Question: Which statement is true about GST If GST payable (owning) is negative, it means that the company will receive money back from CRA. GST payable

Which statement is true about GST If GST payable (owning) is

Which statement is true about GST If GST payable (owning) is negative, it means that the company will receive money back from CRA. GST payable (owning) is calculated as 5% of sales. GST collected is calculated as 5% of applicable expenses. GST paid is money collected by the company that will have to be returned to CRA

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Which statement is true about GST Question 15 options: GST collected is calculated as 5% of applicable expenses. GST paid is money collected by the company that will have to be returned to CRA. If...

Question 9 (1 point) Saved Which of the following statements is FALSE about the IRR? None, as all of the statements are true. The IRR should be compared to other projects or a target discount rate...

Please read the attachment chapters and answer the following questions with at least 50 words. Depreciation discussion What are the various methods of determining depreciation and amortization...

BLC Inc. is a medium-sized manufacturing company based in the UK. The company operates mainly in the London area and is based in Peterborough. At a recent board meeting, the company decided to expand...

please help me to find the answer for part 1, part3 and part4 Queensland University of Technology QUT Business School School of Accountancy AYB 339 Accountancy Capstone Integrated Case Study Semester...

Download the Exclusive Agency Agreement (pics1-8) and the Managing Agency Agreement (9-11). Complete the documentation using the details provided and upload BOTH forms to the upload box below. Sales...

(1)The Statement of Cash Flows Referencing this week?s readings and lecture, describe the following terms as they relate to the statement of cash flows: cash, operating activities, investing...

(1) Financial Ratios Referencing this week?s readings and lecture, what are the limitations of financial ratios? Classify your answer into at least the following categories: liquidity ratios,...

Hi, so for corporate accounting we received an assignment that was to be based consolidation accounting. However, after going through the documents,I am struggling in discovering how to approach the...

Not every part of the form need to be filled out. So please read the direction carefully. thank you. Forms to Complete (2015) Form 1065 (not Schedule B) Schedule Dand Forms 8949 Form 1125-A Schedule...

Each of the following situations represent a situation at a business. 1. Freedom estimates that $700,000 of its accounts receivable will prove to be uncollectible. 2. The companys president is in...

In environmental studies, sex ratios are of great importance. Wolf society, packs, and ecology have been studied extensively at different locations in the U.S. and foreign countries. Sex ratios for...

Question 3 1 1 pts On July 1 , 2 0 0 8 you purchase a $ 1 0 , 0 0 0 par T - Note that matures in 5 years. The coupon rate is 8 % and the price quote is 9 8 : 6 . The last coupon payment was May 1 , 2...

SIMAD UNIVERSITY Class: BACC25 Subject: Islamic Accounting Instructions: a) Follow The Instructions. Midterm Exam Instructor: All Ibrahim Date: 6-4-2022 b) You Have 1.5 Hrs. To Complete This Test. c)...

Education: a highly structured system with a distinction between universities providing traditional scientific education and Fachhochschulen focusing on the practical application of scientific...

Trade unions: despite more recent decline in membership, they are powerful partners in collective bargaining, but also exert influence in political and social life. This structural power is largely...

Integration of two systems: unification of the two Germanys meant converting a former command economy to the social market economy of the former West Germany. This has involved privatization of...