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Taxation

Financial accounting is a fascinating subject. The course will expose an individual's skills to quantitative techniques and theory that will be useful in the financial industry - a portfolio manager, risk management consultant, or financial analyst. Financial accounting holds the oxygen of any industry with its acute understanding of the functioning and the costing involved.

Question 1 - The Lotteries Commission conducts an instant lottery called 'Set for Life' under which a winner who scratches three 'set for life' panels win $50,000 each year for 20 years. The first $50,000 is payable as soon as the winner is notified, and later amounts are payable on the first anniversary of the first payment. In the event of the death of the winner, the Commission may pay any outstanding costs to the deceased's estate.

Requirement: Is the annual payment income? Give reasons for your decision.

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Taxation Assignment Samples

Question 2  Corner Pharmacy is a chemist shop. It provides no credit sales but accepts major credit cards. It sells items off the shelf, and the proprietor fills prescriptions for cash and payments made under the Pharmaceutical Benefits Scheme [PBS]. Three (03) assistants are employed. The following financial data is provided:

Cash sales --------------------------------------------$300,000

Credit card sales-------------------------------------$150,000

Credit card reimbursements -----------------------$160,000

PBS:

- Opening balance -----------------------------------$25,000

- Closing balance ------------------------------------$30,000

- Billings ----------------------------------------------$200,000

- Receipts ---------------------------------------------$195,000

Stock

- Opening stock--------------------------------------$150,000

- Purchases-------------------------------------------$500,000

- Closing stock ---------------------------------------$200,000

Salaries ------------------------------------------------$60,000

Rent ----------------------------------------------------$50,000

Requirement:

On the assumptions that an accrual basis applies and the cost of sales and other outlays are allowable deductions for tax purposes, calculate the pharmacy's taxable income.

Capital structure is still puzzling for the financial analyst, managers of the organization. The primary purpose of this report is to evaluate the capital structure, theories based on that evaluate ... or the financial analyst, managers of the organization. The primary purpose of this report is to evaluate the capital structure, theories based on that evaluate the capital structure of limited Altium

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