Answers
G1 | Total Sales | G1 | $350000 | G1 on the BAS | ||
G2 | Export Sales | G2 | $50000 | G2 on the BAS | ||
G3 | Other GST Free Sales | G3 | $0 | G3 on the BAS | ||
G4 | Input Taxed Sales | G4 | $10000 | |||
G5 | G2+G3+G4 | G5 | $60000 | |||
G6 | Total Sales subject to GST(G1-G5) | G6 | $290000 | |||
G7 | Adjustments | G7 | $30000 | |||
G8 | Total Sales subject to GST after adjustments (G6-G7) | G8 | $260000 | |||
G9 | GST on Sales (G8 divided by eleven) | G9 | $23636 | 1A in the summary section of the BAS | ||
G10 | Capital purchases | G10 | $150000 | G10 on the BAS | ||
G11 | Non-Capital purchases | G11 | $10000 | G11 on the BAS | ||
G12 | G10+G11 | G12 | $160000 | |||
G13 | Purchases for making Input Tax Sales | G13 | $10000 | |||
G14 | Purchases without GST in the price | G14 | $0 | |||
G15 | Estimated purchases for private use | G15 | $25000 | |||
G16 | G13+G14+G15 | G16 | $35000 | |||
G17 | Total purchase subject to GST G12-G16 | G17 | $125000 | |||
G18 | Adjustments (if applicable) | G18 | $0 | |||
G19 | Total purchases subject to GST after adjustments (G17-G18) | G19 | $125000 | |||
G20 | GST on purchases (G19 divided by 11 | G20 | $11364 | 18 in the Summary section of the BAS |
Similar Solved Questions
1 answer
Problem #1 Company A has the following data: Prime costs are 180% of direct materials costs...
Problem #1 Company A has the following data: Prime costs are 180% of direct materials costs (think: what are the components of prime costs?). Actual DM costs for the year are $ 100,000. The company had estimated the overhead costs to be $400,000 and the estimated DL costs were $100,000. The company ...
1 answer
Calculate the gain in (a)…………………………………………………….. GAIN= -1 + -1 + -1 + -1 + 16 +...
Calculate the gain in (a)…………………………………………………….. GAIN= -1 + -1 + -1 + -1 + 16 + -1 + -1 + -1 + -1 = 7/9 (a) (b) (c) -1 -1 -1 -1 16 -1 -1 -1 -1 2 8 6 6 6 2 8 6...
1 answer
Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic...
Pearl Products Limited of Shenzhen, China, manufactures and distributes toys throughout South East Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company’s products. The company now is planning raw materials needs for the third ...
1 answer
Addison Co. budgets production of 2.790 units during the second quarter. Other information is as follows:...
Addison Co. budgets production of 2.790 units during the second quarter. Other information is as follows: Each finished unit requires s direct labor hours, at a cost of $10 per hour. Direct labor Variable overhead Applied at the rate of $12 per direct labor hour. Budgeted at $580,000 per quarter Fix...
1 answer
2. Find a basis for each of the following subspaces (and you may assume that each...
2. Find a basis for each of the following subspaces (and you may assume that each really is a subspace.) a) The subspace of R4 given by There a + b = c + d} b) The subspace of 2x2 matrices satisfying A= AT....
1 answer
A binomial probability experiment is conducted with the given parameters. Use technology to find the probability...
A binomial probability experiment is conducted with the given parameters. Use technology to find the probability of x successes in the n independent trials of the experiment. Use the Tech Help button for further assistance. n=6, p=0.650, x<4...
1 answer
You have a relative who has accumulated savings of $ 250,000 over his working lifetime and...
You have a relative who has accumulated savings of $ 250,000 over his working lifetime and now plans to retire. Assuming that he wishes to withdraw equal installments from these savings for the next 25 years of this life, how much will each installment amount to if he is earning 5% on his savings?...
1 answer
7. Personal financial ratios Ratios are calculations that help you understand and interpret financial data. Ratio...
7. Personal financial ratios Ratios are calculations that help you understand and interpret financial data. Ratio analysis is a tool that can help you measure your financial health. Indicate whether each of the following statements about ratio analysis is true or false. True False Personal financial...
1 answer
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below:...
The December 31, 2021, post-closing trial balance ($ in thousands) for Libby Corporation is presented below: Credits Debits 27,500 65,000 40,000 8,500 4,000 150,000 55,000 190,000 60,000 Cash Investments (long-term) Accounts receivable Allowance for uncollectible accounts Prepaid insurance Inventory...
1 answer
HUIUI Kern's Book Warehouse using a perpetual inventory system. 2A (LO 2, 3, 5) Financial Statemen...
HUIUI Kern's Book Warehouse using a perpetual inventory system. 2A (LO 2, 3, 5) Financial Statemen dising transactions in the month of Mount Renner Hardwa $5,000 and Owner's Capital of $5,000. ne Renner Hardware Store completed the following merchan- At the beginning of May, the ledger of Re...
1 answer
Mechanical engineering analysis help, please show all work, thanks. Problem 2. Solve the following 1D wave...
mechanical engineering analysis help, please show all work, thanks. Problem 2. Solve the following 1D wave equation: Ott(x,t) Oxx(x,t) with the boundary conditions 0(0,t) = 0x(1,t) = 0, where 0 (x, t) refers to the twist angle of a uniform rod of unit length....
1 answer
10 In the area of inflammation, can blood cells come out from the vessels to the...
10 In the area of inflammation, can blood cells come out from the vessels to the interstitial space? A yes, always B no, never C yes, but only if the inflammation is caused by microorganisms D yes, but only if the inflammation is caused by autoantibodies...
1 answer
Ames has entered into a contract to sell his house to Mikhael. James knows that the...
ames has entered into a contract to sell his house to Mikhael. James knows that the house has a bad termite infestation that significantly reduces the value of the house. However, the topic of termites never came up and James did not volunteer any information about the termites. Mikhael is not aware...
1 answer
How do you increase the resolution/ separation of a cation exchange chromatography? Explain why.
How do you increase the resolution/ separation of a cation exchange chromatography? Explain why....
1 answer
Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20%...
Skysong Co. purchased goods with a list price of $185,700, subject to trade discounts of 20% and 10%, with no cash discounts allowable. How much should Skysong Co. record as the cost of these goods? Cost of goods purchased $enter the Cost of goods purchased in dollars LINK TO ...
1 answer
What is Current Ration, Leverage, and Inventory turnover in companies financial report?
What is Current Ration, Leverage, and Inventory turnover in companies financial report?...
1 answer
During year 1, Adams Manufacturing Company incurred $120,000,000 of research and development (R&D) costs to create...
During year 1, Adams Manufacturing Company incurred $120,000,000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards, the entire R&D cost was recognized as an expense in year 1. Manufacturing costs (direct materials, di...
1 answer
Q2 (50 pts): Design, verify and detail a reinforced concrete beam with fixed dimensions of b...
Q2 (50 pts): Design, verify and detail a reinforced concrete beam with fixed dimensions of b = 16 in and h=24 in with f'c = 5,000 psi and fy = 60,000 psi subjected to the bending moments: (a) Mu= 460 ft.k, and (b) Mu= - 590 ft.k...
1 answer
Problem 42P: Chapter: CH9 - Problem: 42P At time t = 0, a forced harmonic oscillator...
Problem 42P: Chapter: CH9 - Problem: 42P At time t = 0, a forced harmonic oscillator occupies position (0) = 0.1 mand has a velocity x(0) 0. The mass of the oscillator is m = 10 kg, and the stiffness of the spring is k-1000 N/m. Calculate the motion of the system if the forcing function is AO - FO s...