The VAT payable by or refundable to Info Link Communications Ltd for the month of April 2022.
Q: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The…
A: Computation of Tax liability of Nicanor for Tax year 2021 Pariculars Amount Amount Gross…
Q: It says 285,000 part and the (100,000) part is incorrect please fix thank you.
A: Statement of retained earnings is a part of balance sheet. It shows the balance of owner's equity in…
Q: Calculation of Form W-2, Box 1 Jan (single, age 53) is an employee of Lafayette, Inc. In the current…
A: Form W-2 is related to salaries and tax statements of the employees, and it is mandatorily prepared…
Q: Laura Hall is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake…
A: Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…
Q: Question 5 Sage Hill Leasing Company signs an agreement on January 1, 2020, to lease equipment to…
A: A capital lease is primarily based on the fact whether, in effect, the rights and risks of ownership…
Q: on (in units
A: Answer :1. Standard overhead rate = Total overhead at 80% capacity / Total DLH at 80% capacity…
Q: Each of the following is included in the MD&A section of a public company's Form 10-K except Oa.…
A: The MD&A is one of the parts of form 10-K. The MD&A is just one of many sections required by…
Q: Required: If Trio elects to file a U.S. consolidated return, compute consolidated taxable income…
A: Requirement:-a Calculation of consolidated taxable income assuming Subsidiary 1 is a domestic…
Q: On January 1, 20X1, Popular Creek Corporation organized SunTime Company as a subsidiary in…
A: SOLUTION:- Schedule Translating The December 31, 20X1, Trial Balance From Swiss Francs To…
Q: Selected unadjusted balances and adjusting entry information of Sutherland Insurance Agency at…
A: Salaries expenses shall be debited for $ 2000 Salaries payable shall be credited for $ 2000
Q: Aryssa has saved $84,100.00. If she decides to withdraw $3,337.00 at the beginning of every month…
A: Present Value = PV = $84,100 PMT = $3,337 Rate = 8.01%
Q: Prepare a Translated Income Statement using USD currency showing the Translated Profit for the year.…
A: Exchange Rates to be used: Particulars Exchange Rate For all Incomes and Expenses Average rate…
Q: Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 35 Estimated ending…
A: Inventory is one of the current assets that is owned by the business. Finished goods, work in…
Q: ff per unit $15 $18 $24 Additional processing costs…
A: Answer : Particular 45 51 56 Sales value if processed further per unit $20 $22 $32 Less :…
Q: Define the roles of auditors in a company?
A: A qualified person known as an auditor inspects, confirms, and validates the accuracy and integrity…
Q: Compute the adjusted capital account of A after the formation.
A: Whenever a new partner is admitted into the partnership firm, it is called as Reconstitution of…
Q: EMathews, Inc. generated $200,000 in sales revenues and incurred fixed costs of $30,000. If the…
A: The margin of safety is the gap between predicted profitability and the point of break-even. The…
Q: A and B are combining their separate businesses to form a partnership. Presented here are the…
A: When two different business merge together and put their capital in a business, it is considered as…
Q: Chukanut Company completed the following transactions during Year 1. Chukanut's fiscal year ends on…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Sigma PLC are a Certified Chartered Management Accountant firm. The firm has a number of clients who…
A: Answer:- Budget meaning:- Budget is the estimated of expected income and outlays for a given period…
Q: H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year.…
A: INTRODUCTION: Every firm has to cope with a variety of daily business procedures. The financial…
Q: Flint Tooling Company is considering replacing a machine that has been used in its factory for 4…
A: Differential Analysis Differential analysis is a method for making decisions that analyses the net…
Q: 3-Dec Mrs. Veena started business by introducing cash R$5000 and Rs 500000 as transfer from her…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: A, B and C decided to form a partnership on March 1, 2022. They agree that A will contribute office…
A: Introduction: At the time of formation of partnership, partner can contribute either in the form of…
Q: The following statements refer to organisations that use service costing: (i) The service provided…
A: Service costing is the cost associated with providing and delivering service. There are difference…
Q: Bergo Bay's accounting system generated the following account balances on December 31. The company’s…
A: BERGAMO BAY COMPANY List of account BalancesDECEMBER 31, particulars debit credit Cash…
Q: Problem 10-56 (LO 10-2, LO 10-3) (Algo) [The following information applies to the questions…
A: Taxable Income - The base of an income tax system is referred to as taxable income. In other words,…
Q: Tricorder Industries uses a retail inventory method below is last year's data: Begnning inventory…
A: Dollar-value method of valuing LIFO inventories It is a method of determining cost by using the…
Q: How do you calculate the break-even point in sales? Contribution margin + fixed costs Fixed costs…
A: Contribution margin is the difference between sales and variable expenses. Fixed costs is the costs…
Q: A firm had the following financials last year: Sales Revenue = $3,060 Accounts receivable = $500…
A: Earnings per share on common stock: It is a financial ratio. It is calculating by divides net…
Q: which of the following are similarities between spin-off and carve-out I.both firms have the same…
A: Carve out is the process of separating a subsidiary, business unit or line from the patent. It is…
Q: Marketable securities are a. long term in nature b. are examples of bonds c. traded in the money…
A: Marketable securities are easily and affordably convertible into cash. They are highly liquid…
Q: 14. Explain the following terms: (a) Current asset (b) Fixed asset (c) Liquidity order (d) Current…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Davis Company produces two hair dryers: regular and deluxe. The company has four activities:…
A: INTRODUCTION The overhead cost will be calculated by multiplying the activity rate by the number of…
Q: Aqua, a South Carolina corporation, is a 20 percent partner in a Swiss partnership. This year, Aqua…
A: To avoid double taxation, the US Taxation authorities will provide credit on the taxes paid in other…
Q: 1. Explain how a management accountant can help their supply chain colleagues. explain the answer…
A: Supply chain management is the handling of entire product flow starting from purchase of raw…
Q: AirQual Test Corporation provides on-site air quality testing services. The company has provided the…
A: The flexible budget is prepared to estimate the difference between actual and budgeted results. The…
Q: Cari Pump (CP) Company is considering either upgrading or replacing its production equipment. The…
A: To take the decision whether to upgrade the equipment or replace it, one should calculate the total…
Q: Taylor, a resident citizen, received the following income in 2022: Business Income, Philippines -…
A: The question is given to compute the taxable income, income tax due, and income that is subject to…
Q: Mark received 10 ISOs (each option gives him the right to purchase 16 shares of Hendricks…
A: A stock option is a contract between two parties that grants the buyer the right to buy or sell…
Q: What is the major difference between a for-profit and a not-for-profit organization?
A: Organization is considered to a be setting under which the group of people comes together and these…
Q: Required Compute the following ratios for the companies' 2019 fiscal years (year ending in December…
A: 1. Current ratio: To calculate the ratio, analysts compare a company’s current assets to its…
Q: akota Co. has prepared the following flexible budget for the coming year. The budgeted level of…
A: Solution: If the budget is flexed to a level of activity of costs be = direct materials + Direct…
Q: Produce a flexed budget statement for Caltex for November
A: Flexible budget is a budget which adjusts or flexes with changes according to volume or activity of…
Q: Which of the following is not a required step during the accounting cycle? O a. Transactions are…
A: Identifying transactions, documenting transactions in a journal, posting, creating a worksheet, the…
Q: A company is thinking about some machines renting for manufactury; The lease have an mount of 1800…
A: The lease is a written contract between two parties in which one party gives its asset on rent to…
Q: 1. Cerviq Company enters sales and sales taxes separately on its cash register. On April 10, the…
A: When a company sells something to its customers then it collects sales tax from customers on that…
Q: What is the most difficult part of a shell company scheme from the fraudster's perspective? O a.…
A: A shell corporation is one that has neither major assets nor active commercial operations. Shell…
Q: The company uses Operating Overhead in place of Manufacturing Overhead. (a) Compute the…
A: Predetermined Overhead Rate is calculated at the start of the accounting period by dividing the…
Q: Exercise 12-1 (Algo) Indirect: Classifying Cash flows LO C1 ndicate where each item would appear on…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
The following transactions were extracted from the books of Info Link Communications Ltd for the month ended 30 April 2022. The company is registered for VAT.
-
2 April: Purchases goods from Mambo Enterprises on credit worth KShs 1,800,000
-
2 April: Purchased office furniture for Kshs 720,000 from Excel Furniture Mart
-
3 April: Sold goods worth KShs 860,000 to Ken Link Communications Ltd on credit
-
4 April: Purchased spare parts for motor vehicles worth Kshs. 230,000
-
5 April: Returned office furniture worth Kshs 180,000 to Excel Furniture Mart and was issued with a debit note of the same amount
-
6 April: Goods worth Kshs. 120,000 were found to be defective and Ken Link Communications Ltd returned them
-
9 April: Purchased goods worth Kshs 2,400,000 from Japan, exclusive of import duty of 15% and VAT at the rate of 16%
-
10 April: Sold goods for cash worth KShs 3,200,000
-
12 April: Exported goods worth KShs 4,200,000 to Annex Enterprises Ltd in Rwanda
-
16 April: Paid catering expenses worth KShs 160,000
-
18 April: Imported goods worth Kshs 1,600,000 from India exclusive of import duty of 25% and VAT at the rate
of 16%
-
20 April: Renovated the existing buildings a cost of Kshs 800,000
-
22 April Paid rent and rates amounting to Kshs 490,000
-
24 April: Exported goods worth KShs 2,400,000 to South Africa
-
28 April Sold goods worth KShs 980,000 to Vista Communications Ltd in cash
-
29 April: Hired a taxi to transport staff and paid Kshs 9,000
-
30 April: Paid the following expenses for the month of April 2022:
Water bill KSH 30,0000
Salaries and wages KSH 2,800,000
Telephone bill KSH 48,000
Electricity bill KSH 180,000
The above transactions are stated exclusive of VAT at the rate of 16% where applicable and unless otherwise stated.
Required:
The VAT payable by or refundable to Info Link Communications Ltd for the month of April 2022.
Step by step
Solved in 2 steps
- Directions: Record the following transactions in the appropriate journals. Lloyd Gurango Co. completed the following sales transactions during the month of June 2021. A credit sales have terms of 3/10, n/30, and all invoices are dates as at the transaction date. June 1 4 7 9 13 ಈ 15 18 20 Mr. Gurango invested P52 000 of his funds in the business Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold P46 000 of merchandise for cash. Received payment from KRA Company, fewer discounts. Received payment from LRM Trading, fewer discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. Collected the amount due from JPT Store. Fewer discounts. Paid the employees' wages for the month amounting to P5,000 Acquired merchandise to YMC Trading worth P15, 000 payable next month Acquired merchandise on credit from ABS Manufacturing worth P15, 000. The invoice number is 201 and the credit term is n/30The company is a registered VAT Vendor and use a periodic system The following transactions took place during the month of August 2021 relating to sale of goods: DATE Transaction 5 Purchased goods from Blockfree Ltd R12 650 (including VAT). 6 Sold goods for cash R2 000 (excluding VAT). 7 Purchased goods for cash R13 800 (including VAT). 9 Sold good on credit to Mr Drain R1 150 (including VAT). 10 Mr Drain returned goods R230 (including VAT). 12 Purchased goods on credit from Pipes Unlimited R10 000 (excluding VAT). 13 Returned damaged goods to Pipes Unlimited R5 000 (excluding VAT). 18 Purchased goods on credit from Waterworks Ltd for R3 450 (including VAT). 20 Owner took goods for personal use R2 000 (excluding VAT). 23 Sold goods for cash R1 380 (including VAT). The inventory balance as at 31 July 2021 = R45 000 The inventory balance as at 31 August 2021 = R48 000 Carriage on purchases for August = R2 500…Delta Company sells goods and performs services for its customers. On May 1, 2021 "Accounts Receivable" had a debit balance of $150. During the month of May the following transactions occurred. Date Transaction description May 5 Sold goods to customer A on credit for $400, 2/10, n/30 May 8 Performed services for customer B for $200 cash May 12 Customer A returned goods with a sales price for $100 May13 Received payment from customer A for the balance due May 17 Performed services for customer C and billed the customer $100 May20 Received a partial payment of $80 from customer C Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (b) What is the balance of Accounts Receivable on May 31 Solution (a) Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___ Cr.______ ___ Date Account title $…
- A. Camy Enterprise is a wholesaler company that sells various types of kitchenware. The following is the list of transactions in December 2021. Dec 2 Makes a payment of RM220,500 to Yuhan Sdn Bhd for the pressure cooker purchased on 18 October 2021. 6 Purchases 25 units of frying pans from The King Ware Sdn Bhd with a total cost of RM7,000 by account. The credit term is 5/15, n/45. The frying pans were delivered with an agreement of F.O.B shipping point that cost RM100. 11 Sells 32 units of steamers to Pan Asia Nusantara Resort at a total sales price of RM9,600. The cost of the steamer is RM220 per unit. The transaction was made by cash. Accepts a return of two units of steamers from Pan Asia Nusantara Resort due to a slight dent on the steamers. Camy Enterprise made full cash return to Pan Asia Nusantara Resort. 16 A unit of frying pan is returned to The King Ware Sdn Bhd due to the wrong size and the outstanding balance owed is reduced by RM280. 18 Golden Chef Cullinary College…On June 3, Basim plc sold to Ahmed Company merchandise having a sales price of ￡2,000 with terms of 2/10, n/60. An invoice totaling ￡90, terms n/30, was received by Ahmed on June 8 from Jasim Transport Service for the freight cost. On June 12, the company received a check for the balance due from Ahmed Company. Instructions: Prepare journal entries on the Basim plc books to record sales and receivables all the events noted above under each of the following bases. Sales and receivables are entered at gross selling price. 2. Sales and receivables are entered at net of cash discountsMarx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $290 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Apr. 7 Apr. 17 Accounts Payable Accounts Receivable Merchandise Inventory Sales Discounts Sales II III II II
- Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 Purchased $37,000 of merchandise from Van Industries, terms 1/15, n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,800 (cost is $7,400). March 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,400 (cost is $3,700). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $18,500 of office equipment on credit from Spell Supply, terms n/30. March 10 Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,700 (cost is $1,850). March 12 Received payment from Min Cho for the March 2 sale less the discount of $148. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $370.…Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000). 3 Purchased $1,480 of office supplies on credit from Custer, Inc., terms n/30. 4 Issued Check No. 587 to World View for advertising expense of $899. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500). 6 Returned $80 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces Accounts Payable by that amount. 9 Purchased $12,125 of store equipment on credit from Hal’s Supply, terms n/30. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,500 (cost is $7,000). 12 Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $286. 13 Received payment from Page Alistair for the April 3 sale…The following transactions relate to Pat’s business for the month of December 2019.1.12.19 Started the business with Rs.10000 in cash.2.12.19 Bought goods on credit from the following suppliers:Grass Rs.6000Seed Rs.700010.12.19 Sold goods on credit to the following customers:Fog Rs.3000Mist Rs.400012.12.19 Returned goods to the following suppliers:Grass Rs.1000Seed Rs.200015.12.19 Bought additional goods on credit from Grass for Rs.3000 and from Seed for Rs.4000.20.12.19 Sold more goods on credit to Fog for Rs. 2000 and to Mist for Rs. 3000.24.12.19 Paid office expenses of Rs. 5000 in cash. 29.12.19 Received Rs. 4000 in cash from Fog and Rs. 6000 in cash from Mist.31.12.19 Pat paid Grass and Seed Rs. 6000 and Rs.8000, respectively, in cash.You are required to:Enter the above transactions in Pat’s journal and ledger accounts and compile a trial balance as at 31 December 2019.
- Big Oak Lumber is a lumber yard on Angel Island. Some of Big Oak’s transactions during the current year are as follows: Apr. 15 Sold lumber on account to Hard Hat Construction, $19,700. The inventory subsidiary ledger shows the cost of this merchandise was $10,300. Apr. 19 Purchased lumber on account from LHP Company, $3,700. May 10 Collected in cash the $19,700 account receivable from Hard Hat Construction. May 19 Paid the $3,700 owed to LHP Company. Dec. 31 Big Oak’s personnel counted the inventory on hand and determined its cost to be $114,000. The accounting records, however, indicate inventory of $116,500 and a cost of goods sold of $721,000. The physical count of the inventory was observed by the company’s auditors and is considered correct. Instructions a. Prepare journal entries to record these transactions and events in the accounting records of Big Oak Lumber. (The company uses a perpetual inventory system.) b. Prepare a partial income statement showing the company’s gross…Big Oak Lumber is a lumber yard on Angel Island. Some of Big Oak’s transactions during the current year are as follows: Apr. 15 Sold lumber on account to Hard Hat Construction, $19,700. The inventory subsidiary ledger shows the cost of this merchandise was $10,300. Apr. 19 Purchased lumber on account from LHP Company, $3,700. May 10 Collected in cash the $19,700 account receivable from Hard Hat Construction. May 19 Paid the $3,700 owed to LHP Company. Dec. 31 Big Oak’s personnel counted the inventory on hand and determined its cost to be $114,000. The accounting records, however, indicate inventory of $116,500 and a cost of goods sold of $721,000. The physical count of the inventory was observed by the company’s auditors and is considered correct. Instructions Prepare journal entries to record these transactions and events in the accounting records of Big Oak Lumber. (The company uses a perpetual inventory system.) Prepare a partial income statement showing the company’s gross profit…Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). 3 Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. 3 Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800). 6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $21,850 of office equipment on credit from Spell Supply, terms n/30. 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is $2,900). 12 Received payment from Min Cho for the March 2 sale less the discount of $336. 13 Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount of $872. 13 Received payment from Linda Witt for the March 3 sale less the discount of $204. 14…