Jo is the owner of Yummy Seafood, a seafoodsupermarket. The business accounts for GST on anaccrual basis. Jo sells various seafood on accountto various restaurants in NSW. The restaurants arealso all registered for GST.Recently, Jo received a letter (dated 1 July 2020)from one restaurant advising her that therestaurant was struggling and as a result they arelikely not able to pay Jo's total bill ($220,000) by thepayment due date, including GST. As a result, Johas decided to recognise an expense provisiontotalling $100,000 as at 1 July 2020. Subsequently,on 1 July 2021 Jo has been advised that therestaurant will declare bankruptcy and accordingly,Jo has fully written off the accounts receivablebalance.Question: What is the effect of the abovetransactions on Jo's net amount for the relevant taxperiods?

Booking of expenses as provisioning for doubtful debt : In the case where there is doubt on…

Answered: o is the owner of Yummy Seafood, a…

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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Consider the following events for Henkle Decorating, Inc.: March 3 Henkle signs a contract to decorate Pat's home for a price of $3,800 March 10 Henkle purchases decorating supplies at a cost of $800 March 20 Henkle receives $1,200 as a down payment from Pat March 28 Henkle decorates Pat's home April 1 Henkle receives the final payment of $2,600 from Pat Under accrual-basis accounting, when should Henkle record revenue for decorating services? March 20 March 3 April 1 March 28
am. 04.
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Maude worked as a Software Developer for Microsoft for 3 internships. She was just hired full- time after graduating from Concordia in December 2022. On her first day of work on January 1, 2023, she was offered to participate in the company's retirement plan which is a Defined Contribution Pension Plan (DCPP). After having taken a Personal Finance course, Maude enrolled immediately on her first day, as she knows the benefit of putting money away early and having it grow even though she is a long way from retirement. Whatever Maude contributes, Microsoft doubles her contributions dollar for dollar. So far the plan averages a return of 7% compounded weekly. Both Maude and her employer contribute at the beginning of each month. Maude is only 24 years old with plans to retire early at age 55. Maude can afford to contribute $300/month. How much will she have in her retirement plan at retirement? Select one: O a. $1,199.315 O b. $1,370,436 O c. $1,361,560 O d. $1,192,344 O e. $1,355,876

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