Reference no: EM133185571
Question - Oak General Dealers, a registered VAT vendor, sells goods for cash and on credit. All debtors are registered for VAT and deal in standard-rated supplies. VAT is charged at 15%. Miss Marigold owed R5 000 at the beginning of March 2022.
Oak General Dealers uses the periodic inventory system.
The following transactions took place during the month of March 2022:
Date - Details of Transaction
01 Sold goods on credit to Miss Marigold, R46 000 (including VAT).
05 Realised that an error was made on the previous invoice. The invoice was undercast by R4 000 (excluding VAT). Miss Marigold was contacted in this regard and she accepted the corrected amount.
08 Miss Marigold settled her account balance as at 5 March 2021 and took advantage of the 2% settlement discount Oak General Dealers had offered her for prompt payment. Round to the nearest rand.
09 Sold goods on credit to Mr Mimosa, R9 200 (including VAT).
10 A rebate of R200 (excluding VAT) was granted on the goods purchased by Mr Mimosa.
15 Best Bank informed Oak General Dealers that Miss Marigold's EFT processed on the 8th March was unsuccessful due to insufficient funds.
18 Miss Zinnia bought goods on credit, R15 000 (excluding VAT).
23 Miss Zinnia returned goods purchased on the 18th for R2 875 (including VAT).
31 Miss Marigold's lawyer informed Oak General Dealers that Miss Marigold had been liquidated. Her lawyer made an EFT payment constituting a payment of 30 cents in the rand. The rest of the debt was written off.
Required -
1. Complete the Debtors Journal (DJ1) with analysis columns for Debtors control, VAT and Sales.
2. Complete Balance the journal at the end of the month.
Diversity equity and inclusion
: You are the Director of Diversity and Inclusion. you are tasked with presenting your new Diversity Equity and Inclusion (DEI) program to your team
|
Has Tim acted in an ethical manner
: Using the IMA's four principles of ethical conduct, evaluate Tim's behavior. Has Tim acted in an ethical manner? Why or why not (be specific)
|
What will be the before-tax component cost of debt
: New Corporation has 20,000 15-year, 4% annual coupon bonds outstanding. If the bonds currently sell for 105% of par what will be the before-tax component cost
|
What is the current price for a coupon
: What is the current price for a 15-year, 3% coupon (paid semi-annually) bond with par $1,000 if current market interest rate is 2.5%
|
Complete Balance the journal at the end of the month
: Oak General Dealers, a registered VAT vendor, sells goods for cash and on credit. Complete Balance the journal at the end of the month
|
How much should pay for this bond
: How much should the company pay for bonds that have a face value of $5,000, an interest rate of 10% per year, payable quarterly, and a maturity date of 5 years
|
Compute the expected rate of return of the portfolio
: Assume a portfolio of three assets A, B and C having the following characteristics: Compute the expected rate of return of the portfolio
|
What is Jack and Jill total stockholders equity
: Jack and Jill Corporation's year-end 2018 balance sheet lists current assets of $259,000, What is Jack and Jill total stockholders equity
|
Determine liabilities using the accounting equation
: The assets and owner's equity of a company are $210,000 and $55,000, respectively. Determine liabilities using the accounting equation
|