Short Answer Question 1 - Regulatory Framework(Answer length - approximately 100 words) Walker Resort Pty Ltd is a proprietary company that operates holiday resorts in Central Coast. It has 49 shareholders and 90 employees. According to internal accounting records, Walker Resort Pty Ltd has total assets of $21 million and total liabilities of $2 million. Its revenue for the current year was $65 million. Neither ASIC nor shareholders have made a direction for the preparation of a financial report. Required:Is Walker Resort Pty Ltd required to prepare a financial report? Give reasons to support your answer. (5 marks)

Bhekisizwe (Pty) Ltd is registered as a micro business and has compiled the following financial information for the current year of assessment:Cash sales to customers                                     R850 000Investment income                                               R15 000Proceed on sale of business vehicle                   R210 000Operating costs of business                               R320 000Repairs & maintenance business vehicle               R3 000Calculate Bhekisizwe (Pty) Ltd's taxable turnover for the 2024 year of assessment.

wellington Ski Supplies Pty Ltd completed its first year of operations on 30 June 2022. Its incomestatement showed that the business had revenues of $170 000 and operating expenses of $80 000, including Bad debt expenses of $1000. Accounts Receivable and Accounts Payable at year-end were $ 43,000 and $ 33,000, respectively. Assume that accounts payable are related to operating expenses. Ignore income tax. The Allowance for Doubtful Debts is $1000. There has been no direct write-off of accounts receivable.RequiredCalculate net cash provided by operating activities using the direct method

In its first year of operations, Harrington Pty Ltd earned $573,000 in services revenue, $217,740 of which was on account and still outstanding at the end of the reporting period. The remaining $355,260 was received in cash from customers. The company paid expenses of $343,800 in cash. Included in the $343,800 paid is $23,100 for insurance coverage that will not be used until the second year. Additionally, there is $37,000 still owing on account at the end of the reporting period.Important:Enter amounts without "$" sign or any thousands separators, i.e. $46,000 should be written as 46000. For cash-based or accrual-based loss, enter the minus (-) sign in front of the amount, i.e. -45. For expenses, enter amounts without the minus (-) sign.Required:a. Apply cash accounting to calculate the first year profit of Harrington Pty Ltd.Income = $Answer 1 Question 1Expenses = $Answer 2 Question 1Cash-based profit = $Answer 3 Question 1

hekisizwe (Pty) Ltd is a property management company that manages rental properties on behalf of its clients, i.e. rental is collected from the tenants and paid over to the clients of the company (the owners of the properties).  The following are the receipts of the company for the year of assessment ending 31 January 2024.Fees for property management services R 600 000Interest (1)                                                        R 54 200 Local dividends (2)                                            R 25 000 Rentals (3)                                                    R 6 329 000 Notes: 1.The interest earned is from investment with a local bank. 2.Bhekisizwe (Pty) Ltd received dividends from the shares held in ABC (Pty) Ltd. 3.The rentals received were from properties owned by the clients of Bhekisizwe (Pty) Ltd. Calculate the taxable income of Bhekisizwe (Pty) Ltd for the year of assessment ended 31 January 2024 assuming the company incurred tax deductible expenditure of R317 400 and it is not a micro business or a small business corporation.

A proprietary (Pty Ltd) can source funds from the public