Solution-Advise john on the assessability

Advise john on the assessability

Assignment Help Accounting Basics

Reference no: EM132542734

Question - John owns a convenience shop called City Conv. The following events occurred for John during 2019-2020 financial year.

(i) John incurred legal expenses as he was sued for false advertising.

(ii) John purchased new fridge to the shop - $800. In addition, his builder added more space to the shop front. This cost him $22,000.

(iii) John ordered 1000 new T-shirts with printed City Conv's logos for marketing purposes. These costs him $1,500.

(iv) John received a City of Sydney fine for putting his sales item for display outside his shop without a permit. He required to apply for a permit to use the footpath.

Required - With reference to relevant legislation and case law advise John on the assessability and/or deductibility of above events.

Reference no: EM132542734

Questions Cloud

What is the lowest transfer price that will ensure : What is the lowest transfer price that will ensure that both divisions will voluntarily participate in the transfer (ie, if the price was lower than this level)

What is the amount to be taken : What is the amount to be taken to prepare 200 ml of 100 ml Fe (NO3) 3.9H2O solution from 5 ml 50% Fe (NO3) 3 stock solution prepared by using Fe (NO3) 3.9H2O sa

Wealthy businessman with lots of current cash on hand : This part requires you to use your imagination, be creative; learning should be fun too! Pretend I am a wealthy businessman with lots of current cash on hand

How differences underscore need for understanding diversity : Contrast the dynamics between dominant cultures and subcultures either in a work setting or in society. Explain why it is important to understand the impact.

Advise john on the assessability : Required - With reference to relevant legislation and case law advise John on the assessability and/or deductibility of above events

What is the company level of current liabilities : A company has a deb ration pf .42, noncurrent liabilities of $20,000 and total assets of $70,000 what is the company's level of current liabilities?

Key elements that impact the time value of money : Identify and explain the key elements that impact the time value of money. Explain the three types of premiums and the role they play bond rates.

Find the balance in the corporations accumulated : During 20X6, the corporation distributes $65,000 to Betty. Find the balance in the corporation's accumulated E&P at the end of 20X6

How the components of the hawthorne study are incorporated : Describe how the components of the Hawthorne study are incorporated in current human resource functions. What was the main idea behind this study?

User Account

All Pages

Advise john on the assessability

Reference no: EM132542734

Reference no: EM132542734

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT