Taxation law, Accounting Basics

Ken, a resident, is a handyman who contracts with people to do a variety of jobs including repairing fences, fixing household items and small painting jobs. As part of this work, Ken is occasionally required to supply materials such as wood, nails and paint. Ken provides you with the following information that is relevant to the year ended 30 June 2012:

Received $78,000 from customers during the year for work performed during the year.

An amount of $7,500 is owing to Ken at 30 June 2012 for work performed during the year. Ken expects to receive this amount in July 2012.

Received a cheque for an unfranked cash dividend of $570 from an Australian resident company on 6th July 2012 where the dividend was paid on 27th June 2012 by the company.

Received interest income of $3,600 on 1 July 2012 from 12 month term deposit that was invested with the Commonwealth in Toowoomba on 1 July 2011.

Required:

Based on this information advise Ken as to what amount he should include in his assessable income for the year ended 30 June 2012?
Posted Date: 12/24/2012 3:46:41 AM | Location : Australia







Related Discussions:- Taxation law, Assignment Help, Ask Question on Taxation law, Get Answer, Expert's Help, Taxation law Discussions

Write discussion on Taxation law
Your posts are moderated
Related Questions
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purc

Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and

Define accounting.Briefly explain the accounting concepts which guide the accountants at recording stage

"Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the

2. One never goes alone, hens operation research employs different tools to accomplish: its own tasks, discus each and every tool employed by or throughout its doers.

Financial statements Summaries of financial activities are known as financial statements that are prepared on a regular basis at the end of an accounting period. Accounting per

While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine

Liquidity Ratios (Short Term Solvency Ratios):   These Ratios calculate the capability of the firm to meet its current obligations. They point out whether the firm has enough li

An airfoil of surface area 1ft squared is tested for lift (L) in a wind tunnel. At an angle of attack of 5 degrees with standard air of density 0.0024 slugs/ft cube at a speed of 1

Acme Inc. has total liabilities of $120,000, total sales of $80,000, net income of $12,000, current assets of $90,000 and total assets of $150,000. What is the debt to equity rat