Colin's adjusted trading profits/(losses) for the years to 31 August 2016 and 2017 are: year to 31
Question:
Colin's adjusted trading profits/(losses) for the years to 31 August 2016 and 2017 are:
Transcribed Image Text:
year to 31 August 2016 year to 31 August 2017 Before capital allowances (8,900) 20,200 Capital allowances available 3,900 7,200 After capital allowances (12,800) 13,000 He is single and has no other income. If the trading loss is carried forward for relief against future trading profits, should Colin claim maximum capital allowances in these two years?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
If Col in claims maximum capital allowances in both years relief in 2017 ...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In the year to 31 March 2016 , a company incurred a trading loss of 16 0,000 which was carried forward. The company's results for the next two years were: Trading profits Loan interest receivable yle...
-
Patrick prepares accounts to 31 August each year. The written down value of his main pool of plant and machinery after deducting capital allowance s for the year to 31 August 2016 was 1,900. There...
-
The marks obtained by Krishna in Mathematics, Hindi and Science are respectively 89 out of 100, 102 out of 150 and 163 out of 200 respectively. What is the percentage scores obtained by him in all...
-
Everyone knows that cigarette smoking is harmful to your health. But is it also harmful to people who live or work among smokers? Discuss this issue in terms of the third-party economic externalities...
-
Let X denote the number of bits received in error in a digital communication channel, and assume that X is a binomial random variable with p _ 0.001. If 1000 bits are transmitted, determine the...
-
LO7 Phong would like to begin planning her estate. She owns marketable securities Communication Skills that cost $10,000 twelve years ago. The market value is $40,000. She wonders whether she should...
-
In conducting a stakeholder analysis, why is it important not only to identify those who will gain from the projects success, but also those who may gain from its failure? AppendixLO1
-
Describe the impact on accounting analysis of cross-country variations in accounting measurement and disclosure practices.
-
Consider the following project for Hand Clapper, Incorporated. The company is considering a 4 - year project to manufacture clap - command garage door openers. This project requires an initial...
-
Ashok has been trading for many years, preparing annual accounts to 31 July. Recent trading profits/(losses), adjusted for tax purposes, are as follows: He has income from property amounting to ...
-
Sally, who has been trading for many years, incurs an adjusted trading loss of 40,000 in the year to 31 December 2017. (a) What is her trading income for 2017-18? (b) If she makes no claim in...
-
a. Why is it advantageous to have a high inventory turnover? b. Is it possible for the inventory turnover to be too high? Discuss. c. Is it possible to have a high inventory turnover and a high...
-
3. The Balance Sheet of International Operators Ltd. as at 31.03.2021 disclose the following position: PARTICULARS SHARE CAPITAL RESERVES AND SURPLUS SECURED LOANS UNSECURED LOANS CURRENT LIABILITY...
-
A uniformly charged ring of radius a. (a) The field at P on the x axis due to an element of charge dq. (b) The perpendicular component of the field at P due to segment 1 is canceled by the...
-
At what rate would $1,000 have to be invested to grow to $4,046 in 10 years?
-
Add F1 and F2 using graphical method, (triangle or parallelogram) Determine: 1 Magnitude,2. Direction measured CCW from positive axis, im now to America need help. CoursHeroTranscribedText 20 F-SON...
-
What is Monetary Policy? What is Monetary Base or High Powered Money? How commercial Banks create money Supply? Hint: By giving loans through creating checking account What is deposit multiplier?...
-
You have a friend who is considering purchasing some shares in LookFool Ltd. The shares are currently trading on the stock exchange at $3.58 each. The entity's financial statements suggest that the...
-
The Alert Company is a closely held investment-services group that has been very successful over the past five years, consistently providing most members of the top management group with 50% bonuses....
-
Vic, who was experiencing financial difficulties, was able to adjust his debts as follows. Determine the Federal income tax consequences to Vic. a. Vic is an attorney. Vic owed his uncle $25,000. The...
-
Andy reported the following gains and losses from the sale of capital assets. Loss on Pigeon Corporation stock (held 9 months) ......... ($14,000) Gain on painting (held for 2 years as an investment)...
-
Julie is considering three alternative investments of $10,000. Julie is in the 28% marginal tax bracket for ordinary income and 15% for qualifying capital gains in all tax...
-
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company...
-
Brief Exercise 10-6 Flint Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $327,600. The estimated fair values of the assets are land $62,400, building...
-
"faithful respresentation" is the overriding principle that should be followed in ones prepaparation of IFRS-based financial statement. what is it? explain it fully quoting IAS. how this this...
Study smarter with the SolutionInn App