(X =8) (d) P(X < 2) (e) P(X =2)
-
A 2.0 m 2.0 m square pad footing will be placed in a normally consolidated clay soil to carry a column load Q. The depth of the footing is 1.0 m. The soil parameters are: c' = 0, ' = 26, = 19 kN/m...
-
The employees of the Telektronics Corporation have six-digit identification numbers that are randomly generated. Determine whether the data described are qualitative or quantitative and give their...
-
A college student has been looking for a new tire for his car and has located the following alternatives: The student feels that the warranty period is a good estimate of the tire life and that a 10%...
-
Consider the simple 3-station assembly line illustrated below, where the 2 machines at Station 1 are parallel, i.e., the product only needs to go through one of the 2 machines before proceeding to...
-
Brendan ceases trading on 30 September 2017. His recent trading profits/(losses) are: He has no other income. Overlap profits of 4,700 arose when Brendan began trading and no claims are made to set...
-
Craig began trading on 1 August 2015 and has the following results: year to 31 July 2016 year to 31 July 2017 Adjusted trading profits/(losses) before capital allowances 5,460 (27,400) Capital...
-
You are asked to make a buffer with a pH value close to 4 that would best resist an increase in pH. You can select one of the following acidconjugate base pairs: acetic acidacetate, K a = 1.8 x 10 -5...
-
The Revolution at Johnsonville Foods Ralph Stayer joined his family's sausage-making business in Sheboygan, Wisconsin, after graduating from Notre Dame in 1965. In 1978, he replacedRalph Stayer...
-
Janice is an investment advisor who builds client portfolio utilizing Performa ETFs. In a year in which equity and fixed income markets experienced a significant decline, she encouraged her clients...
-
At the end of the period on December 31, 2022, Jack's Fishing and Tackle shop accrued interest expense in the amount of $82. On January 15, 2023, the loan payment was made and included $2,000...
-
The frame defined by points ABCDEF is supported by one roller and one fixed support and is loaded with a concentrated force of 10kN as shown above. You will need to do the following: 1. Construct an...
-
Based on the design of the study and data collection method, a. Identify the sample and the population b. The mean you calculated in question 4 is a parameter. True or False? c. How would you name...
-
In accounting for labor costs, what is the distinction between the accounting treatment for regular pay and overtime premium pay?
-
For liquid water the isothermal compressibility is given by; where r and b are functions of temperature only. If 1 kg of water is compressed isothermally and reversibly from I to 500 bar at 60(C. how...
-
RoofCo reports total book income before taxes of $20 million and a total tax expense of $8 million. FloorCo reports book income before taxes of $30 million and a total tax expense of $12 million. The...
-
LawnCo and TreeCo operate in the same industry, and both report a 30% effective tax rate. Their book income and current, deferred, and total tax expense are reported below. ShrubCo is a competitor of...
-
HippCo and HoppCo operate in the same industry and report the following tax rate reconciliations in their tax footnotes. Compare and contrast the effective tax rates of these two companies. HippCo...
-
25 20 15 10 b.) Suppose that some object is constrained to move on a straight line as depicted in the sketch below. (+) [m/s] 0 t [s] -5 5 78 9 10 -10 -15 -21 -25 And suppose that the motion of the...
-
Problem 18: Salem sold $62,000 of goods on account, credit terms are 3/10, n/30. COGS is $31,000. Salem received payment from the customer within 10 days. Record the sale and the receipt of payment.
-
= A fish swimming in a horizontal plane has velocity V, (4.00 +1.00 j) m/s at a point in the ocean where the position relative to a certain rock is r = acceleration for 19.0 s, its velocity is (23.0...
Study smarter with the SolutionInn App