The following VAT balances were extractedfrom the subsidiary journals of Africa Tradersas at 28 February 2022.Cash receipts journalVAT inputVAT outputCash payments journalVAT inputVAT outputPurchases journalVATSales journalNATPurchases returns journalVATSales returns journalVATR956,5015 076,489 775,121 042,786 660,408 437,121 271,751 302,32On 1 February 2022, the VAT input accounthad a debit opening balance of R15 768 andthe VAT output account had a credit openingbalance of R14 554.Calculate the closing balance of the VAToutput account as at 28 February 2022NB: Instructions1. Do not type the amount with any spaces asseparators for thousands (eg: 12141.72)2. Only show the amount, do not show the R(eg: 12141.72)

To calculate the closing balance of the VAT output account as at 28 February 2022, we need to use…

Answered: The following VAT balances were…

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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How should the payment of GST of $100 of a New Zealand resident company be recorded in the company’s imputation credit account.
Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
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24 - How are the total values received or to be received in return for goods and services sold abroad into which account?A) Other Discounts Account / DebtB) Foreign Sales Account / ReceivableC) To / Credit to Gross Sales AccountD) Other Sales will be credited to your accountE) Domestic Sales Account / Receivable
AM. 116.
268. Subject : - Accounting
E8-11 Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company. Com a cor balar (in millions) 2014 2013 (LO 7, Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts $ 3,587 3,391 $ 4,517 4,359 196 158 Sales revenue 35,497 37,953 7,244 Total current assets 7,116 Instructions Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (b) Is accounts receivable a material component of the company's total current assets? (c) Evaluate the balance in FedEx's allowance for doubtful accounts.
How should the payment of FBT of $500 of a New Zealand resident company be recorded in the company’s imputation credit account.
rr
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12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export
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