A-One Mechanics Limited files GST returns monthly, and the GST rate is 5%. The figures in the following table represent the store's GST taxable sales and purchases for which GST is paid for the indicated months of the year. As part of a year-to-date review, determine A-One Mechanics Limited's net GST remittance and if they owe the government money or are entitled to a refund. The GST remittance is a(n) refund (Round to the nearest cent as needed.) of $ Month January February March April May Purchases Sales $ 158,114 $ 374,089 494,764 775,165 107,357 317,760 246,957 56,475 300,302 586,444

A-One Mechanics Limited files GST returns monthly, and the GST rate is 5%. The figures in the following table represent the store's GST taxable sales and purchases for which GST is paid for the indicated months of the year. As part of a year-to-date review, determine A-One Mechanics Limited's net GST remittance and if they owe the government money or are entitled to a refund. The GST remittance is a(n) refund (Round to the nearest cent as needed.) of $ Month January February March April May Purchases Sales $ 158,114 $ 374,089 494,764 775,165 107,357 317,760 246,957 56,475 300,302 586,444

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

See similar textbooks

Similar questions

Colson Company has a line of credit with Federal Bank. Colson can borrow up to $362,500 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage, along with the amounts borrowed and repaid during the first four months of Year 1. Colson agreed to pay Interest at an annual rate equal to 1.50 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The Interest rate is applied to the outstanding monthly balance. For example, Colson pays 6.00 percent (4.50 percent +1.50 percent) annual Interest on $78,000 for the month of January. Prime Rate Amount Borrowed or (Repaid) for the Month January February Month $ 78,000 4.50% 119,500 3.50 (15,400) 26,800 4.00 4.50 March April Required: a. Compute the amount of Interest that Colson will pay on the line of credit for the first four months of Year 1. Note: Do not round…
On April 2009, Entity A granted Entity Z a 4 year loan amounting to 5,000,000 of direct loan origination cost and receives nonrefundable origination fees amounting to 500,000. the stated interest is 10% payable annually every december 31. What is the interest income and carrying amount of the loans receivable on March 31, 2010?
Colson Company has a line of credit with Federal Bank. Colson can borrow up to $407,000 at any time over the course of the Year 1 calendar year. The following table shows the prime rate expressed as an annual percentage, along with the amounts borrowed and repaid during the first four months of Year 1. Colson agreed to pay Interest at an annual rate equal to 2.00 percent above the bank's prime rate. Funds are borrowed or repaid on the first day of each month. Interest is payable in cash on the last day of the month. The interest rate is applied to the outstanding monthly balance. For example, Colson pays 6.25 percent (4.25 percent - 2.00 percent) annual Interest on $83,300 for the month of January. Month January February Month January February March April March April Required: a. Compute the amount of Interest that Colson will pay on the line of credit for the first four months of Year 1. Note: Do not round intermediate calculations. Round your final answers to the nearest whole…
Samantha, Inc. grants its customers 30-day credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2020, accounts receivable were P1,250,000 and the allowance account had a credit balance of P106,000. Accounts receivable activity for 2021 was as follows: Credit sales P3,800,000 Write-offs 82.000 Collections ? The company's controller prepared the following aging summary of year-end accounts receivable: Age group Amount Percent uncollectible 0-60 days 825,000 2% 61-90 days 220.000 10% 91-120 days 50.000 30% Over 120 days 128,000 40% Total 1,223,000 Based on the preceding information, determine the following: 1. Allowance for uncollectible accounts before year-end…
XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax return: Source of Income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 How much is the quarterly gross receipts tax? Answer:
Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous Balance: $303 Purchases: Payments: June 4 $111 June 21 $35 June 12 $45 June 20 $127 June 26 $43 What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent. ADB: $ Finance charges: $
Samantha, Inc. grants its customers 30-day credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is made by multiplying 2% times the amount of credit sales for the month. At the fiscal year-end of December 31, an aging of accounts receivable schedule is prepared and the allowance for uncollectible accounts is adjusted accordingly. At the end of 2020, accounts receivable were P1,250,000 and the allowance account had a credit balance of P106,000. Accounts receivable activity for 2021 was as follows: Credit sales P3,800,000 Write-offs 82.000 Collections ? The company's controller prepared the following aging summary of year-end accounts receivable: Age group Amount Percent uncollectible 0-60 days 825,000 2% 61-90 days 220.000 10% 91-120 days 50.000 30% Over 120 days 128,000 40% Total 1,223,000 Based on the preceding information, determine the following: 1. net realizable value of accounts receivable at december…
Ammer Products has an average accounts payable balance of P850,000 and its annual net credit purchases is P8,750,000. Assume there are 365 days per year. What is Ammer’s payables deferral period?
On March 20, the Agricultural Bank deducted engineer Valdez a rate of 18% annual simple in a document that expires on the following November 15, said document was signed on January 22 to guarantee a credit of 40,000. On June 12, the bank transfers the document to Banco Mercantil with a simple 16% annual discount. How much was the profit for the Agricultural Bank?
Capital structure Kirsten Neal is interested in purchasing a new house given that mortgage rates are low. Her bank has specific rules regarding an applicant's ability to meet the contractual payments associated with the requested debt. Kirsten must submit personal financial data for her income, expenses, and existing installment loan payments. The bank then calculates and compares certain ratios to predetermined allowable values to determine if it will make the requested loan. The requirements are as follows: (1) Monthly mortgage payments <29% of monthly gross (before-tax) income. (2) Total monthly installment payments (including the mortgage payments) <38% of monthly gross (before-tax) income. Kirsten submits the following personal financial data: Monthly gross (before-tax) income Monthly installment loan obligations Requested mortgage Monthly mortgage payment a. Calculate the ratio for requirement 1. $4,450 375 145,000 1,120 a. The ratio for requirement 1 is%. (Round to two decimal…
Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January 1, 2019. In addition, Spath agrees to sell inventory to the customer at reduced prices over a 5-year period. Spaths incremental borrowing rate is 12%. The customer agrees to purchase an equal amount of inventory each year over the 5-year period so that a straight-line method of revenue recognition is appropriate. Required: Prepare the journal entries on Spaths books for 2019 and 2020. (Round answers to 2 decimal places.)
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?