Brendan ceases trading on 30 September 2017. His recent trading profits/(losses) are: He has no other income.
Question:
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 Brendan's trading los s against his total income. Calculate the amount of the terminal loss and show how this may be relieved.
Transcribed Image Text:
year to 31 January 2015 year to 31 January 2016 year to 31 January 2017 8 months to 30 September 2017 24,700 12,500 2,100 (21,840)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
The calculation of the terminal loss is as follows Trading loss 6417 to 30917 Tr...View the full answer
Answered By
Rodrigo Louie Rey
I started tutoring in college and have been doing it for about eight years now. I enjoy it because I love to help others learn and expand their understanding of the world. I thoroughly enjoy the "ah-ha" moments that my students have. Interests I enjoy hiking, kayaking, and spending time with my family and friends. Ideal Study Location I prefer to tutor in a quiet place so that my students can focus on what they are learning.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
QUIZ... Let D be a poset and let f : D D be a monotone function. (i) Give the definition of the least pre-fixed point, fix (f), of f. Show that fix (f) is a fixed point of f. [5 marks] (ii) Show that...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Retro Games (RG) based in Nevada, manufactures gaming equipment. On January 1, 2019, RG began to aggressively expand its remote sales force, which included hiring Tom in Ohio to sell in that state....
-
Suppose the random variable X has a geometric distribution with a mean of 2.5. Determine the following probabilities: (a) P(X = 1) (b) P(X =4) (c) P(X =5) (d) P(X < 3) (e) P(X =3)
-
Three continuous foundations are shown in Figure P6.15. For each of them, what values would you use for their eccentricity and inclination in the bearing capacity calculations? Figure P6.15. |500...
-
In a survey of voter preferences, the political parties of respondents are recorded as coded numbers 1, 2, 3, 4, or 5 (where 1 = Democrat, 2 = Republican, 3 = Liberal, 4 = Conservative, 5 = other)....
-
Better Mousetraps has developed a new trap. It can go into production for an initial investment in equipment of $6 million. The equipment will be depreciated straightline over 6 years, but, in fact,...
-
Nakeisha is a songwriter who collects royalties on her songs whenever they are played in a commercial or a movie. Nakeisha will earn $30 every time one of her songs is played in a commercial and she...
-
Hook, Line and Sinker begin trading as a partnership on 1 July 2015 , sharing profits equally. The chosen accounting date is 30 June and the first accounts are made up for the year to 30 June 2016 ....
-
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....
-
(a) What is the meaning of the standard free-energy change, G, as compared with G? (b) For any process that occurs at constant temperature and pressure, what is the significance of G = 0? (c) For a...
-
Over the past 3 years, Justin purchased 1000 shares of Apple Inc. Their purchases are summarized below: Number of Shares Price per Share 200 $38 500 $68 300 $46 Apple's share price has grown to $105...
-
8. TTT and CCT diagrams of a eutectoid steel (0.76 C) are provided below. Use the diagrams to answer the following questions. Temperature (C) Temperature (C) 800 700 600 500 400 300 200 100 800 700...
-
Provide a definition of a budgets. What roles do they play and what reliable financial information from budgets can be used to ensure organizations operate effectively
-
The owner of a plot of land entered into a contract with a builder to build a house to certain specifications on the land for $200,000, to be paid on completion. The builder expected to spend...
-
A gearbox is needed to provide an exact 36:1 decrease in speed, while minimizing the overall gearbox size. The input and output shafts should be in-line. Specify appropriate teeth numbers. Input...
-
Maintaining internal control over labor cost is necessary for a cost accounting system to function effectively. What are the internal control procedures regarding the charge to the work in process...
-
Suppose you need to answer any four of seven essay questions on a history test and you can answer them in any order. a. How many different question combinations are possible? b. What is the...
-
RadioCo, a domestic corporation, owns 100% of TVCo, a manufacturing facility in Ireland. TVCo has no operations or activities in the United States. The U.S. tax rate is 35%, and the Irish tax rate is...
-
Underwood, the CFO of TechCo, Inc., has used ASC 740-30 (APB 23) to avoid reporting any U.S. deferred tax expense on $50 million of the earnings of TechCos foreign subsidiaries. All of these...
-
Jaime, the CFO of BuildCo, Inc., has used ASC 740-30 (APB 23) to avoid reporting any U.S. deferred tax expense on $100 million of the earnings of BuildCos foreign subsidiaries. All of these...
-
discuss and comment the following post : Who hasn't dreamt of winning the jackpot at least once in their life? The exhilarating idea of holding that winning ticket with numbers like 11, 7, 5, and 19...
-
Solve clearly with explanation. A gas station at a busy highway offers free air service for tires of cars that use the pump. The attendant checks tire pressure and inflates or deflates to the...
-
In 2021, the United States primary production of gold was 270 metric tons, against consumption of 250 tonsyet we still imported 190 more tons of gold. What is the most likely rationale for importing...
Study smarter with the SolutionInn App