In australia context during the 2020 hattie bought 10 vintage chairs for $11000 each wgich she restored and sold for $16500 each in her antique furniture shop. she also bought 5 vintage tables for 24553 each which she sold for $35200. calulate how much GST hattie will remit for 2020 financial year?

In australia context during the 2020 hattie bought 10 vintage chairs for $11000 each wgich she restored and sold for $16500 each in her antique furniture shop. she also bought 5 vintage tables for 24553 each which she sold for $35200. calulate how much GST hattie will remit for 2020 financial year?

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: Millicent is planning to travel to the United States of America in 3 year - time. She estimated that…

A: Present value of money refers to the concept that a dollar in the present is worth more than a…

Q: NEED QUESTIONS 4, 5, 6 AND 7, PLEASE. Susan and Joe would like you to help them adress spme of their…

A: 4. First, we will find the principal paid till April 1, 2020 The MSRP is $40,000 and the Down…

Q: The Winter 2024 fashion scene has influ ced you to by some Totome boots for $815.20. A friend buys…

A: Money borrowed=$815.20First payment=$326.08Second payment=$504Interest rate=2.2%Semi annual…

Q: Q1: An engineering graduate plans to buy a home. She has been advised that her monthly house and…

A: Monthly income refers to the amount earned by a person in a month after paying all the expenses…

Q: At how much should Adora sell her property acquired at P6,300,000.00 is she desires a 30% gross…

A: Lets understand the basics. When we have a gross profit rate and acquisition cost then we can…

Q: susan and joe would like you to help them address some of their financial goals. They would like to…

A: The amount to be paid when financed is computed as follows: For the computation of the above table…

Q: selling their house. Offer #1 puts $8094 down and pays the lump sum $140010 in 3 months. Offer #2…

A: Simple interest is simple that means no interest on interest and there is no compounding of interest…

Q: Calculating future value. Krista Lee can purchase a service contract for all of her major appliances…

A: Calculation of future value: Answer: Future value is $2,264.02

Q: To buy some furniture, Asmaa can put $150 down and "don't pay a cent" for 6 months. At the end of 6…

A: Price of furniture is sum of amount financed and the down payment. Amount financed is calculated by…

Q: Jazelle Moma wants to visit her family in Zimbabwe in 2028, which is 6 years from now. She knows…

A: It is a case of depositing a fund whose future value in 6 years time will help meet all the expenses…

Q: Maria purchases a new big screen television for $850 on her VISA card that carries a favorable…

A: Formulas:

Q: Annette is considering two offers on her house in Rutland. The first offer is $395013.52 which…

A: Person An accepts the offer that has higher present value. Hence, present value of both offers…

Q: 1. You purchased two condos for $100,000 cash down, with loan and insurance payments of $1,500 3…

A: The downpayment on the condos: The downpayment of $100,000 has already been paid in full and will…

Q: argaret Foster wants to buy a new camper in 6 years. She estimates the camper will cost $6,400.…

A: Future value refers to the value of a current asset at some future date affected due to inflation…

Q: Q1: An engineering graduate plans to buy a home. She has been advised that her monthly house and…

A: She will have to repay principal and interest on loan as well as property tax payment on monthly…

Q: 6) Susan is looking to purchase her first home five years from today. The house costs $1,550,000.…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: Mary Smith plans to buy a truck for $20,000 after two years if the interest rate is 4% how much…

A: Step 1: IntroductionConcept: Present ValueThe amount of money she needs to set aside today is called…

Q: how much will she have to set aside today so that she will have sufficient funds available?

A: Time value of money: Time value of money refers to the concept that the value of money available at…

Q: Shiloh is a sales representative for American Silk Mills who has a company car to visit customer…

A: The employee benefits refer to the benefits paid by the employer to its employees and these benefits…

Question

In australia context

during the 2020 hattie bought 10 vintage chairs for $11000 each wgich she restored and sold for $16500 each in her antique furniture shop. she also bought 5 vintage tables for 24553 each which she sold for $35200. calulate how much GST hattie will remit for 2020 financial year?

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

GST in Australia:

VIEW

Solution:

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation

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

You want to investigate whether it will make financial sense for your business to purchase some real estate. Find a commercial property that is for sale in Charlotte, NC that your business could use (purchase price must be at least $20,000). Include the URL that will take the class to the webpage for the property. You will finance 80% of the purchase price; you will put 20% down on the purchase. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment. Next, calculate the payment using the same 5%, but for a 15-year mortgage. Show all steps in your calculations in your post. In a summary paragraph, discuss the results of your calculations and what you think is the best decision for your business to make regarding purchasing the property. Include these items in your post: URL link to property Calculation of 30-year monthly payment Calculation of 15-year monthly payment Steps in calculations (Excel is recommended) Summary
An acquaintance asks Kara to borrow money today to help her repair her car. The person will be able to repay Kara $500 in one year, and Kara is fully expects she will be repaid on time (risk free). If Kara requires a 5.0% return, what (largest) amount should she lend to her acquaintance?$525.00$495.00$475.00$476.19$471.43
Pls help ASAP
1. Sarah aims to acquire, in 8 years, a special gadget priced today at 300 units in the local currency, with its cost rising by 6% annually due to market trends. To save for this, she plans to deposit 25 units into a savings account at the start of each of the initial 5 years. Additionally, she intends to contribute an unspecified amount, denoted as Y, at the end of the 3rd and 4th years to reach her goal. Her savings account offers a 12% annual equivalent rate. What is the value of Y needed to achieve her goal?
Item 3 Christina Sanders is concerned about the financing of a home. She saw a small Cape Cod–style house that sells for $90,000. If she puts 10% down, what will her monthly payment be at (a) 30 years, 5%; (b) 30 years, 512%512% ; (c) 30 years, 6%; and (d) 30 years, 612%612% ? What is the total cost of interest over the cost of the loan for each assumption? (Round your answers to the nearest cent.)
URE ic Gail Trevino expects to receive a $580,000 cash benefit when she retires seven years from today. Ms. Trevino's employer has offered an early retirement incentive by agreeing to pay her $310,000 today if she agrees to retire immediately. Ms. Trevino desires to earn a rate of return of 10 percent. (PV of $1& and PVA of $1) Note: Use appropriate factor(s) from the tables provided. raw Required a. Calculate the present value of the $580,000 future cash benefit. Assuming that the retirement benefit is the only consideration in making the retirement decision, should Ms. Trevino accept her employer's offer? Note: Round your final answer to the nearest whole dollar value. Present value Should Ms. Trevino accept the offer?
on Sami buys a used truck for $1,500. After using it for 3 years, he expects to sell it for $800. If i = 7.5% per year, the future worth in dollars is: Select one: O O a. $1,500 – $700(P/F,7.5%,3) b. $ 700 + 10% of $700 c. $700 - $1,500 (F/P,7.5%,3) d. $1,500 (F/P,7.5%,3) - 800