A resident company has an opening credit balance of $5,000 in its franking account as at...
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A resident company has an opening credit balance of $5,000 in its franking account as at 1 July 2019. It has the follo transactions in the year: • On 29 July 2019, it paid a PAYG instalment of $25,000 • On 30 September 2019, it paid a $10,000 cash dividend franked to 75% • On 15 November 2019, it received a fully franked $15,000 cash dividend • On 15 May 2020, it paid $5,000 in GST What is the closing balance in its franking account as at 30 June 2020? Select one: O $38,215 O $26,785 O $28,215 O $33,215 A resident company has an opening credit balance of $5,000 in its franking account as at 1 July 2019. It has the follo transactions in the year: • On 29 July 2019, it paid a PAYG instalment of $25,000 • On 30 September 2019, it paid a $10,000 cash dividend franked to 75% • On 15 November 2019, it received a fully franked $15,000 cash dividend • On 15 May 2020, it paid $5,000 in GST What is the closing balance in its franking account as at 30 June 2020? Select one: O $38,215 O $26,785 O $28,215 O $33,215
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Answer rating: 100% (QA)
ANSWER C is the correct answer 28215 lsing blne is the munt in n unt t the end f erid f time li... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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