Ken starts trading on 1 October 2016 and chooses 30 April as his accounting date He ceases trading on 31 January 2022 and has adjusted trading profits as follows Compute Ken 's trading income for all tax years 7 months to 30 April 2017 year to 30 April 2018 year to 30 April 2019 year to 30 April 20...

To compute Kens trading income for all tax years we need to allocate his adjusted trading profits to ...

Ken starts trading on 1 October 2016 and chooses 30 April as his accounting date. He ceases

Question:

Ken starts trading on 1 October 2016 and chooses 30 April as his accounting date. He ceases trading on 31 January 2022 and has adjusted trading profits as follows:

image text in transcribed

Compute Ken's trading income for all tax years.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

See More Books

Question Posted: Jan 31, 2024 02:01 AM

See More Questions

Roger began trading on 1 January 2015, preparing accounts to 30 April each year. His first accounts were for the 16 months to 30 April 2016. In 2018 he decided to change his accounting date to 30...
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
Phillip starts trading on 1 June 2017 and ceases trading on 31 July 2022. He has adjusted trading profits as follows. Compute Phillip's trading income for all tax years. 1 June 2017 to 30 September...
Calculate the investment return, BAR, and ALPHA of the following investment, all over one year. Market return .12 or 12% investment in Tesla stock, $15000 , then sold at end of year for $32000, bet...
Show that, if X 0, then P(X a) E(X)/a.
Explain why credit policies are needed in the hospitality industry. LO4
Prepare a trial balance from the following: Opening stock 2500 Sundry debtors 2000 Capital 5000 Plant and machinery 1000 Creditors 1000 Wages 600 Salaries 200 Discount received 1000 Sales 15,000 Land...
Serene Assurance Company provides both automobile and life insurance. The projected income statements for the two products are as follows: The president of the company is considering dropping the...
I am not sure but I got 5669,998.62 and it said it is incorrect From the following information calculate the net asset values. Note: Round your answers to the nearest cent
Belinda began trading on 1 March 2017 and chose 31 December as her accounting date. Her first accounts were for the period to 31 December 2017. She eventually decided to change her accounting date to...
Ivy begins trading as a farmer on 1 January 2019, making up annual accounts to 31 December. Her adjusted trading profits/(losses) in the opening years are as follows: (a) Compute Ivy's trading income...
During last year, Thor Lab supplied hospitals with a comprehensive diagnostic kit for $120. At a volume of 80,000 kits, Thor had fixed expenses of $1,000,000 and net operating income of $200,000....
Q.9 Prepare a cash flow statement using the indirect method based on the following information: - Net Income: $150,000 - Depreciation Expense: $20,000 - Increase in Accounts Receivable: $10,000...
3.11 (a) Find the order of the elements 2, 7, 10 and 12 in F17. (b) Find the order of the elements a, a, a + 1 and a3 + 1 in F16, where a is a root of 1+x+x4.
You have been recently hired to lead a Project to relocate your main Distribution Centre (DC) from Calgary, Alberta to St. John's, Newfoundland. As the Project Manager, try to complete a project plan...
Males Mean: 69.6 Standard Deviation: 11.3 For males, find P90, which is the pulse rate separating the bottom 90% from the top 10%.
Statistics Assignments Using Excel Assignment #4: Measures of Variability Part I Below are ACT composite scores from 20 randomly selected college students. 15 33 20 25 21 24 17 16 20 25 26 21 21 17...
The owner of a restaurant that serves Continental-style entrees has the business objective of learning more about the patterns of patron demand during the Friday-to-Sunday weekend time period. Data...
Outline a general process applicable to most control situations. Using this, explain how you would develop a system to control home delivery staff at a local pizza shop.
The statements of financial position of TT Ltd and UU Ltd as at 31 May 2018 are as follows: The following information is available: (i) TT Ltd acquired 70% of the share capital of UU Ltd on 31 May...
Klarke plc acquired a subsidiary, Cameroon Ltd, on 1 October 2017. The statements of financial position of Klarke plc and Cameroon Ltd as at 30 September 2018 are as follows: Additional data: (i) The...
PP Ltd acquired 65% of the ordinary share capital of QQ Ltd on 1 January 2017. There are no preference shares. The statements of comprehensive income of the two companies for the year to 31 December...
This short exercise demonstrates the similarity and the difference between two ways to acquire plant assets. (Click the icon to view the cases.) Compare the balances in all the accounts after making...
Balance sheet and income statement data for two affiliated companies for the current year appear below: BALANCE SHEET As at December 31, Year 6 Albeniz Bach Cash $ 40,000 $ 21,000 Receivables 92,000...
please reference excel cells Caroll Manufacturing company manufactures a single product. During the past three weeks, Caroll's cost accountant observed that output costs varied considerably. The...

Ken starts trading on 1 October 2016 and chooses 30 April as his accounting date. He ceases

Question:

7 months to 30 April 2017 year to 30 April 2018 year to 30 April 2019 year to 30 April 2020 year to 30 April 2021 9 months to 31 January 2022 3,500 18,480 17,700 27,900 28,200 17,300

Step by Step Answer:

To compute Kens trading income for all tax years we need to allocate his adjusted trading profits to ...View the full answer

Taxation Finance Act 2021

Students also viewed these Business questions