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Question - Kelly is an employee at Holmes Pty Ltd (Holmes). She has negotiated the following remuneration package with Holmes:
Salary of $220,000;
Payment of Kelly's mobile phone bill ($119 per month, including GST). Kelly is under a two-year contract whereby she is required to pay a fixed sum each month for unlimited usage of his phone. Kelly uses the phone for work-related purposes only;
Payment of Kelly's children's school fees ($35,000 per year). The school fees are GST free.
Holmes also provided Kelly with the latest Ipone 20, which cost $1,980 (including GST).
Required - Advise Holmes of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2020. Assume that Holmes would be entitled to input tax credits in relation to any GST-inclusive acquisitions. (GST Registered).
Under the high-low method of estimating fixed and variable costs from a mixed cost the highest and lowest cost levels are identified and the difference in activity is deemed to represent variable cost.
Jim bought a $1000, 6% Boeing Aircraft bond on January 1, 2002, with a maturity date of Dec 31st 2006. Calculate the market price of the bond
Susan takes a zero basis in the unrealized receivables. Will Susan recognize a capital loss on this liquidation and if so, what is the amount?
Calculate the per share value of Rizzo Company if the cumulative present value of horizon period FCFF is $8,000, present value of terminal period FCFF is $6,200
Prepare a cash basis budgeted income statement for the fiscal year ending June
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Tony Bautista needs $22,200 in 3 years. What amount must he invest today if his investment earns 8% compounded annually
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The following financial information is for Annapolis Corporation - Use this information to determine accounts receivable average collection period for FY 2019
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Prepare journal entries for march month,March 1 sold merchandise on account to Dodson company for $8,800, terms 6/10, n/30
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