When a single goods and services tax (GST) or Harmonized Sales Tax (HST) account is used, a debit balance in the account means the government owes money to the business.
True
False
Answers
When a single goods and services tax (GST) or Harmonized Sales Tax (HST) account is used, a debit balance in the account means that the business owes money to the government. Therefore, the given statement is False.
When a single goods and services tax (GST) or Harmonized Sales Tax (HST) account is used, a debit balance in the account means that the business owes money to the government. Therefore, the given statement is False. Let's learn more about GST and HST accounts: GST or HST account is a specific account that records all the financial transactions of the GST/HST charged and collected by the businesses. A business needs to register for a GST/HST account if its annual revenue exceeds a certain limit. Businesses that have GST/HST accounts have to charge and collect GST/HST from their clients on taxable goods and services. The GST or HST account is maintained on an accrual basis, which means that it records all GST/HST collected and payable in the period in which the transactions occur. It allows businesses to claim input tax credits (ITCs) to reduce the amount of GST/HST they owe to the government.
The ITCs can be claimed on GST/HST paid or payable on the purchases made to operate the business. A GST/HST account can have either a credit balance or a debit balance, depending on the amount of GST/HST collected and paid. A credit balance occurs when the amount of GST/HST collected and not yet paid is more than the amount of GST/HST paid on business purchases. In contrast, a debit balance occurs when the amount of GST/HST collected and not yet paid is less than the amount of GST/HST paid on business purchases. Thus, the given statement is False because a debit balance in the GST/HST account means the business owes money to the government and not vice versa.
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Related Questions
1.(Sunk Cost and Choice) Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What is wrong with this thinking?
Answers
Answer:
Sunk cost. The individual is still considering sunk cost in making future decisions
Explanation:
Sunk cost is cost that has already been incurred and cannot be recovered. It should not be considered in making future decisions.
In this question, the money paid for the meal is the sunk cost and it shouldn't be considered in making the decision of whether to continue the meal or not to.
I hope my answer helps you
A group of four friends spends a day at a local theme park, which has just opened a new attraction with very popular rides featuring new technology. They board one of the rides after waiting for over an hour in line, but about five minutes into the ride the electricity fails, and they are stuck on the ride for a half hour. When the ride finally resumes and concludes, they go to the theme park’s guest services department to complain.
What are the facts?
How does the guest feel?
How would you acknowledge the guest’s feelings?
What would be your solution?
How would you follow up with the guest?
Answers
firstly it was totally the system's fault because they can't take risks with electricity in a local theme park as it is a must factor. even if the incident occurred they must have a good backup.
we have already discussed the facts, it was very unpleasant for the guests as they came for enjoying the moment but wasted their time due to system failure and it was very disheartening for all the people gathered there.
acknowledging guests' feelings seems to be very disheartening as they suffered because of the department's negligence and everything that happened was unexpected.
the department should be aware of every basic facility present at that moment and must have options for immediate action if something happens.
Which of the following is true of resources and wants?
Both are unlimited.
Both are limited.
Resources are limited and wants are unlimited.
Resources are unlimited and wants are limited.
Answers
Answer:
the third one.............
Of all the given statements, the statement that is true in the context of resources and wants is “Resources are limited and wants are unlimited.” Hence, Option C is correct.
What are the resources?
A resource is a physical good that people appreciate and need, including air, water, and land. A resource can be classified as renewable or nonrenewable based on whether it can replace itself at the rate it is used up or whether it has a finite supply.
Natural resources, human resources, environmental resources, and many more are examples of various types of resources. In essence, wants are things that members of society aspire to possess. However, the term "resources" refers to the earth's natural resources that can be used by humans.
Thus, if there are lack of the necessary resources, one cannot satisfy wants. Option C is correct.
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Why does the risk management team review contract details?
Select one:
a. To ensure all fair hiring and employment laws and regulations are followed.
b. To ensure the amount of risk transfer is appropriate and the cost is acceptable.
c. To ensure all contract details are standard boilerplate materials.
d. To ensure all high significance, high impact risks are transferred.
Answers
The risk management team review contract details c. Ensure all contract details are standard boilerplate materials.
Risk management team audit contract subtleties to guarantee how much gamble move is fitting and the expense is OK. Any remaining choices are off-base.
Contract risk between the executives is the interaction that permits organizations to understand the greatest worth of their agreements while consistently distinguishing, following, and limiting gamble all through the agreement lifecycle.
The reason for the risky move is to pass the monetary responsibility of dangers, as legitimate costs, harms granted, and fixed costs, to the party who ought to be mindful, should a mishap or injury happen on the business' property.
Hence option (C) is correct.
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Why should you understand what you can and cannot copyright?
Answers
Answer:
Copyright is important as it helps to protect the value of an author/academic/researchers work, by giving the originator of the work the ability to protect it from unlicensed or uncredited usage.
Explanation:
Answer:
So that therefore you wouldn't be fined of plagiarism of any kind.
Explanation:
Terry took out a mortgage loan for $60,000 at an interest rate of 11% for 25 years. If Terry had not had a bankruptcy
on her credit report, her payments could have been $424.07 per month. How much is Terry paying in additional
interest over the life of the loan?
a. $49.200.00
b. $2,272.36
c. $163.00
d. $56,809.00
Answers
Answer: A. 49,200
Explanation: Took test on Edge
Based on the fact that Terry had a bankruptcy, the additional interest she will pay over the life of the loan is a. $49,000
What is the current monthly amount Terry pays?This can be found by the formula:
Loan amount = Amount paid x ( 1 - ( 1 + rate) ^-number of periods) / rate
Rate is: Number of periods
= 11% / 12 months = 25 x 12
= 11/12% = 300 months
Amount is:
60,000 = Amount x ( 1 - ( 1 + 11/12%)⁻³⁰⁰) / 11/12%
60,000 = Amount x 102.029043745
Amount = 60,000 / 102.029043745
= $588.07
What is the additional interest Terry will pay?= (Amount Terry pays now - Amount Terry would have paid) x 300 months
= (588.07 - 424.07) x 300
= $49,200
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The various ways of transferring money from one person or entity to another are called:
financial exchanges
debit cards
credit cards
checks
Answers
Answer:
financial exchanges
Explanation:
Financial exchanges is the trading of money between people as well as many other financial instruments.
Merchandise with a sales price of $800 is sold on account with term 2/10. n/30. The journal entry to record the sale would include a. debit to Cash for $800 b. Debit to Sales Discounts for $16 c. Credit to Sales for $800 d. Debit to Accounts Receivable for $784
Answers
The journal entry to record the sale would include a debit to Accounts Receivable for $784 and a credit to Sales for $800.
This is because the customer has not paid yet and we need to record the sale as revenue. The 2/10, n/30 terms mean that the customer can receive a 2% discount if they pay within 10 days, otherwise the full amount is due in 30 days.
Therefore, the Sales Discounts account would be debited for $16 if the customer takes advantage of the discount. However, this would only happen if the customer pays within 10 days.
In summary, when merchandise is sold on account with terms of 2/10, n/30, the journal entry would debit Accounts Receivable for the discounted amount, credit Sales for the full amount, and debit Sales Discounts if applicable. This allows the business to record the sale as revenue and track any discounts given to customers who pay early.
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Putting money into more than one kind of investment at a time is called liquidity. sunken cost. diversification. compound interest.
Answers
Answer:
diversification
Putting money into more than one kind of investment at a time is called diversification.
What is diversification?Diversification is the process of investing in diverse opportunities so as to reduce non-systemic risks. For example, if a person buys the stock of a health care company, in order to diversify, the person might invest in the stocks of an automobile company.
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3. ______ are defined as goods or services that are required for health and safety.
Answers
Occupational Health and Safety are defined as goods or services that are required for health and safety. Information standards are guidelines governing the information that must be provided to consumers when they purchase specific goods.
What is the safety of goods?A safe product is one that delivers either no risk or a minimum tolerable level of risk, taking into account the product's typical or reasonably foreseeable use and the need to maintain a high level of consumer protection.
Occupational health and safety is a multidisciplinary discipline that deals with all elements of workplace health and safety, with a heavy emphasis on preventing workplace dangers.
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To become a Dentist, you have to take on $400,000 in debt (Student Loans, Living Expenses while in school, etc.). The average Dentist salary is $150,000. If living expenses after school are $90,000 per year, how many years will it take to pay off the $400,000 debt? (Don't account for interest or inflation in this scenario)
Round your answer to the nearest hundredth
Answers
It would take the dentist 6.67 years to repay the student loan of $400,000
How much is left each year after living expenses are deducted from salary?
The amount remaining after living expenses are deducted from the annual salary of $150,000 is $60,000(i.e. $150,000-$90,000) which would be used entirely to repay the student loan of $400,000
The number of years it takes to fully settle the loan or payback period for the loan repayment is determined as the total loan amount divided by the annual loan repayment of $60,000
payback period=$400,000/$60,000
payback period=6.67 years
Note that nearest hundredth means to 2 decimal places
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In macroeconomics, a _______________ describes the common way in which market values are measured in an economy.
Answers
Answer:
unit of account that is your answer
6
A company that is located in the U.S. and sells its product to customers in Mexico is participating in what?
A. Demographics
B. News media
C. The global marketplace
D. Web marketing
Answers
Answer:
c
Explanation:
the global marketplace
Answer:
C
Explanation:
got it right on Edge
How long do cross-departmental teams work together?
Answers
Answer:
First, department heads should be modeling cross-departmental collaboration by regularly and visibly engaging with each other – and with each other’s teams. If they notice that their department is becoming too isolated or is hesitant to collaborate with others, these leaders should be the first to start building bridges, and not just directing others to do so. Second, you need a mechanism in place to effectively collect employee feedback, in a way that makes employees feel safe from any negative consequences for speaking up.
Explanation:
Hope this helped! :)
How can an employee best help to maintain a positive work environment?
ОА.
Avoid interacting with other staff members.
OB.
Focus on the good things.
O C.
Socialize every evening with other staff members.
OD.
Maintain good relations with the management.
Answers
D. Maintain good relations with the management.
Answer:
it is (C)
Explanation:
The arguments supporting spontaneous generation were finally disproved by.
Answers
Louis Pasteur finally disproved the concept of the spontaneous generation together along with his well-known swan-neck flask experiment.
Who was Louis Pasteur?
Louis Pasteur ForMemRS changed into a French chemist and microbiologist famed for his discoveries of the standards of vaccination, microbial fermentation, and pasteurization.
This tested that sure germ debris withinside the air prompted the spoiling of the broth, disproving spontaneous era – a preceding main concept of sickness that claimed the air itself changed into to blame.
Therefore, Louis Pasteur finally disproved the concept of spontaneous generation together along with his well-known swan-neck flask experiment.
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why do most people invest in the stock market?
Answers
Because many people invest in stocks simply because the odds are in their favor that over time, the market will go up and earn them money.
Answer:
To make profit
Which of the following do leaders need to do in the planning phase of the performance management cycle? (Check all that apply.)
a. Make very explicit links between follower performance and team or organizational outcomes.
b. Set clear, measurable, and agreed-upon goals for the what and how of follower performance.
Answers
In the planning phase of the performance management cycle, leaders need to do the following:
a. Make very explicit links between follower performance and team or organizational outcomes.
b. Set clear, measurable, and agreed-upon goals for the what and how of follower performance.
In the planning phase of the performance management cycle, leaders play a crucial role in setting the direction and expectations for their followers. By making explicit links between follower performance and team or organizational outcomes (option a), leaders ensure that their team members understand how their individual contributions impact the overall success of the team or organization.
This alignment helps create a sense of purpose and motivation among the followers, as they can see the direct connection between their efforts and the desired outcomes.
Additionally, leaders need to set clear, measurable, and agreed-upon goals for follower performance (option b). These goals should be specific, achievable, and aligned with the overall objectives of the team or organization. Clear goals provide followers with a clear understanding of what is expected of them, while measurable goals enable leaders to track progress and provide feedback.
When goals are agreed upon, it promotes a collaborative approach where leaders and followers can have a shared understanding of expectations, fostering a sense of ownership and commitment.
By incorporating these two actions into the planning phase, leaders can effectively align individual and team goals with organizational objectives, ensuring that performance management efforts are focused and purposeful.
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David and karen decide to purchase a $500,000 policy on david and a $500,000 policy on karen. How much would these policies cost if they were $0. 80 per $1,000 of coverage for tina and $0. 75 per $1,000 for david?
Answers
The cost of the policies for David and Karen can be calculated by multiplying the amount of coverage by the cost per $1,000 of coverage.
For David's policy, the cost would be:First, we calculate the cost of David's policy. Divide the coverage amount by $1,000 to get the $1,000 coverage number. For David, this number is 500.
$500,000 / $1,000 = 500
Then, we multiply the number of $1,000 of coverage by the cost per $1,000 of coverage. For David, this figure is $0.75 per $1,000. Therefore, the cost of David's policy is:
500 x $0.75 = $375
For Karen's policy, the cost would be:Now, we calculate the cost of Karen's policy. Divide the coverage amount by $1,000 to get the $1,000 coverage number. For Karen, this number is 500.
$500,000 / $1,000 = 500
Then, we multiply the number of $1,000 of coverage by the cost per $1,000 of coverage. For Karen, this figure is $0.80 per $1,000. Therefore, the cost of Karen's policy is:
500 x $0.80 = $400
Finally, we add up the individual costs of the two policies to get the total cost. The total cost of the policies for David and Karen.
Therefore, the total cost of the policies for David and Karen would be:
$375 + $400 = $775
So, the total cost of the policies for David and Karen is $775.
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define business systems
Answers
Answer:
In business terminology, a business system refers to the value-added chain, which describes the value-added process, meaning the supply of goods and services. A business can span one or several business systems. Each business system, in itself, generates economic benefit.hope it helps.stay safe healthy and happy...It is a good idea to get and use an many credit cards as possible to build credit history. True False
Answers
Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $1,500 of direct materials and used $3,000 of direct labor. The job was not finished by the end of September, but needed an additional $2,000 of direct materials and additional direct labor of $4,500 to finish the job in October. The company applies overhead at the end of each month at a rate of 200% of the direct labor cost incurred. What is the balance in the Work in Process account at the end of September relative to Job A3B
Answers
The balance in the Work in Progress account at the end of September relative to job A3B is $10500.
During September month material amounting to $1500 and direct labor amounting to $3000 was introduced in the process and Overheads at the end of each month is 200% of direct labor.
Cost incurred = 200% of $3000
= $6000.
As specified by the question that the job is not finished at month end and additional material and labor amounting to $2000 and $4500 respectively is required in October month . So the whole cost incurred in September month that is $1500+$3000+$6000=$10500.
$10500 is transferred to Work in progress account . When Job gets finished that is in month of October the whole cost amounting to 10500+2000+4500+(4500*200%) =$ 26000 transferred to Finished Goods Account.
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What are interpersonal skills?
A.
the skills required to develop your personality
B.
the skills required to grow in your job role
C.
the overall way of portraying yourself when communicating with others
D.
the overall way you deal with conflicts
Answers
Answer:
The answer is 2
Explanation:
Answer is the letter D the overall way you deal ith conflicts
Answer:
C.
the overall way of portraying yourself when communicating with others
Explanation:
bookmark question for later what is a common axiom for information technology professionals? communicate! become an expert know the business be professional
Answers
Know the business is a common axiom for information technology professionals.
Information technology is the use of computer systems or other technological devices to access information. Information technology is in charge of a sizable portion of our daily activities, including our workforce, business operations, and personal access to information.
IT professionals examine computer networks and communication systems for safety and security. Installing security systems such as anti-virus software and firewalls, reviewing network activity for potential threats, and establishing password policies are all part of this. Examples include traditional computer applications such as data storage and programs to input, process, and output data.
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Critically discuss the agency theory and contrast its
application within a family run business against the typical
shareholder owned company and managed by management.
Answers
Agency theory is a corporate governance framework that examines the relationship between shareholders and managers in a publicly traded company. Its fundamental premise is that, since the owner (shareholder) and the manager (agent) have distinct objectives, an agency problem may arise when the agent fails to act in the best interests of the owner. In the case of a family-owned firm, the managers and the shareholders are frequently the same individuals or members of the same family.
As a result, the agency issue is generally less pronounced in these companies than in other, publicly traded businesses where there is a separation of management and ownership. On the other hand, in a publicly traded corporation, agency costs may increase when management is not acting in the best interests of shareholders. Shareholders own a portion of the company and have a stake in its success; however, management may prioritize its own interests above those of shareholders. In this situation, agency theory can aid in identifying and mitigating the factors that lead to this problem. A family-owned business, on the other hand, is usually managed by members of the same family, who are also the owners. This ownership structure may benefit the company in terms of more effective decision-making and resource allocation, as well as greater accountability and commitment. However, it may also result in the company's overreliance on family members and a lack of diversity in viewpoints and expertise. In this case, agency theory can aid in identifying and mitigating the factors that lead to this problem. To summarise, while agency theory applies to both family-owned and publicly traded firms, the impact and manifestation of agency issues may differ depending on the company's ownership structure.
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what is y=x^3+7x^2+14x+8
Answers
Answer:
x=−2,−1,−4
Explanation:
you need to be more specific in what you want. These are the zeros for the problem
what is the discount equivalent yield, bond equivalent yield, and effective annual return on 1m trasury bill
Answers
The discount equivalent yield, bond equivalent yield, and effective annual return on a 1 million dollar treasury bill are 3.88%, 4.05%, and 8.36% respectively.
The discount equivalent yield is a metric used to measure the return on investment by considering the discount value of the investment.
It is calculated using the formula:
Discount equivalent yield = Discount value/Face value x 360/t.
Here, t is the number of days to maturity.
Assuming a discount value of $990,000 and a face value of $1 million, the discount equivalent yield can be calculated as:
\(Discount equivalent yield = $990,000/$1 million x 360/91 = 3.88%\)
Bond equivalent yield is a measure of the annualized return on a treasury bill that takes into account the discount rate.
It is calculated using the formula:
\(Bond equivalent yield = [(Face value - Purchase price)/Purchase price] x 365/days to maturity.\)
Here, the face value is $1 million and the purchase price is $990,000.
Assuming a maturity period of 91 days, the bond equivalent yield can be calculated as:
\(Bond equivalent yield = [(1 million - 990,000)/990,000] x 365/91 = 4.05%\)
Effective annual return is a measure of the annualized return on an investment after taking into account all factors that affect the investment, including compounding.
It is calculated using the formula:
Effective annual return = (1 + periodic rate)n - 1.
Here, the periodic rate is the bond equivalent yield divided by 2, as the maturity period is less than 1 year.
The number of periods is 2, as compounding occurs twice a year.
Therefore, the effective annual return can be calculated as:
\(Effective annual return = (1 + 0.0405/2)2 - 1 = 8.36%\)
Therefore, if a one million dollar Treasury bill has a discount equivalent yield of 3.88% and a bond equivalent yield of 4.05%, the effective annual return would be approximately 8.36%, taking into account the effect of compounding over time.
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In order for a check to be legal tender it must be?
O Authorized
O Certified
Signed
O Processed
Answers
Answer:
certified signed
Explanation:
that signature come from police
Answer:
certified signed
Explanation:
The check only have power or in other words legit when only have the certification from the bank or the treasury.
Which of the following are characteristics of a scarce resource?
Choose 1 answer:
Choose 1 answer:
(Choice A)
A
The supply of the resource exceeds the demand of the resource.
(Choice B)
B
There is a fixed quantity of the resource available but no demand for it.
(Choice C)
C
There is a demand for that resource with limited supply.
(Choice D)
D
There is limited supply of a resource with no demand for that resource.
(Choice E)
E
The resource has unlimited supply and limited demand.
Answers
There is a demand for that resource with limited supply are characteristics of a scarce resource. When the demand for a natural resource exceeds the supply, resource scarcity results, which causes the stock of those resources to decrease.
As a result of rising costs that make the demand resource less accessible to those who are least well-off, this might result in unsustainable supply growth and an increase in inequality. When there aren't enough resources to meet everyone's needs, there is scarce resource. Oil is among the most well-known instances of how resource scarcity affects the United States. Local gas prices will surely climb when oil prices around the world do.
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Wyoming Restoration Company completed the following selected transactions during July 20Y1:
July 1. Established a petty cash fund of $1,100.
12. The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received from cash sales was $8,220.
31. Petty cash on hand was $47. Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
July 3. Store supplies, $580.
7. Express charges on merchandise sold, $90 (Delivery Expense).
9. Office supplies, $30.
13. Office supplies, $35.
19. Postage stamps, $50 (Office Supplies).
21. Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).
22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).
24. Express charges on merchandise sold, $135 (Delivery Expense).
30. Office supplies, $25.
July 31. The cash sales for the day, according to the cash register records, totaled $10,241. The actual cash received from cash sales was $10,232.
31. Decreased the petty cash fund by $150.
Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles.
This is the chart of accounts.
CHART OF ACCOUNTS
Wyoming Restoration Company
General Ledger
ASSETS
110 Cash
111 Petty Cash
120 Accounts Receivable
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
146 Store Supplies
151 Prepaid Insurance
181 Land
191 Office Equipment
192 Accumulated Depreciation-Office Equipment
193 Store Equipment
194 Accumulated Depreciation-Store Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
222 Interest Payable
231 Salaries Payable
241 Sales Tax Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary REVENUE
410 Sales
610 Interest Revenue
EXPENSES
510 Cost of Merchandise Sold
515 Credit Card Expense
516 Cash Short and Over
520 Salaries Expense
531 Advertising Expense
532 Delivery Expense
533 Insurance Expense
534 Office Supplies Expense
535 Rent Expense
536 Repairs Expense
537 Selling Expenses
538 Store Supplies Expense
561 Depreciation Expense-Office Equipment
562 Depreciation Expense-Store Equipment
591 Miscellaneous Administrative Expense
592 Miscellaneous Selling Expense
710 Interest Expense
Answers
A business establishes a petty cash fund to cover smaller expenses. In order to replenish the fund, the accounting department of a company typically reconciles all petty cash fund transactions every month.
How do you Journalize a petty cash fund?Your petty cash cashier is required to record a journal entry in your records whenever they deposit money into the petty cash fund. Your Petty Cash account must rise, and your Cash account must drop, as seen by the entry. Debit your Petty Cash account and credit your Cash account to demonstrate this.A debit is made to the petty cash account and a credit is made to the cash account in the petty cash journal entry. The custodian of the petty cash restocks the petty cash drawer or box, which now ought to be filled with the initial sum of money intended for the fund. The cashier enters the petty cash receipts in a journal entry.Learn more about petty cash journal entry refer to :
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