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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.
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Western Outfilters Mountain Sports projected 2008 sales of 75000 units at a unit sale price of $12.00. Actual 2008 sales were 72000 units at $14.00 per unit. Actual variable costs, budgeted at $ 4.00 per unit, totaled $4.75 per unit. budgeted fixe..
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