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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
Annual leave expense (not paid)
$3,000
Required - Calculate taxable profit and accounting profit for the year ending 30 June 2019.
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