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Interest on capital ($790 for Woody and $540 for Buzz) 1,330 Repair of a space...

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Accounting

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Interest on capital ($790 for Woody and $540 for Buzz) 1,330 Repair of a space bouncy castle 890 Purchase of a star machine 640 Legal fees 2,500 Additional information (a) The legal fees arose as a result of Woody and Buzz consulting their lawyers and accountants to advise them if in future they should change their structure to a company. (b) Annual leave actually paid during the year was $3,400. (C) $1,020 of the superannuation for staff remained unpaid at 30 June 2020. Required: 1. Calculate the net income of the partnership assuming they do not want to use Small Business Entity (SBE) elections

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