Which items will be disallowed in mr zeus profit for trading

Assignment Help Financial Accounting
Reference no: EM132908116

The charge for entertaining in the profit and loss account of Mr Zeus, a trader, includes the following items:

1. Christmas gifts to customers (bottles of wine costing £15 each carrying an advertisement for the business)

2. The cost of a staff annual party at £80 per head

3. The cost of entertaining customers at a Christmas party totally £1,000

Problem 1: Which of these items will be disallowed in Mr Zeus's profit for Trading income purposes?

a) 1 and 3

b) 1, 2 and 3

c) 1 and 2

d) 2 and 3

Reference no: EM132908116

Questions Cloud

Define dual aspect term in accounting : Define dual aspect term in accounting. The HOA is responsible for building and grounds maintenance, security, maid service (if desired)
Should hospitals be required to provide indigent services : Should hospitals be required to provide indigent (charity) services equal to the tax benefits received? Do NFP hospitals provide community care equal to value?
What is the market price per share of luther stock : With perfect capital markets, what is the market price per share of Luther's stock after the share repurchase?
The publication of rape victim name is regarded : To win a lawsuit for the publication of private facts, the plaintiff must show that. The publication of a rape victim's name is regarded as.
Which items will be disallowed in mr zeus profit for trading : The charge for entertaining in the profit and loss account of Mr Zeus, Which items will be disallowed in Mr Zeus's profit for Trading income purposes?
BUMGT5928 Strategic Enterprise Planning Assignment : BUMGT5928 Strategic Enterprise Planning Assignment Help and Solution, Federation University Australia - Assessment Writing Service
What is Oriole expected cash flow : What is Oriole's expected cash flow, and what is the variance of that cash flow if the coin has an equal probability of coming up heads or tails
Which is not an advantage of the paye system of collection : Which is NOT an advantage of the PAYE system of collection of income tax at source? The risk of bad debts for the government are reduced
Coppa-cipa and ferpa : There are several laws designed to protect the rights of children and students, COPPA, CIPA and FERPA.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate the amount of cost of goods sold reported

Calculate the amount of cost of goods sold reported in Buckeye Company's 2018 income statement. Cash collected from customers $385,000

  How would common stock appear on a common size balance sheet

Given the following data for the Sheffield Corp.: Current liabilities $410. How would common stock appear on a common size balance sheet

  What is project mag cost

What's project MAG's cost? Project MAG generates positive cash flows of $60,000 per year at the end of the next five years. What's project NAG's regular payback

  What is the future value of the investments eight years

If the appropriate interest rate is 5.95 percent, what is the future value of these investments eight years from today? (Round answer to 2 decimal places)

  Evaluate the cost of attending the baseball game

Evaluate the cost of attending the baseball game with the cost of attending the symphony. Focus on relevant costs. Calculate the difference in cost, and show which alternative is more costly to the Petrocelis.

  Derive the expression for GlobalTaxi isocost function

Derive the expression for GlobalTaxi's isocost function with labor on the right-hand side, and explain what it means

  How much will have to place into an account today

If you can earn an average of 8 percent per year for all the years, how much will you have to place into an account today to have the total amount when due?

  What liability balance does the company report

A zero coupon bond with a face value, If the effective rate method is used, what liability balance does the company report at the end of Year Two (rounded)?

  Is language problem that we think it is

If company is optimistic about its China venture, and anticipates continued investment and growth, are restrictions on capital outflows from China a problem? Particularly if the source of funds are from China?

  How is boston chicken performing

How is the company reporting on its performance and risks? What are the key assumptions behind these policies? Do you think that its accounting policies reflect

  Verification of cash-inventory and office equipment

"The best means of verification of cash, inventory, office equipment, and nearly all other assets is a physical count of units; only a physical count gives the auditors complete assurance as to the accuracy of the amounts listed on the balance sheet"..

  Reasonable needs of the business

During a recent IRS audit, the revenue agent decided that the FP family used their closely held corporation, Falco, to avoid tax at the shareholder level by accumulating earnings beyond the reasonable needs of the business

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