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Question - 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.
Based on these facts which of the following statements are most correct?
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.
The S corporation distributed $30,000 to Alan, and the C corporation paid dividends of $30,000 to Alan. How much income must Alan report from these businesses
Straight-line amortization is used. Interest is paid annually each December 31. Compute the bond carrying value as of December
Use the gross profit method to estimate the cost of the ending inventory for November - Estimating ending inventory by the gross profit method
As the end of Smyle Company's fiscal year approached, it became clear that the company had considerable excess inventory. Marvin Ross, the head of marketing.
Make the entry to record the partial refunding. Assume Jenks Co. makes reversing entries when appropriate Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount.
Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the work sheet. Do not total individual columns.
Using "lower of cost and net realisable value" for the purpose of inventory valuation is the implementation. Which accounting concept is being applied?
You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions that will help the mayor understand the structures of many of the businesse..
zanny electronics companyuses a standard cost system to collect costs related to theproduction of its water ski radios.
Compute the change in operating income if liberty company eliminates Dept. C and doubles the sales in Dept. T without increasing fixed costs.
Audit working papers are an integral part of an examination in accordance with generally accepted auditing standards. a) Describe three major functions of the audit working papers. b) Distinguish between the permanent working paper file and the curre..
A What accounts are used in a periodic inventory system but not in a perpetual inventory system?
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