User Account

All Pages

Taxation-business selling streetwear clothing

Assignment Help Business Management
Reference no: EM133146818

Street Cred Limited (SCL) operates a business selling streetwear clothing.

During the year ended 31 March 2022, SCL invoiced customers for $426,000, of which $46,000 had yet to be received from its customers at balance date. On 19 February 2022, an amount of $3,190 was written off as a bad debt in SCL's accounting system. The amount was for clothing supplied to another business that was invoiced in September 2021.

On 31 October 2021, SCL received a fully imputed net dividend of $8,700 from Cool Caps Limited (CCL), a wholly owned subsidiary of SCL. CCL is a New Zealand tax resident company that is in the business of manufacturing snapback caps.

SCL's deductible expenditure was $245,000 for the year ended 31 March 2022.

All amounts are GST-exclusive where applicable.

What is SCL's taxable income for the income year ended 31 March 2022?

A. $177,810.

B. $189,893.

C. $181,000.

D. $186,510.

Reference no: EM133146818

Questions Cloud

About your math-accounting and excel skills : The end of the semester is a good time to think about your math, accounting, and Excel skills.
Personal-social and cultural identities : List some of your personal, social, and cultural identities. Are there any that relate? If so, how?
The perils of new beginnings as an auditor : What is Rachel's ethical dilemma? Discuss what Rachel's potential responses (participate, decline, report) are for her ethical dilemma
What is flow through entity and how is it taxed : What is a flow through entity and how is it taxed? What specific economic rights or entitlements are included with a partnership interest?
Taxation-business selling streetwear clothing : Street Cred Limited (SCL) operates a business selling streetwear clothing. What is SCL's taxable income for the income year ended 31 March 2022?
Describe the benefits and costs of international trade : Absolute and comparative advantage: Explain how these concepts describe the benefits and costs of international trade.
Overall organizational strategy : Facebook, Inc. is an American online social media and social networking service company. What does this case have to do with overall organizational Strategy?
Determine from tax perspective-what is bonus depreciation : Determine from a tax perspective, if the costs above are deductible expenses or capitalized costs. What is bonus depreciation?
Understand the local culture and practices of countries : Explain why it is important for operations managers to understand the local culture and practices of the countries in which a firm does business.

Reviews

Write a Review

Business Management Questions & Answers

  Read Raiding Customer Assets at MF Global

Read Raiding Customer Assets at MF Global and complete the questions at the end of the case study.

  Describe what the key inclusive leadership behaviours

Inclusive leaders are playing an important role in effectively managing diversity in organisations. Please (a) explain what inclusion is and why it is important

  Urging employees to sign authorization card

Discuss a scenario where a coworker gives another employee a union leaflet urging employees to sign an authorization card.

  Communication within organizations

Communication within organizations can be extremely complex. Each person communicates based upon his or her worldview and individual beliefs and biases.

  Explain characteristics displayed by your companys abilities

Summarize your review and research. Display the characteristics displayed by your company's abilities as a learning organization.

  What is experiential learning

What is experiential learning and how is it helpful for teaching leadership and interpreting group dynamics?

  Global versus international strategy

Differentiate between a global marketing strategy and an international marketing strategy to market toys or solar panels.

  Number of restaurants increases when restaurant labor

Also assume that restaurants need both cooks and dish washers; and that the number of restaurants increases when restaurant labor (cooks and dish washers) is cheaper.

  Judicial system in monitoring business behavior

Q1. What advantages does an agency have over the judicial system in monitoring business behavior?

  Evaluate the new debeers strategy

Evaluate the new DeBeers strategy mentioned in the case. How does it address the forces pressing DeBeers to change its traditions?

  Different types of organizational structures

Describe the different types of organizational structures. Why is it important for companies to continually adjust/change the organizational structure

  Market segmentation

Market segmentation, an important strategy in marketing, has evolved from treating everyone the same (mass marketing) to 1:1 marketing,

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd