Ken starts trading on 1 October 2016 and chooses 30 April as his accounting date. He ceases
Question:
Ken starts trading on 1 October 2016 and chooses 30 April as his accounting date. He ceases trading on 31 January 2022 and has adjusted trading profits as follows:
Compute Ken's trading income for all tax years.
Transcribed Image Text:
7 months to 30 April 2017 year to 30 April 2018 year to 30 April 2019 year to 30 April 2020 year to 30 April 2021 9 months to 31 January 2022 3,500 18,480 17,700 27,900 28,200 17,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
To compute Kens trading income for all tax years we need to allocate his adjusted trading profits to ...View the full answer
Answered By
Sinmon Warui Kamau
After moving up and down looking for a job, a friend introduced me to freelance writing. I started with content writing and later navigated to academic writing. I love writing because apart from making a living out of it, it is also a method of learning and helping others to learn.
5.00+
40+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Roger began trading on 1 January 2015, preparing accounts to 30 April each year. His first accounts were for the 16 months to 30 April 2016. In 2018 he decided to change his accounting date to 30...
-
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
-
Phillip starts trading on 1 June 2017 and ceases trading on 31 July 2022. He has adjusted trading profits as follows. Compute Phillip's trading income for all tax years. 1 June 2017 to 30 September...
-
Calculate the investment return, BAR, and ALPHA of the following investment, all over one year. Market return .12 or 12% investment in Tesla stock, $15000 , then sold at end of year for $32000, bet...
-
Show that, if X 0, then P(X a) E(X)/a.
-
You have a 1.0-m-long copper wire. You want to make an N turn current loop that generates a 1.0 mT magnetic field at the center when the current is 1.0 A. You must use the entire wire. What will be...
-
Show that your blood supply can carry as many as 3 10 22 molecules of oxygen. Heres some information you may find useful: You have 25 trillion red blood cells. Each red blood cell contains 300...
-
Some equipment will be installed in a warehouse that a firm has leased for 7 years. There are two alternatives: At any time after the equipment is installed, it has no salvage value . Assume that...
-
1. Consider the following DFA M: 0 1 qo 1 5 1 (a) [8 marks] Minimize M and state what language it recognizes. (b) [8 marks] Suppose that we changed M, such that state 0 was not an accepting state....
-
Belinda began trading on 1 March 2017 and chose 31 December as her accounting date. Her first accounts were for the period to 31 December 2017. She eventually decided to change her accounting date to...
-
Ivy begins trading as a farmer on 1 January 2019, making up annual accounts to 31 December. Her adjusted trading profits/(losses) in the opening years are as follows: (a) Compute Ivy's trading income...
-
Solve the following LP in three different ways (use TORA for convenience). Which method appears to be the most efficient computationally? Minimize z = 6x1 + 7x2 + 3x3 + 5x4 Subject to 5x1 + 6x2 - 3x3...
-
If you are exposed to a 'BBB' rated corporate bond and wanted to hedge against default, what would be the expected fair-value CDS premium on a 4 year CDS contract? CDS Contract Details 'BBB' Default...
-
Michael has an employment income on line 10100 for $52,000 and he paid union dues for $500 in 2020 What is her earned income for RRSP purposes?
-
Explain the intern why these two steps are different. Explain the different assertions being tested and what types of errors each of these tests would identify. Possible for other businesses such as...
-
create an outline in defense of a position of international medical tourism. The outline should be comprised of talking points related to the following: - describe whether you agree or disagree with...
-
1. what are capital budgeting decisions and their function? 2. What is a cash budget and its function?
-
Kimball, Inc., produces and sells gel-filled ice packs. Kimballs performance report for August follows: Required: 1. Calculate the contribution margin variance and the contribution margin volume...
-
Suppose the concentration of glucose inside a cell is 0.1 mm and the cell is suspended in a glucose solution of 0.01 mm. a. What would be the free energy change involved in transporting 10-o mole of...
-
The statements of financial position of TT Ltd and UU Ltd as at 31 May 2018 are as follows: The following information is available: (i) TT Ltd acquired 70% of the share capital of UU Ltd on 31 May...
-
Klarke plc acquired a subsidiary, Cameroon Ltd, on 1 October 2017. The statements of financial position of Klarke plc and Cameroon Ltd as at 30 September 2018 are as follows: Additional data: (i) The...
-
PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2017. There are no preference shares. The statements of comprehensive income of the two companies for the year to 31 December...
-
QUESTION 5 USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (4) QUESTIONS: The Income Statement of Dolan Corporation for 2016 included Interest Revenue for $131,000. The Cash ledger for the company...
-
Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer...
-
Additional information for the year is as follows: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Beginning Inventory (1/1) $...
Study smarter with the SolutionInn App