Question
i) The rental receivable from the tenant for the year ended 30 June 2022 is $36,000. The landlord has collected $33,000 from the tenant for
i) The rental receivable from the tenant for the year ended 30 June 2022 is $36,000. The landlord has collected $33,000 from the tenant for the year ended 30 June 2022. The $3,000, being rental for the month of June remain outstanding.
ii) The tuition school collects fees in advance. The total cash collected for the year ended 30 June 2022 is $88,000. $12,000 of which are for classes not conducted yet
iii) A trading entity has secured $123,000 in sales and collected $100,000 in cash for the year ended 30 June 2022.
iv) A waitress earns a salary of $2,300 for the month of May 2022. She has also collected $202 as tips from customers in the same month.
Required
For each of the situation above, how much is the assessable income for the year ended 30 June 2022?
Total 8 marks
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