Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Daniel is a resident individual who carries on a retail business but does not use the SBE method of accounting for income in his business.

Daniel is a resident individual who carries on a retail business but does not use the SBE method of accounting for income in his business. On 30 June of the current tax year he had trade debtors of $15 000 from the sale of trading stock during the year, he received $500 in interest income during the year, he worked as an employee for another business during the week ending 27 June and received payment of $600 for that work on 2 July and he received a cash dividend of $700 also on 2 July where the dividend statement indicated that the dividend was un-franked and had been paid on 29 June of the current tax year. Based on these transactions what amount of assessable income will Daniel derive for the current tax year ended 30 June? Select one: 1. $15 600. 2. $16 800. 3. $15 500. 4. $16 200. 5. $1800.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

11th Edition

0273708708, 9780273708704

More Books

Students also viewed these Accounting questions

Question

List the inheritance rules for generics .

Answered: 1 week ago

Question

What is management growth? What are its factors

Answered: 1 week ago

Question

8.7 Evaluate at least five traditional training techniques.

Answered: 1 week ago

Question

8.5 Identify the five-step training process.

Answered: 1 week ago