What is the property business income

Assignment Help Accounting Basics
Reference no: EM133059893

Question -

Q1) A standard rated supply is made in May 2016 at a price of £340, plus VAT. Calculate the VAT chargeable and the consideration for the supply if:

No discount is offered.

The customer takes up a 2% discount offered for prompt payment.

The customer does not take up the 2% discount offered.

Q2) Sada owns a freehold house is let out furnished. The property was let throughout the tax year 2018/19 at a monthly rent of £660. During the tax year 2018/19, Sada paid the following:

Council tax £1,400

Insurance £350

Improvements to property £1,500

Advertising for tenants £150

Water rates £1,000

Minor repairs £300

Sada claims the wear and tear allowance.

What is the property business income?

Reference no: EM133059893

Questions Cloud

Discuss the performance of the stock : Discuss the performance of the stock over the last year and offer your thoughts being specific about why the stock has done well or not.
What is the total compensation cost for this plan : On January 1, 2021, options were granted for 87,000 $1 par common shares. What is the total compensation cost for this plan
Find the financial break-even quantity : A project has the following information: accounting break-even quantity = 13,400 units; cash break-even quantity = 10,600 units; life = 5 years, straight line;
What cloud computing is and capabilities of cloud : You will write a brief summary to your executive leadership describing what cloud computing is and the capabilities of the cloud.
What is the property business income : The property was let throughout the tax year 2018/19 at a monthly rent of £660. What is the property business income
What is ?rm 2018 net income : You are the CEO of a manufactory ?rm based in the Country of Eldorado. Suppose the corporate tax rate in Eldorado is 30%, your company Earnings before Interest
Access data base : Describe a database that might be used in your current or future career. explain the relationship between a field, a record, a table and a database.
Explain three indirect costs of financial distress : Question 1 Briefly list and explain three indirect costs of financial distress.
Explain the reason for the decrease in ROI : Explain the reason for the decrease in ROI between the two years. Break down the ROI for Year 7 and Year 8 into profit margin

Reviews

Write a Review

Accounting Basics Questions & Answers

  Lori who is single purchased five-year class property for

lori who is single purchased five-year class property for 150000 and seven-year class property for 400000 on may 20

  Explain the major advantages of a business owner

Explain the major advantages of a business owner with minimal accounting experience maintaining the company's book. Then explain the disadvantages.

  Record the issuance of the bonds

Bellevue uses the effective interest method to amortize bond discounts and premiums. Record the issuance of the bonds and the first payment of interest

  Describe the classification of expenditures

Describe the classification of expenditures as those that are related to a taxpayer's trade or business, those for the production of income, and those for personal use

  What is the total penalty

In the past, all returns have been filed on time. What is the total penalty, excluding interest that the corporation is required to pay

  How can you create customer invoices

How can you create customer invoices/bills? How can youcreate and maintain customers? What are the reports available to support your revenue activities?

  Explain the concept of audit planning and control

Identify accounts that would test and select three analytical procedures that would use audit.Explain the concept of Audit Planning and Control

  What would the starting amount of the investment be

If an inheritance is compounded annually at 6% and reaches a total of 100,000 after 12 years, what would the starting amount of the investment be

  Decision-making about the process performance

Formulate the decision-making about the process performance as a hypothesis test, stating the null and the alternative hypotheses.

  What is the coefficient of elasticity for this product

A Company lowers its price for a certain product by 6% and has an increase of 15% in revenue from the product. What is the Coefficient of Elasticity

  On october 30 seba salon inc issued a 90-day note with a

1. the journal entry a company uses to record the issuance of an interest-bearing note for the purpose of borrowing

  Define depreciation and explain purpose of journal entries

What is the difference between the trial balance and the adjusted trial balance? Define depreciation and explain the purpose of the journal entries

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!

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