Calibri (Body)2 Wrap Text vteВ IU vMerge & Center vXV fxABCEFGQ5: Solve the following 3 problems related to GST, HST, PST,CLR 1- Obj. 5L2Marksa.Meredith owns a flower shop in Ontario (Assume GST of 5%). Over a 3 month period her revenues from sales was$84900.i.How much GST did she collect?ii,If she purchased products and services costing her $25750. How much GST did she pay?iii.What amount is she required to remit to the government for the period?b.Astore located in British Columbia sold a desk top computer for $1688 plus GST (5%) and PST 7%).i.What is the total price the consumer must pay for this computer?ii.What would the consumer in Ontario (HST 13%) have to pay for the same computer?iii.What is the difference in paid by the resident of BC and of Ontario?Atown has a total residential property assessment of $985550000. It initially estimated that $57565000 must be raisedi.C.What tax rate (in %) per $1000 must be set to raise the $57565000?ii.What are the property taxes ($ value) for a property assessed at $55750?iii.If an additional $3000000 must be raised, what is the increase in the tax rate required to meet the additionalexpenses? Calculate the new revised property tax rate (in %)iv.How much additional property taxes will the owner of $55750 property have to pay?InstructionsQuestions 1-11+eadyMacB四| 三

GST Collected = Revenue x GST Rate GST Payment = Purchases x GST Rate GST Remittance = GST…

Answered: a. Meredith owns a flower shop in…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 66.4C

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PA3. 9.1 Prepare journal entries for the following transactions from Forest Furniture. 3 Sold 2 couches with a sales price of $2,450 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.5% usage fee based on the total sale per transaction. The cost for this sale is $1,700 per couch. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.4% usage fee based on the total sale per transaction. The cost for this sale is $29 per light. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction from…
SEARCH ASK CHAT MATH SOLVER Question Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2009 (the end of its fiscal year) BYTE REPAIR SERVICETrial BalanceDecember 31, 2009Cash $ 8,000Accounts Receivable 15,000Parts Inventory 13,000Prepaid Rent 3,000Shop Equipment 21,000Accounts Payable $19,000Jack Shellenkamp, Capital 41,000$60,000 $60,000Summarized transactions for January 2010 were as follows:1. Advertising costs, paid in cash, $1,000.2. Additional repair parts inventory acquired on account $4,000.3. Miscellaneous expenses, paid in cash, $2,000.4. Cash collected from customers in payment of accounts receivable $14,000.5. Cash paid to creditors for accounts payable due $15,000.6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)7. Repair services performed during January: for cash $6,000; on account $9,000.8. Wages for January, paid in cash, $3,000.9.…
GL0305 (Algo) - Based on Problem 3-5A LO P1, P3, P4, P5, P6 On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company’s first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month’s (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 24 The company collected $16,000 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks’ salaries earned by employees. April 29 The company paid $650 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month’s telephone…
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Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000
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Score: 0 of 10 pts 2of9(o complete) | Hw Score: 0%, 0 of S2-10 (similar to Question Hel After operating for several months, architect Kyle Farnsworth completed the following transactions during the latter part of August Aug 15 22 28 29 31 Borrowed $65,000 from the bank, signing a note payable. Performed service for clients on account totaling $17,400 Received $8,000 cash on account from clients. Received and paid a utility bill of $1,300 Paid monthly salaries of $5,000 to employees. Journalize the transactions of Kyle Farnsworth, Architect. Include an explanation with each journal entry On August 15, Kyle Farnsworth borrowed $65,000 from the bank, signing a note payable. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journal Entry Date Accounts and Explanations

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