Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. michael prepares accounts to 31 july every year. h

Michael prepares accounts to 31 July every year. He decides to change his accounting date...

90.2K

Verified Solution

Question

Accounting

Michael prepares accounts to 31 July every year. He decides to change his accounting date to 31 December. He has eight months of overlap profits brought forward of 32.000 Michael's profits were as follows: Year to 31 July 2020 Year to 31 July 2021 5 months to 31 December 2021 Year to 31 December 2022 80.000 90,000 60,000 100.000 Required: Calculate the assessable profits for 2022-23 showing the overlap relief carried forward.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

3 In triangle JKL below KL 6 and JK 2 Complete the triangle by finding...

Geometry
Q

How many ordered quadruples (x1, x2, x3, x4) of positive integers satisfy the conditions x1 <...

Advance Math
Q

How would you go about developing a vaccine for Alzheimer’s disease? What would you target? What is the...

Medical Sciences
Q

Write the importance of water. why when astronauts go to another planet they try to find...

Medical Sciences
Q

1 point What is the vector between the point 10a 36 and the point 5a...

Basic Math
Q

Function Behavior Question 8 Which is the graph of x x 1 f x x...

Basic Math
Q

2 2 3 Points DETAILS a the trapezoidal rule K b Use the trapezoidal rule...

Calculus
Q

20) Dalisay Corporation's poss revenue is 45% of sales. Operating expenses such as...

Accounting
Q

Which cost (absorption or variable costing) do you prefer. Why?1000 words

Accounting
Q

Santa Rosa recently purchased a new boat to help ship product overseas. The following information...

Accounting
Q

Stinso Supply Corporation manufactures and sells cotton gauze. Expected sales of gauze (in boxes) for...

Accounting
Q

On May 20, Montero Company paid $252,000 to acquire 115 shares (7%) of ORD Corporation...

Accounting