Chapter: Statutory Income

How can we solve the following MCQ?

QUESTION 1 1 points Save Answer Roberto is a resident for the full year and receives a cash dividend of $680 from The Hill Pty Limited, which was 100% franked. He also received a cash dividend of $1,000 from Broken Crown Pty Limited which was 50% franked. Roberto reinvested the dividend from Broken Crown Pty Limited through their dividend reinvestment plan. In relation to these transactions, how much will Roberto include in his assessable income? O $1,680 O $1,180 $2,186 $506 QUESTION 2 1 points Save Answer Yankers Enterprises Pty Ltd sells training course materials to organisations. The materials are imported from a United States-based course developer and on-sold for a profit. Yankers provides you with the following information for the purposes of preparing its income tax return for the CIY: Sales $790,000 Less; Cost of goods sold Opening stock $110,000 Plus: purchases $610,000 Less: closing stock $140,000 $580,000 Gross profit $210,000 What is Yankers Enterprises' assessable income for the current income tax year?QUESTION 3 1 points mmW Basil Pty Ltd sells a computer which has been used for incomeproducing purposes. The termination value of the computer is $1,600 and its cost was $2,500. At the time of sale. the computer's adjustable value is $900. What is the balancing adjustment amount in respect of the sale? 0, $900 0, $1,300 0, $700 O $0 QUESTION 4 1 points mmW Which of the following is not included in statutory income? 0, capital gains 0, Dividends O Dividend imputation credits 0, net capital gains QUESTION 5 1 palms mmMr Kezza runs a small business. Her opening stock for Cl'l'r was $2,000. During the year there was sales income of $30,000 and purchases of $5,000. Trading stock valued at $500 was destroyed due to water damage. The closing balance of stock at the end of the CW was $3,000. What is the taxable income from trading for the CIY? O $25,500 O $26,000 O $25,000 O $23,500