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Problem 1: Ben is a retailer accounting for tax on an accruals basis. He offers a 10% discount off the total value of all invoices where his customers pay the invoice within 7 days of it being issued. Ben issued three invoices for $4,000 each to three customers. One of the customers paid at the time of purchase, one paid within 10 days and the other paid within 30 days. Based on these transactions, what amount should Ben bring to account as assessable income at the time of issuing the invoice?
Option 1: $12,000
Option 2: $11,600
Option 3: $11,200
Option 4: $10,200
Option 5: $10,800
Ratio analysis is quantitative analysis of information contained in a company's financial statements. Common-size analysis converts each line.
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