PART B4. Wines R Us (operating as a company) is a wholesale of wines, distributing wines toretailers. In the December quarter their total wine sales were $760,500 (includingGST & WET)Calculate the WET payable and complete the BAS extractshow your workingsSummaryIf you are using GST Option 3 leave 1B, 1C, 1D, 1E, 1F blankAmounts you owe the Tax OfficeGST on salesor GST instalment1A $00Wine equalisation tax 1C $DQLuxury car tax 1E $PAYG tax withheldPAYG income tax 5A $instalmentFBT instalment 6A $Deferred company/fund7instalment1A +1C + 1E + 4 + 5A+ 6A + 78A $%24%244.

WET is the acronym of wine equalization tax which is charged on the supply of wines it is a sort of…

Answered: total wine sa Calculate the WET payable…

Business

Accounting

total wine sa Calculate the WET payable and complete the BAS extract Summary

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: Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and…

A: Vertical Analysis of Income Statement - Vertical analysis of income statement is a method of…

Q: The following transactions occured in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Product costs are expensed Group of answer choices When the product unit cost is calculated. When…

A: Solution: Product costs is capitalized in inventory when same is produced. However when products are…

Q: Calculate the company's price earning ratio

A: Step 1 PE ratio is the ratio of earnings per share proportion to the market price per share.

Q: Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows:…

A: Production cost per unit under absorption costing Direct Material cost per unit ($1320000 /…

Q: Jamison Travel uses the contribution margin income statement intern (Click the icon to view the…

A: Revenue is reduced from variable expenditures in this statement to determine the contribution…

Q: Income statement format that separates cost of goods sold into categories? Select one: a. Detailed…

A: The multiple-step income statement shows the cost in a separation method. So that we can easily…

Q: Tableau DA 16-1: Quick Study, Computing equivalent units LO P1 Monsta Cola hires us to help assign…

A: The answer is stated below:

Q: The raw material purchasing reports can provide management with insight into how to improve…

A: Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational…

Q: A product cost is Oa. shown with operating expenses on the income statement Ob. shown with current…

A: The cost is classified into two categories i.e product cost and period cost. The product cost…

Q: a. Total product cost a. Average cost per unit b. Cost of good sold c. Ending inventory d. Net…

A: Working note:Calculation of depreciation on manufacturing equipment:Depreciation = (cost - salvage…

Q: Allocate the revenue from the computer bundle purchase to each of the hardware products using the…

A: Computer hardwarecomponent Cost per unit % of total cost Allocation % X $1500 PC tower 375 0.46875…

Q: Agricultural produce prior to harvest should be accounted under the IAS 2” a. Evaluate the…

A: Bearer plants are living plants which bears agriculture produce and is not an agricultural produce…

Q: Preparing a standard cost income statement Use the following information to prepare a standard cost…

A: Income Statement: Income Statement is financial statements that measure a company's performance…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Sales…

A: Concept Introduction: Product costs are the costs which are incurred only when a product is…

Q: Sales price Variable cost per unit Direct labor hours per unit Demand (units) Required: Product A $…

A: The contribution margin per scarce resource is determined to find the optimal mix of production. The…

Q: How are food cost percentages and beverage cost percentages calculated?

A: Food cost percentage is the ratio of the amount of money your restaurant spends on food and beverage…

Q: Can you please help me prepare an income statement according to the absorption coating method.

Q: The ending inventories for materials, work in process, and finished goods are reported on the…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. Deduction…

Q: Lansing Inc provides the following information for one of ts department's operations for June (no…

Q: Required: 1. Prepare the journal entries to record the raw materials used in production and the…

A: Answer: Explanation: 1 The raw materials used in production during June were $151,100, as given in…

Q: a. Prepare a contribution margin by product report. Calculate the contribution margin ratio for…

A: Contribution Margin = Contribution / sales

Q: What is an advantage of using historical costs on a financial statement? Group of answer choices…

A: In this question, we are required to determine the advantage of using historical costs in a…

Q: production report.

Q: Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased…

A: Journal entries are the transactions which are recorded in the books to maintain a proper record of…

Q: The production cost report has all of the following sections except quantities. cost reconciliation…

A: The production cost report will show the costs charged to department and costs that are accounted

Q: 2. Matching Activity with Cost Drivers For each cost pool below, identify an appropriate cost…

A: A cost driver is a factor that determines or influences the cost of an activity or process. It is a…

Q: Sample of Three Customers Information from 2020 Sales Cost of goods sold Abbotsford Furniture $…

A: The sample of three customers information from 2020 are : 1. Abbots ford furniture Sales = $437500…

Q: Prepare a horizontal analysis of the income statement for Year 4 and Year 3. Note: Negative answers…

A: Horizontal analysis is the analysis which is used by the entity to compare the financial data for…

Q: Calculate the net profit before the introduction of Product C . Calculate the net profit if…

A: Lets understand the basics.Contribution margin is the margin that contributes towards fixed cost and…

Q: 1. Purchased $20,500 of materials on account. 2. Issued $1,250 of supplles from the materials…

A: The question is based on the concept of Cost Accounting.

Q: Product Cost Flows Complete the following T-accounts: Materials Inventory Wages Payable Finished…

A: Transfer the relevant amounts to relevant accounts, and close the accounts.

Q: Lansing, Inc. provides the following information for one of its department's operations for June (no…

A: The question is based on the concept of Cost Accounting.

Q: Compute equivalent units for direct materials and conversion costs. Show physical units in the first…

Q: Processing time Inspection time Waiting time: Move time 15.0 days 0.5 days 2 days 1.5 days

A: A value added time is time spent for value addition.

Q: Prepare a COQ report by calculating the costs of quality for each category and the ratio of each COQ…

Q: ition forms, and

A: Overheads is $5 per direct labor hour.

Q: In a half page, What are stock out costs and capacity associated costs? What is their relationship…

A: Stockout Costs: A Cost which will arise on shortage of Inventories during the production, It will…

Q: Do all companies use cost-volume-profit charts

A: Yes, A cost-volume-profit graph is frequently used in business meetings because it presents a…

Q: Employee Finley, P. Monthly Salary $2,380 Commission Rate 2.5% Monthly Sales $64,000 Commission…

A: In this question, we are required to determine the commission and gross pay.

Question

100%

PART B
4. Wines R Us (operating as a company) is a wholesale of wines, distributing wines to
retailers. In the December quarter their total wine sales were $760,500 (including
GST & WET)
Calculate the WET payable and complete the BAS extract
show your workings
Summary
If you are using GST Option 3 leave 1B, 1C, 1D, 1E, 1F blank
Amounts you owe the Tax Office
GST on sales
or GST instalment
1A $
00
Wine equalisation tax 1C $
DQ
Luxury car tax 1E $
PAYG tax withheld
PAYG income tax 5A $
instalment
FBT instalment 6A $
Deferred company/fund
7
instalment
1A +1C + 1E + 4 + 5A
+ 6A + 7
8A $
%24
%24
4.

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

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

How to prepare income statement using absorption costing?
Windsor Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (a) Manufacturing overhead $ LA $18,700 15,370 5,140 60,120 98,240 168,880 10,600 Office supplies used Determine the total amount of manufacturing overhead. Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising $84,680 56,020 3,050 1,670 2,440 18,300 3,160
record the transfer of costs from the blending department to the finishing department (i.e., provide the journal entry with debits/increases and credits/decreases in the accounts, etc.).
create a schedule showing TCC’s total selling cost for each order size and the per-skein selling cost within each order size
Tennair Corporation manufactures cooling system components. The company has gathered the following information about two of its customers: Evans Equipment and Rogers Refrigeration. Evans Equipment Sales revenue Rogers Refrigeration $ 160,000 61,000 Cost of goods sold General selling costs $ 229,000 102,000 37,000 23,800 28,500 General administrative costs 17,850 Cost-driver data used by the firm and traceable to Evans and Rogers are: Customer Activity Sales activity Order taking Special handling Special shipping Customer Activity Sales activity Order taking Special handling Special shipping Cost Driver Sales visits Sales orders Units handled Shipments Evans Equipment 12 visits 31 orders 460 units. 33 shipments Pool Rate $ 970 278 44 460 Rogers Refrigeration 9 visits 36 orders 410 units 44 shipments Required: A. Perform a customer profitability analysis for Tennair. Compute the gross margin and operating income on transactions related to Evans Equipment and Rogers Refrigeration.
Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory.
A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule.
A product cost is Oa. shown with current liabilities on the balance sheet Ob. shown with operating expenses on the income statement c. expensed in the period in which it is manufactured Od. expensed in the period the product is sold
b. Prepare a contribution format income statement for May.
Period costs include: a. current liabilities on the balance sheet b. operating costs that are shown on the income statement in the period in which they are incurred c. current assets on the balance sheet d. operating costs that are shown on the income statement when the products are sold
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured.