Sven operates a shop. During the 2020 tax year, he had on hand: $70,000 of trading stock on 1 July 2019; and $45,000 of trading stock on 30 June 2020. Business records also show that he bought further stock worth $250,000 throughout the 2020 tax year, and reported total sales of $388454. Required: Calculated Sven's taxable income from business for the 2020 tax year. ONLY USE ROUND NUMBERS e.g. write $35,010.17 as 35010
Sven operates a shop. During the 2020 tax year, he had on hand: $70,000 of trading stock on 1 July 2019; and $45,000 of trading stock on 30 June 2020. Business records also show that he bought further stock worth $250,000 throughout the 2020 tax year, and reported total sales of $388454. Required: Calculated Sven's taxable income from business for the 2020 tax year. ONLY USE ROUND NUMBERS e.g. write $35,010.17 as 35010
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sven operates a shop.
During the 2020 tax year, he had on hand: $70,000 of trading stock on 1 July 2019; and $45,000 of trading stock on 30 June 2020.
Business records also show that he bought further stock worth $250,000 throughout the 2020 tax year, and reported total sales of $388454.
Required: Calculated Sven's taxable income from business for the 2020 tax year.
ONLY USE ROUND NUMBERS e.g. write $35,010.17 as 35010
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