(x) Legal Costs Fedevelopment action General Lease agreement 7,500 880 1,000 Results of the Business Operations of Webb Electrics for the year ended 30/6/21: Cash Receipts Sales to customers Sales bonus 1,800,000 15,000 Cash Expenditure Purchase of Stock Salaries 500,400 300,000 15,500 140,000 Set up costs Rental payments Telephone Electricity Overseas travel expenses 3700 2,850 17,750 35,000 Franchise: Cost Royalty Car expenses (running costs) Legal costs Advertising GST 20,000 26,600 9,380 12,500 30,000 28,500 9,800 3,300 1,750 Furniture Entertainment Gas Miscellaneous Note: All amounts include Australian GST where applicable. Notes: (i) Outstanding creditors 30/06/21 Outstanding debtors 30/06/21 15,500 90,000 At the year ending 30/8/21 a provision for doubtful debts has been raised equal to 1.8% of sales Also, during the year $16,550 of outstanding debts were written off as bad. (ii) Opening stock Cost + Purchases - Closing stock, at cost 490,500 300,400 420.000 Closing stock values e 30/6/19 Cost Replacement cost Market selling value 420,000 340.000 380,000 At the end of the year, a stock take reveals that some of the stock is obsolete. Consequently, write down of stock (at cost of $15,000) has been made to $7.000. (iii) Office Furniture Opening adjusted value 23.000 Acquisition of Furniture Desks and Chairs Computers Partitions Cost Bought Date 2,000 1/7/20 18,000 18/7/20 8,300 9/9/20 (iv) Car Expenses Eyundai Tucson Toyota delivery van Ford Falcon Cost Bought Date 24,500 21/9/17 38,000 10/7/16 35,000 2/11/16 75,000 4/12/16 BMW Notes: 15,500 (i) Outstanding creditors 30/06/21 Outstanding debtors 30/06/21 90,000 At the year ending 30/6/21 a provision for doubtful debts has been raised equal to 1.8% of sales. Also, during the year $16,550 of outstanding debts were written off as bad. (ii) Opening stock Cost + Purchases - Closing stock, at cost 490,500 500,400 420,000 Closing stock values @ 30/6/19 Cost Replacement cost Market selling value 420,000 540,000 580,000 At the end of the year, a stock take reveals that some of the stock 1s obsolete. Consequently, a write down of stock (at cost of $15,000) has been made to $7,000. (iii) Office Furniture Opening adjusted value 25,000 Acquisition of Furniture Desks and Chairs Computers Cost Bought Date 2,000 1/1/20 18,000 15/1/20 8,500 9/7/20 Partitions * The two cars are used by Peter and Leanne Webb and it is estimated that they are used 35% for business During 1 March of the current tax year, the engine in the delivery van broke down. As a result, a new engine was put in the van at a cost of $3,800. The engine was a more powerful engine modified to run on gas. (v) Set-Up Costs - New Premises in Croydon Stock removal and relocation Staff training Special cabinets and office set up 4,500 6.000 3,000 (vi) Salaries General staff Wages - Peter - Leanne 160,000 70,000 70,000 (vii) Overseas Travel Airfare 9,000 6,000 Accommodation 300 Fare registration Meals and incidentals 2,250 (viii) Entertainment Christmas parties - staff Clients 1,800 8,000 (ix) Sales Bonus The sales bonus of $15,000 was received by Web Electrics from the Electrical Retailers Association for achieving the highest sales for their products in the June quarter. (x) Legal Costs Fedevelopment action General Lease agreement 7,500 880 1,000 Results of the Business Operations of Webb Electrics for the year ended 30/6/21: Cash Receipts Sales to customers Sales bonus 1,800,000 15,000 Cash Expenditure Purchase of Stock Salaries 500,400 300,000 15,500 140,000 Set up costs Rental payments Telephone Electricity Overseas travel expenses 3700 2,850 17,750 35,000 Franchise: Cost Royalty Car expenses (running costs) Legal costs Advertising GST 20,000 26,600 9,380 12,500 30,000 28,500 9,800 3,300 1,750 Furniture Entertainment Gas Miscellaneous Note: All amounts include Australian GST where applicable. Notes: (i) Outstanding creditors 30/06/21 Outstanding debtors 30/06/21 15,500 90,000 At the year ending 30/8/21 a provision for doubtful debts has been raised equal to 1.8% of sales Also, during the year $16,550 of outstanding debts were written off as bad. (ii) Opening stock Cost + Purchases - Closing stock, at cost 490,500 300,400 420.000 Closing stock values e 30/6/19 Cost Replacement cost Market selling value 420,000 340.000 380,000 At the end of the year, a stock take reveals that some of the stock is obsolete. Consequently, write down of stock (at cost of $15,000) has been made to $7.000. (iii) Office Furniture Opening adjusted value 23.000 Acquisition of Furniture Desks and Chairs Computers Partitions Cost Bought Date 2,000 1/7/20 18,000 18/7/20 8,300 9/9/20 (iv) Car Expenses Eyundai Tucson Toyota delivery van Ford Falcon Cost Bought Date 24,500 21/9/17 38,000 10/7/16 35,000 2/11/16 75,000 4/12/16 BMW Notes: 15,500 (i) Outstanding creditors 30/06/21 Outstanding debtors 30/06/21 90,000 At the year ending 30/6/21 a provision for doubtful debts has been raised equal to 1.8% of sales. Also, during the year $16,550 of outstanding debts were written off as bad. (ii) Opening stock Cost + Purchases - Closing stock, at cost 490,500 500,400 420,000 Closing stock values @ 30/6/19 Cost Replacement cost Market selling value 420,000 540,000 580,000 At the end of the year, a stock take reveals that some of the stock 1s obsolete. Consequently, a write down of stock (at cost of $15,000) has been made to $7,000. (iii) Office Furniture Opening adjusted value 25,000 Acquisition of Furniture Desks and Chairs Computers Cost Bought Date 2,000 1/1/20 18,000 15/1/20 8,500 9/7/20 Partitions * The two cars are used by Peter and Leanne Webb and it is estimated that they are used 35% for business During 1 March of the current tax year, the engine in the delivery van broke down. As a result, a new engine was put in the van at a cost of $3,800. The engine was a more powerful engine modified to run on gas. (v) Set-Up Costs - New Premises in Croydon Stock removal and relocation Staff training Special cabinets and office set up 4,500 6.000 3,000 (vi) Salaries General staff Wages - Peter - Leanne 160,000 70,000 70,000 (vii) Overseas Travel Airfare 9,000 6,000 Accommodation 300 Fare registration Meals and incidentals 2,250 (viii) Entertainment Christmas parties - staff Clients 1,800 8,000 (ix) Sales Bonus The sales bonus of $15,000 was received by Web Electrics from the Electrical Retailers Association for achieving the highest sales for their products in the June quarter