Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ses have business nes -sales tax ie one of the pro

ses have business NES -sales tax IE One of the products a garage sells to...

60.1K

Verified Solution

Question

Accounting

image

ses have business NES -sales tax IE One of the products a garage sells to motorists is diesel fuel. Diesel fuel in inventory at 1 November 20X7 was $12,500, and there were invoices awaited for $1,700. During the year to 31 October 20X8, diesel fuel invoices of $85,400 were paid, and a delivery worth $1,300 had yet to be invoiced. (This was the only outstanding balance on the diesel fuel payable account at the year end.) At 31 October 20X8, the inventory of diesel fuel was valued at $9,800. What is the value of diesel fuel to be charged to the garage's statement of profit or loss and other comprehensive income for the year to 31 October 20X8? A $87,700 B. $89,400 $88,500 D $91,100 (2 marks

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

How much heat energy, in kilojoules, is required to convert 72.0g of ice at -18 degrees...

Chemistry
Q

I work for a company that uses accrual-based accounting, not that I'm directly dealing with the...

Accounting
Q

14 At time t 0 a battery of 10 V is connected across points A...

Physics
Q

This year Lloyd, a single taxpayer, estimates that his tax liability will be $11,050. Last...

Accounting
Q

Chad and Jaqueline are married and have AGI of $150,000. In 2015 they adopted a...

Accounting
Q

.P'Dim and P'Green discusses the use of cowrie shells as money. Although cowrie shells are...

Accounting
Q

The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the current...

Accounting
Q

Exercise 10-14A (Algo) Cost of goods manufactured and sold LO 105 The following information pertains...

Accounting
Q

In the historical comparison the past experience becomes the baseline for evaluating current performance. *...

Accounting
Q

Jasper Company has 56% of its sales on credit and 44% for cash. All credit...

Accounting
Q

On January 1, 2018, Carleton Corporation had 55,000 shares of $6 par value common stock...

Accounting
Q

Please show all work and formulas. You are bearish on Apple...

Finance