Definition of “income”

The accountant of Comfort Shoe wholesalers is busy with recording income and is struggling

with the following transactions:

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21 Comfort Shoe sells a motor vehicle for R30 000, the vehicle was purchased for

R20 000

22 Received a deposit of R2 000 from AB Company to manufacture 50 pairs of shoes

23 Commission income was received but not yet earned, R1 100

24 Received R350 from a debtor for items sold on credit

25 Comfort shoes sells inventory for R10 000 cash

Required:

Explain using the definition of “income” whether each of these transactions results in income

for the period

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