User Account

All Pages

Determine the VAT Payable for the month of October

Assignment Help Accounting Basics
Reference no: EM132742603

Question - Bobs Bookstore (VAT registered) is engaged in the business of selling books, school supplies and gift items. The following were provided to you during the month of October (inclusive of VAT if applicable):

Sale of school supplies 1,680,000

Sale of books 1,200,000

Sale of gift items 1,008,000

Purchase of school supplies and gift items for sale 1,344,000

Purchase of books 600,000

Purchase of computers used in vatable and non-vatable transactions 448,000

Purchase of office supplies used in vatable and non-vatable transactions from non VAT registered suppliers 200,000

Required - Determine the VAT Payable for the month of October.

Reference no: EM132742603

Questions Cloud

What amount should be recognized as interest expense : The present value of 1 f or two periods at 6% is .89. What amount should be recognized as interest expense for 2020
Determine the dollar amounts that Towson will report : Use this information to determine the dollar amounts that Towson will report on its year-end Balance Sheet for Paid in Capital Common Stock in Excess to par
Prepare the journal to record the first transaction : April 6 Returned $300 of the inventory purchased on April 3. Prepare the journal to record the first transaction (i. e. 3 April)
How much cash will be collected in February : Dannie's Tech Store collects 55% of its accounts receivable in the month of sale and 40% in the month, How much cash will be collected in February
Determine the VAT Payable for the month of October : Purchase of office supplies used in vatable and non-vatable transactions from non VAT registered suppliers 200,000. Determine the VAT Payable for the month
Calculate the average cost per hour of processing the forms : Calculate the average cost per hour of processing the forms. This will include the cost of time lost by the students
What is the return on net operating assets : What is the return on net operating assets (RNOA), to two decimal places, if the company has an asset turnover of 3.6 and a profit margin of 5.3%
Prepare closing entries to close the temporary accounts : Jan. 4 Purchased $1,600 of office supplies for cash. Prepare closing entries to close the temporary accounts and post to the general ledger accounts
Observations associated with health in your community : Reflect on your own experiences and observations associated with health in your community.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the present value for the assuming that

Julie has just retired. Her company's retirement program. Calculate the present value for the Julie assuming that the money can be invested at 12%.

  Prepare the journal entries necessary to account

Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation.

  Explain disadvantages of having discretion over financial

Explain disadvantages of having discretion over financial reporting. When is discretion in financial reporting likely to lead to biased financial statements?

  Compute the common stockholders received

Alpha paid $10,000 in cash dividends including one-year dividends in arrears to preferred stockholders. Compute the Common stockholders received

  Calculate the profit or loss for the year

The liabilities of the business decreased by 1,5000 during the year while the assets increased by 10,500. Calculate the profit or loss for the year

  Calculate predetermined overhead rate for hershey company

Hershey Company uses a job order costing system and applies manufacturing overheads, Calculate the predetermined overhead rate

  What entry for income taxes should be recorded

Pretax financial income (loss) and taxable income (loss) were the same for all years since Splish has been in business. What entry for income taxes recorded

  Compute the hours worked each day

Compute the hours worked each day. (Ignore the one-minute tardiness on Friday.), the total hours worked, The regular earnings, The total earnings and The overtime earnings.

  What is the apr and ear of your investment

You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.

  Prepare the journal entry of alpha corporations bonds

Prepare the journal entry for the conversion of Alpha Corporation's bonds into common shares on August 1, 2020. the journal entry for the issuance of bonds

  Discuss treasury stock on statement of cash flows

Impact of Transactions Involving Treasury Stock on Statement of Cash Flows

  Calculate the new cif price

Original quotation made by exporter A for article X is USD 1200 per m/t CFR Rotterdam. Suppose the importer asks for CIF price. Calculate the new CIF price.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd