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CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account: - 1 July 2020 – The company had an opening balance of $43,000 (credit) - 6 September 2020 – The company received a fully franked dividend of $52,000 - 2 October 2020 – The company paid an income tax instalment of $34,000 to the ATO - 11 November 2020 – Received a tax refund of $19,000 from the ATO Required: Calculate CFC Pty Ltd’s franking account closing balance on 30 June 2021

CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account: - 1 July 2020 – The company had an opening balance of $43,000 (credit) - 6 September 2020 – The company received a fully franked dividend of $52,000 - 2 October 2020 – The company paid an income tax instalment of $34,000 to the ATO - 11 November 2020 – Received a tax refund of $19,000 from the ATO Required: Calculate CFC Pty Ltd’s franking account closing balance on 30 June 2021

FINANCIAL ACCOUNTING
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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CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account:

-        1 July 2020 – The company had an opening balance of $43,000 (credit)

-        6 September 2020 – The company received a fully franked dividend of $52,000

-        2 October 2020 – The company paid an income tax instalment of $34,000 to the ATO

-        11 November 2020 – Received a tax refund of $19,000 from the ATO

Required:

Calculate CFC Pty Ltd’s franking account closing balance on 30 June 2021

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