Eastwood Ranchers sells a herd of cattle to Rozo Meat Packers for 30,000 and the related VAT.
Question:
Instructions
a. Assuming the VAT is 15% on all sales, prepare the journal entry to record the sale by Rozo Meat Packers to Wrangler Supermarkets.
b. What is the net cash outlay that Eastwood Ranchers incurs related to the VAT?
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Step by Step Answer:
a Cash 40000 6000 46000 Sales Revenue 40000 Value Add...View the full answer
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Kaushal kumar Khan
I have completed my 10th from Gramp panchayat uchch vidhyalaya bhadhar with 56 percentile in 2006. I have completed my 12th from kunwar singh collage laheriyasarai with 54 percentile in 2009. I have completed my BE degree from aarupadai veedu institute of technology, vinayaka missions university with 62 percentile in 2015 in mechanical stream. After completing my degree I had joined a auto mobile company and work their 1 years. After that I joined longowal polytechnic college as a lecture in mechanical engineering department. I have more than 5 years of teaching experiences.
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Related Book For 
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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