Payment amount $500. Represented by GST Collected 2,500; PAYG Withheld 600; GST paid 3,600

Q: Calculate Days in Accounts Receivable.    Total accounts receivable over 90 days: $18,105.50 A/R :…

A: Days in Accounts receivable is calculated by dividing total Receivables, net of credit by daily…

Q: sactions under a GST/PST system. The rate of GST is 5%; PST is 8%. Both taxes are charged on all…

A: Journal entries- Journal entries refer to the approved book of a corporation which is used to record…

Q: None

A: To solve this problem, we need to understand the payment terms "3/5 n/30" and apply the appropriate…

Q: Calculate the percentage of AR over 90 days:   Total accounts receivable over 90 days: $18,105.50…

A: The percentage is calculated by divide your total accounts receivable by your total accounts…

Q: Palmer Co. had the following amounts for its assets. liabilities, and stockholders' equity accounts…

A: We have, Net realizable value of assets : Cash = $20,000 Accounts receivable = $80,000 Inventory =…

Q: Southview Company's Interest revenue for the period is $14,600 and the beginning and ending interest…

A: working notes:   cash received  = Interest revenue+ beginning balance - closing balance…

Q: a barbeque is listed for $700.48 less 48% , 18% and 6%

A: This is a case of successive discounts. Successive discounts means discount on discount. In other…

Q: ompany obtains $37,600 in cash by signing a 7%, 6-month, $37,600 te payable to First Bank on July 1.…

A: Liabilities are what a company owes to outsiders, when the liability is not held for more than one…

Q: What is the accounts payable total on $112,000 with 2/10 net 30

A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…

Q: Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold).…

A: Journal entry means the book of original entry where the first time transaction is recorded. After…

Q: a Accounts Receivable Percentages Ss Revenue: $355,758.72; AR totals 5%. What amount is tied up in…

A: Note:  As per the guidelines, only the first question has been answered.   9. Given, Gross Revenue =…

Q: Scarlet Company received an invoice for $80,000.00 that had payment terms of 3/5 n/30. If it made a…

A: Step 1: Since partial payment is made within the discount period, the discount is given to the…

Q: Assuming a 360-day year, proceeds of $47,444 were received from discounting a $48,147, 90-day note…

A: Promissory Notes :— It is a written document that contains promise to pay certain sum of money to…

Q: The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:…

A: Credit purchases means the goods bought from the suppliers on credit. In other words, the credit…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is