Why is VAT on cash sales recorded separately in the cash receipts journal?
Question:
Why is VAT on cash sales recorded separately in the cash receipts journal?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
In accounting the Value Added Tax VAT is a consumption tax that is added to the value of a product or service at each stage of production or distribut...View the full answer
Answered By
ROXAN VEGA
I have extensive hands-on experience and proficiency in assisting students in various subjects. During my tutoring sessions, I prioritize creating a supportive and engaging learning environment. I strive to understand each student's unique learning style and tailor my teaching methods accordingly. I am patient, empathetic, and skilled at breaking down complex concepts into simpler, more manageable parts. I encourage active participation and discussion, promoting critical thinking and problem-solving skills.
One of my strengths as a tutor is my ability to adapt to different learning needs and styles. I can explain difficult concepts using real-life examples, visual aids, or interactive exercises, depending on what works best for the student. I also provide clear explanations, answer questions, and offer guidance in a clear and concise manner.
0.00
0 Reviews
10+ Question Solved
Related Book For
Fundamental Accounting
ISBN: 9781485112112
7th Edition
Authors: David Flynn, Carolina Koornhof, Ronald Arendse, Anna C. E. Coetzee, Edwardo Muriro, Louise Christel Posthumus, Louise Mancy Smit
Question Posted:
Students also viewed these Business questions
-
The following (1 through 18) are the balance-related, transaction-related, and presentation and disclosure related audit objectives. Balance-Related Audit Objectives 1. Existence 2. Completeness 3....
-
The following (1 through 17) are the balance- related, transaction-related, and presentation- and disclosure- related audit objectives. REQUIRED Identify the specific audit objective (1-17) that each...
-
a. Two 3 kg balls are each dropped from a tower, one on the moon, the other one on Earth. During the fall, the net forces on each are the same. b. You are standing on a jet-powered platform that can...
-
XYZ Co. It is currently trading at $5 per share and has announced a $0.50 per share dividend payable next year. Using historical information, one analyst estimates XYZ Co.'s dividend growth rate is...
-
This assignment deals with the application of a traditional ABC system to the problem of measuring and managing the cost of capacity. As controller for Zen Company, youve been asked to provide input...
-
The following data give the number of shoplifters apprehended during each of the past 8 weeks at a large department store. a. Find the mean for these data. Calculate the deviations of the data values...
-
Draw and determine the C.M. positions of the following molecules. Use a periodic table of the elements for the masses of the elements (it is enough to consider the mass number). Atomic distances are...
-
Mason Companys cost structure contains a number of different cost behavior patterns. Following are descriptions of several different costs; match these to the appropriate graphs. On each graph, the...
-
1. Find the focal length of a convex mirror of radius of curvature 1m. 2. Focal length of a convex mirror is 50 cm. What is its radius of curvature? 3. Radius of curvature of a concave mirror is 25...
-
Oaks Retail Stores uses the perpetual inventory system. Goods are marked up at 20% on cost and the VAT rate is 14%. These balances appeared in the general ledger on 1 March 20x7: Transactions for...
-
Explain the advantages of a cash receipts journal over the use of a general journal for recording cash received. In what ways does the use of columns in a cash receipts journal help in the recording...
-
What role does the ABC system play in inventory control? What group of inventory items does the EOQ model focus on controlling? Describe the objective and cost trade-off addressed by the EOQ model.
-
Cindy loses her math tutoring job and the amount she has to spend on golf and tennis falls from $70 to $35 a month. With the price of an hour of golf at $10 and of tennis at $5, calculate the change...
-
Lees accountant recorded the depreciation on his cottage during 2021 as $7,000. According to the accountant, what profit did Lee make? Lee is a computer programmer who earned $35,000 in 2020. But on...
-
Calculate Lees opportunity cost of production and his economic profit. Lee is a computer programmer who earned $35,000 in 2020. But on January 1, 2021, Lee opened a body board manufacturing business....
-
A semiconductor is a key component in your laptop, smartphone, and iPad. The table provides information about the market for semiconductors in the United States. Producers of semiconductors can get...
-
After you have studied Economics in the News on pp. 116117, answer the following questions. a. Why are spirits and hand sanitizer substitutes in production? b. Why did the increase in demand for hand...
-
The company experienced the following transactions during 2016. 1. Started business by acquiring $60,000 cash from the issue of common stock. 2. Purchased bakery equipment for $46,000. 3. Had sales...
-
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2019 appear below. Net income of ¬34,000 was reported, and dividends of ¬23,000 were paid...
-
If a company reports positive net income for the year, can it also show a net cash outflow from operating activities? Explain.
-
Is depreciation a source of cash flow?
-
Is depreciation a source of cash flow?
-
Answer the following absorption costing questions: Question Which costs are included as product costs? Which costs are included as period costs? Absorption Costing
-
The unadjusted trial balance of Swifty Inc., at the company's year end of December 31, follows: SWIFTY INC. Trial Balance December 31, 2024 Debit Credit Cash $27,900 Accounts receivable 31,600...
-
} (2) Calculate the freezing (melting) temperature of water (TM= ?K) at a pressure of P = 100 atm. H2O(s) Psolid Pliquid TM = H2O(l) AHO 0.917 g/cm M =6010 J/mole at T=273 K, P = 1 atm = 1.00 g/cm...
Study smarter with the SolutionInn App