Bread Basket Pry Lid was equally owned by Daley lead Whytende brothers. On july CY the brothers had bought out their two sisters who had a other 50% of the company The company operated bakeries which sold bread and pastries. In addition to see the counter the bakeries accounts for a sumber of rest Account after the end of each month and were usually paid within a foreight The company had a net profit for the year of $250,000 after the following income and expens were taken into account Income Cash received 90.000 This included $22.000 which was outstanding from the previous year. Outstanding accounts for the current year were $35,000 Dividends received 25 August CY National Bread Delivery PyLad 20,000 Franking credits attached - $5,000 15 April CY Flour Manufacturers Pty Lad 15.00 Franking credits attached - 56,429 15.000 Expenses Accounting fees Bank fees Donations to Red Cross and Amnesty Australia Interest. Interest on business loans totalled $1,500 per month and were paid monthly until I March CY when 6 months interest was prepaid Legal expenses Retainer Lease of factory premises Borrowing expenses for 6 year loan taken out on 30 November CY. Interest on this loan was capitale so there were no loan repayments in the current year for this loan 21.000 5.000 800 60,000 Provision for annual leave and long service leave Purchase of materials Travelling expenses Daley Bread traveled to a Small Business Conference in Sydney. His wife traveled with him and attended some of the social functions organised by the conference organisers Daley's costs were 70% of the total expenses paid by the company. The remainder related to his wife. Wages to staff Superannuation for staff 5.100 Notes: Actual leave taken by staff was $93,000 Purchase of new office on June CY for $340,000. The building had been constructed on 1 April 2003 at a cost of $100,000 Write off of bad debt of $2,800 on 15 June Y. The debt arose from sales to a resta in the previous year. The restaurant had gone out of business and there was going to be no return to unsecured creditors. The following PAYG (Instalments) or refunds received were paid or received during the $ 15.800 28 July CY 28 October CY 30 November CY 28 February CY 28 April CY 28 July FY installment of PY tax 1instalment of Cytax refund of Pytax 2-instalment of Cytax 3 instalment of Cytax 4 installment of CY tax 14,200 16.800 21,000 WR ME TO + 60.000 350,000 Provision for annual leave and long service leave Purchase of materials Travelling expenses Daley Bread traveled to a Small Business Conference in Sydney. His wife traveled with him and attended some of the social functions organised by the conference organisers Daley's costs were 70% of the total expenses paid by the company. The remainder related to his wife. Wages to staff Superannuation for staff 5.100 500.000 45,000 Notes: Actual leave taken by staff was $93,000 Purchase of new office on 1 June CY for $340,000. The building had been constructed on 1 April 2003 at a cost of $100,000 Write off of bad debt of $2.800 on 15 June Y. The debt arose from sales to a restaurant in the previous year. The restaurant had gone out of business and there was going to be no return to unsecured creditors. The following PAYG (Instalments) or refunds received were paid or received during the year 28 July CY 28 October CY 30 November CY 28 February CY 28 April CY 28 July FY 4th instalment of PY tax 1"instalment of CY tax refund of PY tax 2 instalment of CY tax 3d instalment of CY tax 4 instalment of CY tax 3,200 15,800 840 14.200 16,800 23.000 The company paid two dividends during the year. The first totalled $35,000 and was franked to 100%. It was paid on 1 July CY. The second dividend was paid on 1 December CY. The dividend totalled $60,000 and was franked to 30% The balance in the franking account at 30 June PY was a debit of $2,000 which was paid on 28 July CY Required: Using the reconciliation method, calculate the taxable income and the net tax payable of the company for the year ended 30 June Y assuming the company wished to minimise it's taxable income but did not wish to use pooling for depreciation purposes and did not wish to use SBE elections. Treat them as a non BRE Set out the franking account for the company for the current year including any franking additional tax or franking deficit tax which may be payable, Bread Basket Pry Lid was equally owned by Daley lead Whytende brothers. On july CY the brothers had bought out their two sisters who had a other 50% of the company The company operated bakeries which sold bread and pastries. In addition to see the counter the bakeries accounts for a sumber of rest Account after the end of each month and were usually paid within a foreight The company had a net profit for the year of $250,000 after the following income and expens were taken into account Income Cash received 90.000 This included $22.000 which was outstanding from the previous year. Outstanding accounts for the current year were $35,000 Dividends received 25 August CY National Bread Delivery PyLad 20,000 Franking credits attached - $5,000 15 April CY Flour Manufacturers Pty Lad 15.00 Franking credits attached - 56,429 15.000 Expenses Accounting fees Bank fees Donations to Red Cross and Amnesty Australia Interest. Interest on business loans totalled $1,500 per month and were paid monthly until I March CY when 6 months interest was prepaid Legal expenses Retainer Lease of factory premises Borrowing expenses for 6 year loan taken out on 30 November CY. Interest on this loan was capitale so there were no loan repayments in the current year for this loan 21.000 5.000 800 60,000 Provision for annual leave and long service leave Purchase of materials Travelling expenses Daley Bread traveled to a Small Business Conference in Sydney. His wife traveled with him and attended some of the social functions organised by the conference organisers Daley's costs were 70% of the total expenses paid by the company. The remainder related to his wife. Wages to staff Superannuation for staff 5.100 Notes: Actual leave taken by staff was $93,000 Purchase of new office on June CY for $340,000. The building had been constructed on 1 April 2003 at a cost of $100,000 Write off of bad debt of $2,800 on 15 June Y. The debt arose from sales to a resta in the previous year. The restaurant had gone out of business and there was going to be no return to unsecured creditors. The following PAYG (Instalments) or refunds received were paid or received during the $ 15.800 28 July CY 28 October CY 30 November CY 28 February CY 28 April CY 28 July FY installment of PY tax 1instalment of Cytax refund of Pytax 2-instalment of Cytax 3 instalment of Cytax 4 installment of CY tax 14,200 16.800 21,000 WR ME TO + 60.000 350,000 Provision for annual leave and long service leave Purchase of materials Travelling expenses Daley Bread traveled to a Small Business Conference in Sydney. His wife traveled with him and attended some of the social functions organised by the conference organisers Daley's costs were 70% of the total expenses paid by the company. The remainder related to his wife. Wages to staff Superannuation for staff 5.100 500.000 45,000 Notes: Actual leave taken by staff was $93,000 Purchase of new office on 1 June CY for $340,000. The building had been constructed on 1 April 2003 at a cost of $100,000 Write off of bad debt of $2.800 on 15 June Y. The debt arose from sales to a restaurant in the previous year. The restaurant had gone out of business and there was going to be no return to unsecured creditors. The following PAYG (Instalments) or refunds received were paid or received during the year 28 July CY 28 October CY 30 November CY 28 February CY 28 April CY 28 July FY 4th instalment of PY tax 1"instalment of CY tax refund of PY tax 2 instalment of CY tax 3d instalment of CY tax 4 instalment of CY tax 3,200 15,800 840 14.200 16,800 23.000 The company paid two dividends during the year. The first totalled $35,000 and was franked to 100%. It was paid on 1 July CY. The second dividend was paid on 1 December CY. The dividend totalled $60,000 and was franked to 30% The balance in the franking account at 30 June PY was a debit of $2,000 which was paid on 28 July CY Required: Using the reconciliation method, calculate the taxable income and the net tax payable of the company for the year ended 30 June Y assuming the company wished to minimise it's taxable income but did not wish to use pooling for depreciation purposes and did not wish to use SBE elections. Treat them as a non BRE Set out the franking account for the company for the current year including any franking additional tax or franking deficit tax which may be payable