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Emma owns a small business that provides consultancy services. Emma's relevant financial information relating to her business for the income year is as follows:
All trade debtors at the start of the income year were collected during the year and are included in sales receipts. All trade creditors at the start of the income year were paid during the year and are included in deductible expenses paid.
Emma's owners' drawings from her business during the year totalled $52,000.
In addition to the above business information, Emma's other personal receipts and payments for the income year were as follows:
It is anticipated that income tax rates will be lower for the following income year.
Question 1: Calculate Emma's taxable income for the income year under the cash method of income recognition
Question 2: Calculate Emma's taxable income for the income year under the accruals method of income recognition.
Prepare, in journal form, worksheet adjustments for The City leveied property taxes for the current fiscal year in the amount of $10,000,000 When making the entries.
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Akron Corporation engaged in the following transactions involving promissory notes in 20x1 and 20x2. Mar. 1 Received payment in full from Marge Bailey. Assume that all interest has already been accrued to the end of February but no cash receipt has b..
Mike and Linda Jeter invested $10,000 in a savings account paying 4% annual interest when their daughter, Andrea was born. They also deposited $3,000 on each of her birthdays until she was 18 (including her 18th birthday). How much was in the savings..
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