1. A retail business has recorded the following receipts:

Sales of stock $500,000

Forfeited deposits by customers $2,000

Sale of obsolete forklift truck $25,000

Credit charges received from customer payments $5,000

How much will be included as ordinary income?

Group of answer choices

$507,000

$505,000

$532,000

$500,000

2. You are provided with the following information on the accounts receivable of Havelock Limited for the year ended 30 June. What will be the assessable income from trading for Havelock Limited? Opening trade debtors $300,000 Cash received $600,000 Closing trade debtors $250,000

a. $250,000

b. $550,000

c. $600,000

d. $650,000

3.

David Brown pays John Stone $50,000 in a non-competition contract not to open a pizza restaurant in the same suburb as Davids restaurant. He also pays John $5,000 to advertise his (Davids) restaurant on his (Johns) car. How much income according to ordinary concepts (ordinary income) is derived by John?

Group of answer choices

a. $50,000.

b. $0.

c. $5,000.

d. $55,000.