Explain how GST that is paid by consumers is a liability of the store that sold the
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Retailers act as collecting agents for the federal gove...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Question Posted:
Students also viewed these Cost Accounting questions
-
Table 20P-1 shows supply and demand in the market for sub sandwiches in Wheretown, where the local government wants to raise revenue via a $1 tax on all sandwiches, collected from sandwich shops. a....
-
This is a challenging question intended for those students who like mathematics. It will help you work through the issue of tax incidence. Consider the market for gasoline. Suppose the market demand...
-
Suppose that the government imposes a specific of T dollars on a good sold by a monopolist. Does it matter for the amount bought and sold, and the total cost per unit to consumers, whether the tax is...
-
Rotorua Products, Ltd., of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company's current assets, current liabilities, and sales over the last five years...
-
Which of the following graphs illustrates how total fixed costs behave with changes in total unitsproduced? (b) Total Units Produced Total Units Produced Total Cost Total Cost
-
Gator Corporation manufactures several types of accessories. For the year, the gloves and mittens line had sales of $500,000, variable expenses of $370,000, and fixed expenses of $150,000. Therefore,...
-
Use the NBA PER data introduced in Problem 8.21 and consider the model found in Problem 8.22. After the outliers are removed it is not obvious that all of the terms in the model are important. Refine...
-
Microtech Incorporated has decided to package its cell phone in a smaller, recyclable package. Additionally, the company will discontinue the practice of shipping each phone with a 250-page user...
-
Using the account details provided below, prepare a single-step Income Statement for Chariot Consulting's fiscal year end. List each applicable account on a separate line. Account Balance Accounts...
-
Norm and Sheila consume only meat pies and beer. Meat pies used to cost $2 each and beer was $1 per can. Their gross income used to be $60 per week, but they had to pay an income tax of $10. Use red...
-
Under IFRS, what is the standard that must be met to report a contingent liability? Is it a higher or lower standard than under ASPE?
-
Why is it important for a business to separate the current portion of long-term debt from the long-term debt?
-
a. Barga Company purchases $20,000 of equipment on January 1, 2017. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year's...
-
153. Louis pasteur by careful experimentation demonstrated that life comes only from pre-existing life. Which theory was dismissed from his experiment? (1) Chemical evolution theory (2) Spontaneous...
-
157. Jawless fishes probably evolved around (1) 500 MYA (3) 2 MYA (2) 350 MYA (4) 200 MYA MYA.
-
1. First organism to reach land were :- (1) Sea-weeds (2) Plants (3) Reptiles (4) Amphibia 2. The best evidence in support of organic evolutionare:- (1) Palaentological and evidences from...
-
1. When more than one adaptive radiationsappeared to have occurred in an isolatedgeographical area, this is called as : (1) Convergent evolution (2) Divergent evolution (3) Retrogressive evolution...
-
1. Natural selection where peak gets higher andnarrower is: - (1) Directional selection (2) Disruptive selection (3) Stabilishing selection (4) Random selection 2. Which of the following does not...
-
(a) Neglecting activity coefficients and ion pairing, find the pH and concentrations of species in 1.00 L of solution containing 0.040 mol 2-aminobenzoic acid (a neutral molecule, HA), 0.020 mol...
-
Nitrogen monoxide reacts with hydrogen as follows: 2NO(g)+ H2(g) N2O(g) + H2O(g) The rate law is [H2]/ t = k[NO]2[H2], where k is 1.10 107 L2/(mol2s) at 826oC. A vessel contains NO and H2 at...
-
Which of the following is a stronger indicator of cash flow flexibility? A. Cash flow from operating activities B. Cash flow to sales ratio C. Free cash flow D. All three indicate comparable degrees...
-
Use the following cash transactions relating to Warthoff Company to determine the cash flows from operating, using the direct method. Beginning cash balance Collected from customers Paid dividends to...
-
Use the following cash transactions relating to Lucknow Company to determine the cash flows from operating, using the direct method. Beginning cash balance Collected from customers Paid dividends to...
-
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability $ 6,650 Income tax expense Mortgage...
-
Kubin Company's relevant range of production is 20,000 to 23,000 units. When it produces and sells 21,500 units, its average costs per unit are as follows: Average Cost per Unit Direct materials $...
-
Write a program call seq-multiplier which will print out numbers in a sequence multiplied by a number input by a user. Your program should store the sequence [52, 1, 34, 23, 18, -9, 21, 4, 79] in a...
Study smarter with the SolutionInn App