User Account

All Pages

Which of the statements are most correct

Assignment Help Accounting Basics
Reference no: EM132697654

Mike carries on a landscaping business and is registered for GST on an other than cash/accruals basis. He reports monthly for GST. Mike had invoiced a customer $11,000 in May 2019, and in June 2019 he received a cheque for $5,500 from the customer. After several attempts to collect the debt, Mike received advice that the customer was unable to pay the remaining about as they had been declared bankrupt. Mike wrote off the $5,500 debt on 30 June 2020.

Problem 1: Based on these facts which of the following statements are most correct?.

Select one:

a. Mike will have a decreasing adjustment of $5,500 in the June 2020 tax period.
b. Mike will have an increasing adjustment of $500 in the June 2020 tax period.
c. Mike will have an increasing adjustment of $5,500 in the June 2020 tax period.
d. Mike will have a decreasing adjustment of $500 in the June 2020 tax period.
e. Mike will not have an adjustment in the June 2020 tax period.

Reference no: EM132697654

Questions Cloud

How you would apply approaches of program evaluation : Describe how you would apply approaches or models of program evaluation covered in Unit 5 studies to your Unit 8 assignment: Developing a Program Evaluation.
Perceives ethics from our own point : Each of us perceives "ethics" from our own point of reference as to what is or is not ethical.
Compute the equivalent production using fifo and average : Compute the equivalent production using FIFO and Average. Work in process, beginning, 12,000 units - ¼ completed and 8,000 units 1/8 completed
How would your answer fit in kohlberg stages : Read the Heinz dilemma, and consider what you would do if you were in his place. Write down your answer and the reasons behind it. How would your answer fit in.
Which of the statements are most correct : Which of the statements are most correct? Mike carries on a landscaping business and is registered for GST on an other than cash/accruals basis.
Department of homeland security : Look at a real-world scenario and how the Department of Homeland Security (DHS) plays into it.
Identifying the critical attributes of selected methodology : A literature-supported discussion identifying the critical attributes of the selected methodology (qualitative or quantitative). A literature-supported.
Public-sector and private-sector computer investigations : There are many differences between public-sector and private-sector computer investigations.
What a decision tree is in terms of an organisation : Can you sketch a fully labelled decision tree, showing chains of activities and events of organisation, including full details of a basic example?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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