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1. Unique Furniture Sara and Bill carry on a furniture manufacturing business called Unique Furniture. When they set up five years ago, Bill contributed most
1. Unique Furniture Sara and Bill carry on a furniture manufacturing business called Unique Furniture. When they set up five years ago, Bill contributed most of the start-up capital and is the majority shareholder. Bill does not spend much time in the running of the business, in fact he works as an employee for CSR Gyprock. Sara manages the day to day running of the business. It is agreed that Sara will receive a salary of $60,000 plus the required superannuation guarantee amount relevant to her salary. Unique Furniture purchased a factory on 1 August 2022 for $528,000 (inc GST). The factory proved to be unsuitable and was sold for $638,000 (inc GST). They signed the contract for sale on 1 June 2024 and the contract settled on 2 July 2024. The following information is provided for the year ended 30 June 2024. Note Unique Furniture is registered for GST and GST is included in amounts if applicable. Unique Furniture also reports income on an accruals basis. Receipts Total Sales (Invoiced sales) $660,000 Sales (invoiced sales in June 2024, paid in July 2024) Note 1 $22,000 Sale of factory $638,000 Franked dividend received (100% franked) $7,000 Expenditure Total Cost
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