A restaurant reported the following revenues and receipt in May 2020:P 120,00010,00030.000P.Rice and viandselsSoft drinksSnacksTotal160.000Compute the exempt sales.c. P150,000d. P160,000a.РОb. P120,000000,209d

The following are the taxable sales in restaurant :- Food Beverage (nonalcoholic) Beer and wine…

Answered: A restaurant reported the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Business registered as 15% vat. They use perpetual inventory systems and all goods mark up at 20% above cost, before taking into account any trade discount. Prepare a cashbook payment and cashbook receipts Owner contributed R5 000 cash Cash sales R13 800 including vat Cash purchases R8 000 excluding vat Paid telkom for telephone account R345 Paid R2 000 towards a loan settlement with mzansi bank Cash sales R5 750 including vat Cash purchases R4 600 including vat Paid wages R800
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10. Alexis Company has total credit sales proceeds of $4,515 in the check-out till. If the proceeds include sale tax of 8%, show the journal to record the sale.
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A farmer sold the following goods in March: 000 20 sacks rice 45,000 90,000 135.000 P. 100 sacks corn Sealee lo in 000 Total P. 09 000,89 Determine the gross selling price subject to business tax. РО b. P 45,000 c. P 90,000 d. P 135,000 a.
1. Accounts receivable balance as of December 31, 2020 2. Allowance for doubtful accounts as of December 31, 2020 3. Net realizable value, December 31, 2020 4. Doubtful accounts expense for 2020
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33) Muscat company mart has the following sales transactions for the month of April 2018. April 6 Sold goods on credit to Nizwa mart: 50 Kettles @ RO 30each 60 electrical equipment @ RO 15 each Trade discount of 3% and Shipping cost of RO 350 April 8 Sold goods to JK mart and received cash of RO 7,500 Calculate the Total amount which is transferred to Sales daybook during the month of April 2018? a. RO 7,500 b. RO 2,328 c. RO 2,678 d. RO 2,400
The following credit sales for Edan enterprises took place during May 2020: May 1: Credit sales to Axel €800 May 2: Credit sales to Bisham €500 May 4: Credit sales to Cloe €400 May 5: Credit sales to N.Roben €700 May 7: Credit sales to S.Wijnelden €300 May 10: Credit sales to T. Hector €800 May 11: Credit sales to P. Sneijder €500 May 17 Credit sales to N.Roben €600 May 23: Credit sales to Cloe €1,000 May 30: Credit sales to Axel €900 Required: (a) Record the above transactions in a sales day book (b) Record the above transactions in the following ledger accounts: (i) Sales Ledger (ii) Transfer the total to the sales account in the General ledger (c ) You have recently been hired as a book-keeper of an SME (Small and medium size) enterprise. Using a case study company in an industry of your own choice: Reflect how the case study company you have selected for purposes of this question the process of developing and maintaining books of original entry particulary with regard to…
a. net sales for Dec 2018 b. cost of good sold for Dec 2018 c. net income for Dec 2018
Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
MC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELL

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A restaurant reported the following revenues and receipt in May 2020: Rice and viands Soft drinks P. 120,000 lnh saibi 10,000 30.000 P 160.000 Snacks Total Compute the exempt sales. sifT 096 olds c. P150,000 d. P160,000 a. РО b. P120,000