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You are provided with the following information from the accounts of Patrick Limited for the year ending 30 June 2019:
Cash sales $300,000
Cost of goods sold $140,000
Amounts received in advance for services to be performed in August 2019 $15,000
Rent expense paid for year ended 30 June 2019 $10,000
Rent prepaid for two months to 31 August 2019 $1,000
Doubtful debts expenses $1,000
Annual leave expense (not paid) $3,000
REQUIRED
Question 1: Calculate taxable profit and accounting profit for the year ending 30 June 2019
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