Job Banes Tyres received $550,000 for its tyres and fitting services during the year. Expenses included: Purchase

Fantastic news! We've Found the answer you've been seeking!

Question:

Job Bane’s Tyres received $550,000 for its tyres and fitting services during the year. Expenses included:

Purchase of tyres $220,000
Rent $66,000
Electricity $22000
Wages $110,000
Accounting fees. $5500
Purchase of Computer equipment $33,000

Job Bane’s Tyres also had an increasing adjustment of $2,400.
a) What are the GST consequences for the receipts and expenses for Job Bane’s Tyres?

b) What is Job Bane’s GST payable?

Related Book For answer-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Posted Date: Nov 16, 2020 05:30 AM

See More Questions

Question 2 Black Ltd enters into a call option contract with White Ltd that gives Black Ltd the right to acquire 100,000 shares in Orange Ltd. The options premium is $0.50 each. The details of the...
Brian Ltd went into liquidation on 1 July 2019. The directors presented the following statement of financial position to the liquidator: Brian Ltd Statement of Financial Position as at 30 June 2019...
A company purchased an equipment system for $325,000 on January 2. The company expects the equipment to last for eight years or 60,000 hours of operation, with an estimated salvage value of $25,000....
Amato is preparing a resume to apply for a higher-level management position with Amato's current company. The position Amato is applying for is in a different location from Amato's current job. What...
One mole of N2 contains how many N2 molecules? How many N atoms are there in one mole of N2? One mole of iron(III) sulfate, Fe2(SO4)3, contains how many moles of SO42 ions? How many moles of O atoms?
This is based on the Appendix of Honor and Tamer (2006). Suppose that $\left(y_{i 1}, y_{i 2}, y_{i 3} ight)$ is a random vector such that \(P\left(y_{i 1}=1 / \mu_{i} ight)=p_{1}\left(\mu_{i}...
The annual profits (in thousands of dollars) of a sample of 27 companies listed on a stock exchange Use technology to draw a box-and-whisker plot that represents the data set. 12.86 51.11 13.84 15.96...
Leach Company borrowed $80,000 cash by issuing a note payable on June 1, Year 1. The note had an 8 percent annual rate of interest and a one-year term to maturity. Required a. What amount of interest...
The following terms will be used interchangeably: minimum rate of return, desired rate of return, required rate of return, hurdle rate, cutoff rate, discount rate, cost of capital. Let us assume that...
In the Bombadier Company, Division A has a product that can be sold either to outside customers or to Division B. Information about these divisions is given below: Case 1 Case 2 Division A: Capacity...
What is the relationship between a Lorenz curve and a Gini coefficient? Give some examples of how Lorenz curves and Gini coefficients can be used as summary measures of equality and inequality in a...
Identify the causes of the difference between the ending cash balance in a business' records and the ending cash balance reported on its bank statement.
What is the eco-efficiency ratio formula?
Distinguish between a general benefit and a specific benefit. Why do customers respond positively to specific benefits?
What are mutually exclusive capital expenditure proposals? Give an example.
Nibbets Baskets Business had net cash provided by operating activities of $\$ 4300$ for $20 \mathrm{X} 3$. The business' income statement showed sales (net) of $\$ 40000$, interest expense of...
Can you delineate the intricate interplay between technological advancements and social change, particularly in terms of altering communication dynamics and mobilizing collective action?
Decades after the event, Johnson & Johnson (J&J), the 130-year-old American multinational, is still praised for swiftly The company indicated that its response was based on the expectations set forth...
A company issues a $5,000,000, 11%, five-year bond that pays semiannual interest of $275,000 ($5,000,000 11% ), receiving cash of $5,193,030. Journalize the bond issuance.
In a group, find the home page of the state in which you presently live. The home page will be of the form statename.gov. At the home page site, search for annual budget information. 1. What are the...
Web Books, Inc., provides accounting applications for business customers on the Web for a monthly subscription. Web Books customers run their accounting system on the Web; thus, the business data and...
Determine the probability mass function of $X$ from the following cumulative distribution function: \[ F(x)=\left\{\begin{array}{lr} 0 & x. \] Figure 3.3 displays a plot of $F(x)$. From the plot,...
The probability that a wafer contains a large particle of contamination is 0.01. If it is assumed that the wafers are independent, what is the probability that exactly 125 wafers need to be analyzed...
Two new product designs are to be compared on the basis of revenue potential. Marketing believes that the revenue from design A can be predicted quite accurately to be $\$ 3$ million. The revenue...

Job Banes Tyres received $550,000 for its tyres and fitting services during the year. Expenses included: Purchase

Question:

Expert Answer:

a If no seprately GST is charged then reeived amount to be considered as inclusive of ... View the full answer

Accounting

Students also viewed these accounting questions