CFC Pty Ltd ('the company') recorded the following transactions in relation to its franking account: - 1
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Question:
CFC Pty Ltd ('the company') recorded the following transactions in relation to its franking account:
- 1 July 2020 - The company had an opening balance of $43,000 (credit)
- 6 September 2020 - The company received a fully franked dividend of $52,000
- 2 October 2020 - The company paid an income tax instalment of $34,000 to the ATO
- 11 November 2020 - Received a tax refund of $19,000 from the ATO
Required:
Calculate CFC Pty Ltd's franking account closing balance on 30 June 2021
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
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