You are provided with the following information on the accounts receivable of Don Lawlor, a self employed solicitor, who has only one employee who is$,$ employed as a receptionist, for the year ended $30$ June $2024.$

Accounts receivable balance as at $1$ July $2023$ $$25,000$

Cash received from clients $$160,000$

Accounts receivable balance as at $30$ June $202420,000$

What will be the assessable income for Don Lawlor for the year ended $30$ June $2024?$

Question $1$Answer

a$.$

Don's assessable income will be $$200\mathrm{.}000$

b$.$

Don's assessable income will be $$175\mathrm{.}000$

c$.$

Don's assessable income will be $$165\mathrm{.}000$

d$.$

Don's assessable income will be $$160\mathrm{.}000$