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What will be the credit balance in the franking account

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Question: Xylophone Pty Ltd is a private company with a number of shareholders who are all founders of the entity. The opening balance of the company's franking credit account had a credit balance of $34,000.

It also the following transactions in the 30 June 2020 year:

1) On 29 August 2019, it paid a $70,000 cash dividend franked to 80%.

2) On 3 September 2019, it received a $56,000 cash dividend franked to 90%.

3) On 21 September 2019, it paid a $14,000 cash dividend with franking credits of $3,600 attached.

a) What will be the credit balance in the franking account at 29 August 2019?

b) What will be the credit balance in the franking account at 3 September 2019?

c) What will be the credit balance in the franking account at 21 September 2019?

Reference no: EM132745168

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