Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. robin is a scientist and on 15 may 2020 she receiv

Robin is a scientist and on 15 May 2020 she received compensation of $80,000 for...

70.2K

Verified Solution

Question

Accounting

Robin is a scientist and on 15 May 2020 she received compensation of $80,000 for wrongful dismissal from her former employer, LabexPty Ltd. The compensation was to reimburse Robin for lost wages as a result of the dismissal. On 20 May 2020, Robin received $10,000 for agreeing to enter into a two-year contract to work with Johnson & Co Pty Ltd and she started working for them on 10 July 2020. While she was between jobs, she did some part-time work as a consultant and earned a net amount of $1,700 after PAYG withholding of $800 was deducted.

Based on the above transactions, what amount will Robin include in her assessable income for the year ended 30 June 2020? Explain your treatment of each item.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

A nurse is calculating the fluid intake for an infant at the end of an...

Finance
1.2K views

Compute the PI statistic for Project X and note whether the firm should accept or reject...

Biology
1.2K views

Briefly explain how the lagging strand is replicated. Include how the replication starts, the enzymes involved...

General Management
1.2K views

After graduating with a Food Technology degree, Elina is planning to start a business that manufactures halal...

Physics
1.2K views

4 8 mm Light enters at an angle of incidence in a transparent rod of...

Physics
1.2K views

Ideal pulley is pulled by force F upwards If 3 kg moves with constant velocity...

Statistics
1.2K views

Questi ly utility bills in a city are normally distributed w n 70 b between...

Accounting
1.2K views

Don Chather bought a new Dell computer for $1,995. This included a 6% sales tax....

Accounting
1.2K views

Libby Company uses the percentage of credi sales method for calculating Bad Debt Expense. The...

Accounting
1.2K views

Need help with journal entries Show Attempt History Current Attempt...

Finance
1.2K views

Sample Bank Balance Sheet Year ended 31/12/2021 Assets Liabilities...

Accounting
1.2K views

Required information Skip to question [The following information applies to the questions displayed...