During the 2019-2020 financial year, Tim James received a cash payment of $500,000 and goods worth $10,000 from appearing on a television quiz show. He became an overnight celebrity and because of his success, he was invited to appear on another TV network’s quiz show. He was paid $5,000 to appear on the show and then won $50,000 in cash. Which of the following amounts constitutes assessable income? a.$5,000 b.$510,000 c.$55,000 d.$565,000

Any amount of income earned by an assessee will be taxable under any one of the 5 heads of income…

Answered: During the 2019-2020 financial year,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During the 2019-2020 financial year, Tim James received a cash payment of $500,000 and goods worth $10,000 from appearing on a television quiz show. He became an overnight celebrity and because of his success, he was invited to appear on another TV network’s quiz show. He was paid $5,000 to appear on the show and then won $50,000 in cash. Which of the following amounts constitutes assessable income?

	a.	$5,000
	b.	$510,000
	c.	$55,000
	d.	$565,000

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