CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account: - 1 July 2020 – The company had an opening balance of $43,000 (credit) - 6 September 2020 – The company received a fully franked dividend of $52,000 - 2 October 2020 – The company paid an income tax instalment of $34,000 to the ATO - 11 November 2020 – Received a tax refund of $19,000 from the ATO Required: Calculate CFC Pty Ltd’s franking account closing balance on 30 June 2021

KPL Ltd has a year end of 31 March 2021. During the year it paid £1,600 for rent. At the start of the year it had an accrual of £400 and at 31 March 2021 had prepaid £250 of rent in respect of the year starting 1 April 2021. What is the charge to the income account for the year ended 31 March 2021? a)  £950 b)  £1,600 c)  £1,450 d)  £1,750

ABC Ltd is a company under self-assessment and prepares accounts to 31st March each year. Its estimated chargeable income for the year 2016 was GH¢ 1.2 million. However, the Company’s Returns which were submitted to the Large Tax Payers Office at the VAT House on 1st April, 2017 showed a chargeable income of GH¢1.8 million. During this period, Bank of Ghana policy rate was constant at 24% per annum. ABC Ltd made its first installment payment on 31st March, 2016.Requiredi. Compute the Interest payable by the company.  ii. Determine the outstanding liability payable by the company to GRA. (Hint: Your answers should be in line with section 70 of Revenue Administration Act 2016 (Act 915))

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The trial balance of Plano Company included the following accounts as of December 31, 2024:   Debits Credits Sales revenue   $ 622,000 Interest revenue   76,000 Gain on sale of investments   126,000 Cost of goods sold $ 440,000   Selling expense 134,000   Interest expense 24,000   General and administrative expenses 88,000   Plano had 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 25%. Required: Prepare a single-step income statement with earnings per share disclosure. Note: Round earnings per share answer to 2 decimal places.

Clark Company paid Sherman Company for merchandise with a $4,000, 60-day, 9% note dated April 1. If Clark Company pays the note at maturity, what entry should Sherman make at that time? Select one: a.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense A) +4,360 -4,000       +360 +360     b.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense B) -4,360     -4,000   -360     +360 c.     BALANCE SHEET INCOME STATEMENT   ASSETS = LIABILITIES + STOCKHOLDER'SEQUITY REVENUE - EXPENSE   Cash NotesReceivable   NotesPayable   Retained Earnings InterestIncome   InterestExpense C) +4,060 -4,000       +60 +60     d.     BALANCE SHEET INCOME STATEMENT   ASSETS =…

Twice KPOP Company disclosed the following information on December 31, 2021:   SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’accounts amounting to ₱42, 500 P150,000   Required: Compute for the Current liabilities as of December 31, 2021

The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The company’s accounting period ends on 30 June each year. The company policy is to provide an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for Doubtful Debts account on 1 July 2019 was $10 000. The following information is given for the year ending 30 June 2020 and 30 June 2021, to determine the bad debts expense for each year and the balance of allowance for doubtful debts at the end of each year.     2020 2021 Accounts receivable (ending balance at 30 June) $400,000 $450,000 Bad debts written off during the year 6,000 0 Allowance for doubtful debts at 1 July (Beginning of the period) (a) (d) Bad debts expense for the year (b) (e) Allowance for doubtful debts at 30 June (Ending balance) (c) (f)   Required: Determine the missing…

The company's equity and results (before tax) for the fiscal year 2021 are € 1,200,000 and € 390,000 respectively. How will these two sizes be formed (answer using a table) if there are the following observations of the statutory auditor: The company had created a provision for staff compensation for the first time with an amount of € 20,800 in 2017 and increased it by € 13,000 in 2020 and by € 3000 in 2021. According to an actuarial study, this provision at the end of the closed financial year 2021 should amount to € 44,800, of which € 33,500 concern the previous years. The company erroneously never depreciated the fixed asset acquired on 01/10/2019, with a purchase value of € 31,000 and a residual value of € 900. The useful life of this fixed asset is 12 years. During 2020, the company erroneously transferred to a multi-year / 5-year depreciation account an expense of € 16,000 Make as many annotations as necessary, and display your calculations. The answer must be in a table format…

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