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Calculate taxable profit and accounting profit for the year

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Reference no: EM133162325

Question - 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 - Calculate taxable profit and accounting profit for the year ending 30 June 2019.

Reference no: EM133162325

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