dentify whether the following payments and receipts of a resident company result in any franking credit or franking debit entries in its franking account, and state the amount of the credit or debit (if any): 1. Payment of income tax of $300 2. Payment of a PAYG instalment of $600 3. Payment of GST of $100 4. Payment of FBT of $500 5. Receipt of a $700 dividend which has $100 of franking credits allocated to it

dentify whether the following payments and receipts of a resident company result in any franking credit or franking debit entries in its franking account, and state the amount of the credit or debit (if any): 1. Payment of income tax of $300 2. Payment of a PAYG instalment of $600 3. Payment of GST of $100 4. Payment of FBT of $500 5. Receipt of a $700 dividend which has $100 of franking credits allocated to it

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the amount of purchases under the cash basis on December 31, 2021?
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Subject- accounting
Show the solution in good accounting form How much total current liabilities should be reported on the statement of financial position as of December 31, 20X1?
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(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Manually journalize the following: a. Bank transfer from any bank to 1612CN amounting P30,000 b. cash Payment amounting P1000 to Acme Corporation. c. the company issued ordinary share capital worth of P 5,000, payment received and deposited on its GBP Bank Account 1 Dr. GBP Bank Account 1 P 5,000 Cr. Ordinary Share Capital P 5,000 d. the company recorded a Salary Expense worth of P 2500, paid for through the company's GBP Bank Account 1. Dr. Salaries and Wages P 2500 Cr. GBP Bank Account 1 P 2500 2 e. the company will pay a total of P 1500 from the Petty Cash fund for transportation related expenses. This transaction is still subject to supervisor's approval.
D1. Account
POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…