At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391 Rec. VAT: 60.000 TL. How much is the Tax (VAT) Payable a. 20.000 TL O b. 60.000 TL c. 10.000 TL d. 30.000 TL

At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL, 391 Rec. VAT: 60.000 TL. How much is the Tax (VAT) Payable a. 20.000 TL O b. 60.000 TL c. 10.000 TL d. 30.000 TL

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Assuming a 360-day year, when a $11,918, 90-day, 10% interest-bearing note payable matures, total…

A: A note payable is a written promissory note. Under this agreement, a borrower borrows a specific…

Q: Calculate Days in Accounts Receivable. Total accounts receivable over 90 days: $18,105.50 A/R :…

A: Days in Accounts receivable is calculated by dividing total Receivables, net of credit by daily…

Q: Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day,…

A: Interest charged by the bank -Interest is still calculated as Principal x Interest x Frequency of…

Q: On 1 October 20X2, the receivables' balance at G was $80,000. A summary of the transactions in the…

A: We have the following information: (Opening Balance) On 1 October 20X2, the receivables' balance at…

Q: Sammy accounts for VAT on an invoice basis. The following details have been extracted from the…

A: Sammy accounts for Vat is based on invoice basis. January/February 2020 VAT period are : Invoices…

Q: The total of Accounts Receivable is $1000 while the Annual Sales is $7000. The Days Sales…

A: The days of sales outstanding is the number of days the company on average takes to collect the…

Q: You invest 185 000 TL to a bank deposit account at gross rate of %24.5 for 65 days. If the…

Q: Interpret the following ageing schedule: Age of the receivable (days) Rupee value (in lakh)…

A: The ageing schedule can help a company to identify its accounts receivable in order of their due…

Q: At the end of 2010, the business calculates 2.750 TL of present value for the notes receivables with…

A: Given, (a) Maturity Value = 3,250 TL (b) Present Value of the Notes Receivable = 2,750 TL (c)…

Q: a person borrowed $7,500 at 12% nominal interest compounded quarterly. What is the total amount to…

A: Answer Borrowing amount = $7,500 Interest rate = 12% Compounding Quarterly

Q: Walc Factory is a manufacturer that makes all sales on 30-day credit terms. Annual sales are…

A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…

Q: ccounts Receivable Analysis: A company reports the following Sales $649,700 64,970 Average accounts…

A: Ratio analysis: It is a method used to measure the liquidity, profitability, efficiency of the…

Q: Calculate the Accounts Receivable Turnover for 2021 using the following information: Net Sales…

A: The ratio analysis helps to analyze the financial statements of the business on the basis of…

Q: Calculate the percentage of AR over 90 days: Total accounts receivable over 90 days: $18,105.50…

A: The percentage is calculated by divide your total accounts receivable by your total accounts…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly periodic rate x 12 months Multiplying monthly periodic…

Q: Rhodes Company reports the following information for the Year 1 fiscal year: Sales on account…

A: Solution: Accounts receivable turnover = Sales / Net accounts receivable = 650000 / (70000-4000) =…

Q: Over a period of nine months, $35.67 of simple interest is earned at 1.75% per quarter. Calculate…

A: Principal is the amount which is initially invested in the project. It is the amount with which…

Q: Calculate the missing information on the revolving credit account. Interest is calculated on the…

A: Formula: Annual percentage rate = Monthly rate x 12 Months

Q: Net sales for the month are W800,000,000 and bad debts are expected to be 1.5% of net sales. What…

A: Sales in the business can be made on cash basis or on credit basis. Accounts receivable are those…

Q: January 29: Recorded the month's sales of $1,650,000 (excludes PST and GST), 90 percent on credit…

A: PST payable is calculated as below:Now the GST payable is calculated as below:

Q: umpin Corporation uses the percent-of-sales method to estimate uncollectibles. Net credit sales for…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.…

Q: The amount that accumulates in 3 years if $ 2,500 is deposited at the beginning of each month in a…

A: Monthly payment = $2,500 Interest rate = 6.3% Time period = 3 Years

Q: How much is the VAT Payable in June? Given the following data during the 2nd quarter of 2022 Month…

A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…

Q: Total interest expended will be: a. OMR 50,400,000 b. OMR 45,000,000 c. OMR 55,000,000 d. OMR…

A: Interest is an incentive charged by the lender to the borrower for lending his money, interest…

Q: 7A-19. What is the nominal dollar value of the interest tax savings to the firm in the third year of…

A: Please find the answer to the above question below:

Q: FV(Monthly.) = $100(1.01)60

A: We need to use future value formula to solve this problem FV =PV(1+i)n where FV=future value PV…

Q: At the end of 2010, the business calculates 2.750 TL of present value for the notes receivables with…

A: Notes receivable can be defined as the amount of current asset which is the economic benefit for the…

Q: For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.1.-…

A: Recognition of Tax Payable at Year-End:Recognizing a tax payable at the end of the year, even if the…

Q: The June 30, 20X 7, balance sheet of Texas Golf Carts reports the following: Accounts…

A: The allowance for doubtful accounts is created to record the estimated bad debt expense for the…

Q: What is the accounts payable total on $112,000 with 2/10 net 30

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: AFA FINANCIAL ACCOUNTING equivalent to 5% of the receivables at that date. receivables expense?

A: Bad Debts:- These are those debts from whom the company is unable to collect debts. These are…

Q: Find simly interest earn

A: Principal = $9334 Interest Rate = 8.1% Time = 84 days Interest = Principal x Interest Rate x Time in…

Q: P = $809,100; R= 7.09%; n= 360 . Calculate monthly payment

A: > given :> Loan amount = $809,100> Interest rate = 7.09%> Number of paymenr (n) = 360

Q: Find the effective rate of annual interest 9% that paid quaterly. a. 9.5% b. 9.3% c. 9.10% d. 9.0%

A: Given Details: Normal Interest Rate= 9% Compounding = Quarterly

Q: What is the fixed charge coverage ratio? Answer in the form of 3.2x (one decimal place) Assume: 1.…

A: The fixed-charge coverage ratio demonstrates how effectively a business can use its earnings to…

Q: Net credit sales for the month are $540000. The accounts receivable balance is $190000. The…

A: Under the percentage of receivables method, allowance is maintained at the estimated doubtful…

Q: #9: Accounts Receivable, beg. 150,000.00; Accounts Receivable, end 125,000.00; Cash Collection from…

A: Accounts Receivable A/c Particulars Amount Particulars Amount To balance b/d 150,000.00 By…

Q: The annual rate required for a principal of 12000 OMR to earn 1020 OMR annual interest is Select one…

A: Interest is the amount received on the capital that is owed to the borrower or invested for some…

Q: Complete the following: Tax rate per dollar In percent Per $100 Per $1,000 Mills 0.0956 %

A: given, tax rate per dollar = 0.0956 tax rate in percentage = 0.0956 x 100 tax rate in percentage =…

Q: Given: princial $10,000, interest rate 8%, time 240 days (use ordinary interest). Partial payments:…

A: Step 1: Calculate the initial interest accrued before the first paymentPrincipal: $10,000Interest…

Q: Please do not use ai

A: The question asks you to calculate the "days' sales in receivables," which tells us how many days it…

Question

At the end of March, account balances are: 190 Def. VAT: 20.000 TL. 191 Ded. VAT: 30.000 TL,
391 Rec. VAT: 60.000 TL. How much is the Tax (VAT) Payable
O a. 20.000 TL
O b. 60.000 TL
c. 10.000 TL
O d. 30.000 TL

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 INTRODUCTION

VIEW

Step 2 answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

previous balance apr monthly periodic rate finance charge purchase ans cash advances payments and credits new balance
5,000 is borrowed for 6 months at 3%, what is the interest a. 5050 b. 5,100 C. None of them С. d. 5,075
The allowance for uncollectible accounts currently has a credit balance of $200 the company's management estimates that 2.5% of net credit sales will be uncollectible net credit sales or 115, 000 what will be the balance of allowance for collectible accounts reported on the balance sheet once the adjustment is made assuming the percent of sales method is used
(14) Credit earned on a partial payment of $ 600 at a discount rate of 5% is, A. $26.32 B. $ 27.35 32.26 E. NOA C. $ 28.23 D.
Assuming a 360-day year, when a $11,200, 90-day, 5% interest-bearing note payable matures, the total payment will be Oa. $560 Ob. $140 Oc. $11,760 Od. $11,340 0 0 0 0
A company has average accounts receivable of Rs. 10,00,000 and annual credit sales of Rs.60,00,000. Its average collection period would be a. 60.83 days b. 6.08 days c. 1.67 days d. 0.67 days
How much is the VAT Payable in May? Given the following data during the 2nd quarter of 2022 Output Tax 12,000.00 Month Input Tax April May June 7,000.00 18,000.00 15,000.00 24,000.00 10,000.00 In the books, there was a debit balance of input tax amounting to 6,000 from preceding quarter. 3,000 2,000 1,000
If beginning and ending interest receivable were P16,000 and P5,000, respectively. Total interest income for the period amounted to P52,000, how much would be the amount of interest collections for the period?a. P31,000 c. P52,000b. P41,000 d. P63,000
Accounts receivables = $6,500 Net Sales = $18,122 Use 360 days when when calculating average days collection
An insurance company had the following gross receipts (excluding vat, if applicable) during the month: Cash collections from life premiums - P3,600,000; Notes receivable for life premiums - P400,000; Cash collections from non-life premiums - P2,200,000; Notes receivable from non-life premiums - P600,000. How much is output VAT? (answer must all be numbers, no peso sign, no commas, no decimals and no extra spaces in between numbers)
The interest on a $3,000, 10%, 180-day note receivable is (assume 360 days per year) O $150 O $3.300 O $300 $3000 Onmi ERCO DUTO
How much is the VAT Payable in April? Given the following data during the 2nd quarter of 2022 Month Output Tax Input Tax April May 12,000.00 18,000.00 24,000.00 7,000.00 15,000.00 June 10,000.00 In the books, there was a debit balance of input tax amounting to 6,000 from preceding quarter. 1,000 5,000