A company, which is registered for Value Added Tax (VAT), is purchasing a product for \( £ 1,200 \) on credit. The purchase price includes VAT at \( 20 \% \). Required What is the appropriate journal

Answers

Answer 1

The appropriate journal entry for a company purchasing a product for £1,200 on credit, including VAT at 20%, is to record the purchase as an expense and account for the VAT separately.

The journal entry for this transaction would involve recording the purchase of the product as an expense and accounting for the VAT separately. The entry would be as follows:

Debit: Purchases Expense £1,000

Debit: VAT Input Tax £200

Credit: Accounts Payable (or Creditors) £1,200

In this entry, the Purchases Expense account is debited with the net amount of £1,000 (£1,200 - £200), representing the cost of the product excluding VAT. The VAT Input Tax account is debited with £200, which is the VAT amount payable on the purchase. The Accounts Payable (or Creditors) account is credited with the total purchase price of £1,200, representing the amount owed to the supplier on credit. This entry properly reflects the purchase transaction and ensures accurate recording of the expense and VAT liability.

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Related Questions

What can a boosted post help an advertiser achieve?

Answers

A boosted post helps an adviser to connect with the audience and gain trust.

Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.

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Apple outsourcing the iPad's production Compare and contrast the possible result of Apple outsourcing the iPad's production by doing it all within the firm.

Answers

By outsourcing the iPad's production, Apple may achieve cost savings and gain access to specialized expertise. On the other hand, producing the iPad within the firm allows for greater control over quality, protection of intellectual property, and integration of design and manufacturing.

Outsourcing the iPad's Production: Outsourcing production can lead to cost savings for Apple. By leveraging the lower labor costs in countries where the manufacturing is outsourced, Apple can reduce production expenses and potentially increase profitability.

Additionally, outsourcing provides access to specialized expertise. External manufacturers often have extensive experience and knowledge in specific production processes or technologies. Apple can benefit from their expertise, resulting in improved product quality and efficiency.

Producing Within the Firm: Producing the iPad within the firm offers greater control over the entire production process. Apple can ensure strict adherence to quality standards and have direct oversight of all aspects of manufacturing, resulting in consistent product quality.

Another advantage is the protection of intellectual property. By keeping production in-house, Apple can minimize the risk of intellectual property theft or leakage. Sensitive information remains within the company's control, safeguarding proprietary technology and design innovations.

In-house production allows for better integration of design and manufacturing functions. Apple can closely align the design vision with the manufacturing process, facilitating seamless product development and collaboration between different departments.

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When consumers have more _____ to adjust, demand becomes relativity more elastic.

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When consumers have more time to adjust, demand becomes relatively more elastic.

Elasticity is a measure of how sensitive the quantity demanded of a good is to a change in its price or other factors, such as income or availability of substitutes. When demand is more elastic, it means that consumers are more responsive to changes in the product's price or other conditions.

Having more time to adjust allows consumers to explore alternatives, make better-informed decisions, and change their consumption habits if needed. This can happen, for example, when there is a price increase. Consumers with more time to react might decide to switch to a different product, find a substitute, or reduce their consumption. This makes the quantity demanded of the good more sensitive to price changes, resulting in higher price elasticity of demand.

On the other hand, when consumers have less time to adjust, they may continue consuming the same product at a higher price, even if they would have preferred to switch to an alternative in the long run. This makes demand less elastic, as the quantity demanded does not change much in response to price variations.

In summary, the more time consumers have to adapt to changes in the market, the more elastic the demand becomes, as they can respond better to price fluctuations and other factors affecting their purchasing decisions.

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How much can the Ball family expect to pay, per year, to raise the child from birth to 18 years of age?

Answers

Answer:

14,344 is the correct ammont that they earn.

I need help bruh. Prereading activities include A. concept mapping B. discussion C. Questioning D. all of these​

Answers

All of these
Explanation

Answer:

D  

All of these

Explanation:

1. Consider the production function Q = (0.5K1/3 + 0.5L1/3)3 . Suppose the firms want to minimize the cost of producing 8 units of output. It pays a wage rate W of $40 and capital cost R of $10. How many units of labor and capital should the firm use?

Answers

Answer:

The answer is "k= 16 units and L=0 units"

Explanation:

Given:

\(Q = (0.5K^{\frac{1}{3}} + 0.5L^{\frac{1}{3}})^3\)

Since K and L are ideal replacements, their company should select its cheapest of two for production. Its business chooses only money.

\(\to Q(K,L)=(0.5 K^{\frac{1}{3}})^3 \\\\\to 8= 0.5K^{(\frac{1}{3})}^3\\\\\to 2= 0.125 \ K \\\\\to K=16\)

\(K=16 \ units \\\\ L=0 \ units\)

Are balloon payments a good idea?

Answers

A balloon payment can benefit buyers who have the necessary savings, and it can also benefit investors by releasing short-term cash. However, in the majority of situations, balloon repayments are a simple way to get into debt.

The final payment will likely be very enormous, as indicated by the phrase "balloon." Balloon payments often cost at least twice as much as the prior installments on the loan. Balloon payments are more frequent in commercial lending than in consumer lending since the ordinary homeowner often cannot afford a very big balloon payment at the end of the mortgage.

As the balloon payment approaches, the majority of homeowners and borrowers want to either refinance their mortgage or sell their home before the loan's maturity date. Businesses frequently use balloon loans to take advantage of lower initial payments to satisfy their short-term financial needs before making the balloon payment. During the loan term, this sort of loan specifically designs earlier payments to be smaller and later payments—often simply the last payment—to be bigger.

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Lower monthly repayments are a major advantage of an RV or balloon payment. This is due to the fact that over the loan's full duration, you are in fact paying interest on the balance of the residual value as well as balloon payment.

Define the term balloon payments?

A balloon payment is a one-time, larger-than-normal payment due at the conclusion of the loan term.

A balloon payment is a one-time, large-scale principal payment made near the end of the loan term. A balloon payment is an exaggerated one-time sum owed, typically after interest-only installments have been made throughout the term of the loan, rather than paying down principal and over course of the loan.

The benefits of balloon payments are-

Typically, there is no need for a deposit.Your ability to manage cash flow might benefit from it.You can fill financial shortfalls and release short-term capital.There will be a reduced monthly repayment fee.You can purchase a newer or perhaps more expensive car if your loan amount is increased.

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Which of these would be most likely to be included in CPI

Answers

Answer:

Frozen Pizzas

Explanation:

Info from the video:

"To calculate this index, the US Bureau of Labor Statistics uses a predetermined fixed basket of goods and services and averaging them together. The goods and services in this basket are developed from a survey of expenditures provided by individuals and families in a typical urban household."

Frozen pizza is an expenditure that could be bought by individuals and families in a household.

just a mental health update, be sure to drink some water and get a heathy snack and don't to much work. Have a good day! <3

Answers

Thank you so much!!! :) you too!!!

Frank is an employee of guitar makers, llc. guitar's employee manual states that workers, such as frank, will be dismissed only for good cause. with respect to the employment-at-will doctrine, this is

Answers

Answer: An exception based on contract theory.

Explanation:

Contract theory is an agreement reached by two parties over a set of deal to be entered, these negotiation met guides what the agreement is all about, violators of the agreement would attract extra bodies(Law makers) to come into their decision. At Ilc, if the guitar producers only release their workers based on good cause, it's seen as a contract theory, based on what both parties agreed.

Which qualifications are most helpful for Early Childhood Development and Services Careers? Check all that apply

independence
computer skills
physical strength
financial skills
adaptability
teaching skills

Answer: physical strength, adaptability, and teaching skills

Answers

Answer:

C, E, F

Explanation:

got it right

Answer:

C,E,F

Explanation:

The other guy was right so I had to assure you it was right

I need a 7 sentence summary on professional appearance

Answers

Answer:

what does this mean

Explanation:

qD=16-4p
qs= -2 + 5p
a) plot the supply and demand functions
b) what are the equilibrium price and quantity?
c) at the equilibrium price and quantity, what is the price elasticity of demand?
thank you, they all go together as one question. .

Answers

To fully answer the question, we would need to perform the calculations for b) and c) using the specific values obtained from solving the equation in part b).

a) The demand function is Qd = 16 - 4P and the supply function is Qs = -2 + 5P. b) The equilibrium price and quantity can be found by setting the quantity demanded equal to the quantity supplied and solving for P and Q. c) The price elasticity of demand at the equilibrium price and quantity can be calculated using the formula: PED = (ΔQd/Qd) / (ΔP/P).

a) To plot the supply and demand functions, we need to express them in terms of Q instead of P. Rearranging the equations, we have P = (16 - Qd)/4 for demand and P = (Qs + 2)/5 for supply. By substituting different values of Qd and Qs, we can generate corresponding price values and plot the supply and demand curves on a graph.

b) The equilibrium price and quantity occur when the quantity demanded equals the quantity supplied. So we set Qd equal to Qs and solve for P and Q. By substituting the expressions for Qd and Qs, we get (16 - 4P) = (-2 + 5P). Solving this equation gives us the equilibrium price (P) and quantity (Q).

c) The price elasticity of demand (PED) at the equilibrium price and quantity can be calculated using the formula: PED = (ΔQd/Qd) / (ΔP/P). We can calculate the percentage change in quantity demanded (ΔQd/Qd) and the percentage change in price (ΔP/P) using the equilibrium values. By substituting these values into the formula, we can find the price elasticity of demand.

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List and compare the four components of the expenditure approach to calculating GDP.

Answers

Answer: The four components of expenditure approach to calculating GDP include expenditure from government sector , household sector ,private sector and external sector .

Explanation: GDP is total value of goods and services produced in an economy in a given financial year. GDP can be calculated by different ways. Expenditure approach is one of them.


calculated by formula : C+I+G+X-M

Expenditure approach looks at the expenditure side of all the sectors in calculating GDP. The household sector spends only on the consumption goods.The private sector spends only on capital goods. Government sector purchases both capital and consumption good. The external sector also purchases both consumption and capital goods. The external sector here means total exports minus imports.


GDP formula here is same for calculating aggregate demand too.

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A $15,000, 6%, 50-day note dated november 8, is discounted at 5% on november 28. The proceeds of the note would be:.

Answers

$15061.98 a price that is lower than the usual price: To order any of these books at a discount price.

What does discounted price mean?

Discount pricing refers to a variety of business practices where the cost of a good or service is reduced in an effort to attract customers, sell surplus stock, or increase sales. Discount pricing works best when customers feel like they're "getting a good deal" on the product.

Calculation :

In order to calculate the proceeds we will using the following computation:

Principal + {Principal * Discounted rate * Frequency of a year on Maturity Date}

15,000 + {15,000 * 5% * (30/365)}

Hence, the proceeds of note would be $15,061.98

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Rising interest rates have made borrowing more costly to consumers. As a result
of the most recent increase in interest rates, borrowing and consumption have
fallen throughout the economy, triggering a contractionary period. Growing
uneasy, citizens have been asking Congress to make an official statement as to
how long this contractionary period is expected to last. Which of the following is
an appropriate response?

Answers

Answer:

it depends on the measures taken to ensure that economy is stable.

Answer:

1. it is difficult to say since contractionary periods have varying lengths in different business cycles.

2. shock

3. high unemployment

4. two

5. expansion stage of the business cycle

Explanation:

just took it

what is the answer to this question?

what is the answer to this question?

Answers

Answer:

I think it's c hope it help

Explanation:

c

Im pretty sure the answer is c. (:

Excise tax is levied in the __ of goods and services

Answers

Answer:

its probably buying

Explanation:

changes in income levels of macro environment​

Answers

The macro-environment, as opposed to specific marketplaces, refers to the overall state of an economy.

GDP, fiscal policy, monetary policy, inflation, employment rates, and consumer spending all have an impact on the macroenvironment. Business decisions about items like spending, borrowing, and investing are impacted by the macroeconomic environment.

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Answer: The macro-environment, as opposed to specific marketplaces, refers to the overall state of an economy.

What recommendations for improvements to the grocery store point of sale system can you make based upon your analysis of the data flow diagrams?

–Analyze the Grocery Store DFDs created in Unit 3 of the DFDDiagrammingTutorial2020, which is found in the Data Modelling Workshop item.

Answers

Based on the analysis of the Grocery Store DFDs, recommendations for improving the grocery store point of sale system include streamlining data flows, enhancing error handling, implementing security measures, integrating with inventory management.

Based on the analysis of the Grocery Store DFDs, the following recommendations can be made for improvements to the grocery store point of sale system:

Simplify and streamline the data flow: Identify any redundant or unnecessary data flows in the system and eliminate them to improve efficiency and reduce complexity.

Enhance error handling and exception handling mechanisms: Identify potential error scenarios and incorporate robust error handling mechanisms to ensure accurate and reliable data processing, reducing the risk of system failures and data inconsistencies.

Implement security measures: Assess the security requirements of the point of sale system and incorporate appropriate security measures, such as data encryption, access controls, and authentication mechanisms, to protect sensitive customer and transaction data from unauthorized access.

Integrate with inventory management system: Explore the possibility of integrating the point of sale system with the store's inventory management system to facilitate real-time inventory updates, automatic stock replenishment, and accurate product availability information for customers.

Incorporate reporting and analytics capabilities: Enhance the system's reporting and analytics capabilities to generate insightful sales reports, customer behavior analysis, and inventory insights, enabling informed decision-making and strategic planning.

Provide a user-friendly interface: Focus on improving the user interface of the point of sale system to enhance usability and user experience for store employees, reducing training time and minimizing user errors.

Conduct regular system maintenance and updates: Implement a regular maintenance schedule to ensure the system's optimal performance, address any identified issues promptly, and keep the software up to date with the latest security patches and feature enhancements.

By implementing these recommendations, the grocery store can enhance the efficiency, accuracy, security, and overall effectiveness of its point of sale system.

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--The given question is incomplete, the complete question is given below "What recommendations for improvements to the grocery store point of sale system can you make based upon your analysis of the data flow in system  and other factors. explain. "--

Which type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost?.

Answers

The  type of ma plan is an hmo plan that also covers some benefits out-of-network, generally at a higher cost is: Private Fee-for-Service (PFFS), Medicare Supplement Insurance Plan.

What is medicare advantage plan?

Medicare advantage plan  can be defined as a health insurance coverage plan that help to cover the medical costs of people under the plan.

The  type of Medicare advantage plan that also covers some benefits out-of-network are:

Private Fee-for-Service (PFFS)Medicare Supplement Insurance PlanPreferred Provider Organization (PPO)Point-of-Service (POS) Plan(right)

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Hi guys! 40 points!

I would appreciate some help on this one, I'm stumped lol.

What are some ways to encourage companies to get involved in exporting? Would exporting necessarily lead to a favorable balance of trade?

Answers

Answer:

1. Give companies the idea that they have an advantage in certain foreign markets and that they can earn a lot of money from this. Companies that make good business with exporting goods also earn them a reputable reputation.

2. If the exports of a country exceed its imports, the country is said to have a favourable balance of trade, or a trade surplus. Conversely, if the imports exceed exports, an unfavourable balance of trade, or a trade deficit, exists.

Explanation:

hope this helps :)

How long can someone leave their belongings on your property.

Answers

anywhere between a week and a year

Assuming purchase costs are declining, determine which statements below correctly describe what happens to cost of goods sold under FIFO, LIFO and weighted average cost flow methods. (Check all that apply.) Check all that apply. Companies using FIFO will report the smallest cost of goods sold (compared to companies using LIFO or weighted average.) Weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold. Companies using LIFO will pay higher taxes than companies using FIFO, assuming all else being equal. Companies using LIFO will report the highest ending inventory on their balance sheets (as compared to companies using FIFO or weighted average) In a situation where prices are declining, companies using LIFO will report the smallest cost of goods sold. Companies using FIFO will report the highest gross profit and net income. Read about this Do you know the answer? I know it Think so ULTE No idea

Answers

In the following question, The weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.

Assuming purchase costs are declining, the following statements correctly describe what happens to the cost of goods sold under FIFO, LIFO and weighted average cost flow methods:

Companies using FIFO will report the smallest cost of goods sold (compared to companies using LIFO or weighted average). Companies using LIFO will report the smallest cost of goods sold in a situation where prices are declining. Companies using FIFO will report the highest gross profit and net income. Companies using LIFO will pay higher taxes than companies using FIFO, assuming all else is equal.

Companies using LIFO will report the highest ending inventory on their balance sheets (as compared to companies using FIFO or weighted average). The weighted average cost of goods sold will be between FIFO and LIFO costs of goods sold.

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6. Which of the following is a way that you can put your strengths to work?
A. thinking about achievements you have accomplished
B. identifying paths to entrepreneurship
C. making a decision to become an entrepreneur
D. giving greater freedom for opportunities

Answers

All of the aforementioned methods will assist one in achieving the goal-related aim they have set.

What is Entrepreneurship?

The production or extraction of economic value is referred to as entrepreneurship. According to this definition, entrepreneurship is considered as transformation that often involves greater risk than is typical when beginning a firm and may also involve values other than just financial ones.

A person who starts and/or invests in one or more enterprises, taking on the majority of the risks and reaping the majority of the gains, is referred to as an entrepreneur.

Entrepreneurship is the practice of starting a business. The entrepreneur is frequently viewed as an innovator, a source of fresh concepts for products, services, businesses, and operational methods.

According to more specific definitions, entrepreneurship is the act of creating, starting, and operating a new company, which is frequently comparable to a small business. It may also be defined as the "ability and willingness to create, organize and effectively manage a company venture's risks in order to turn a profit."

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Which of the following is an example of a variable cost?
. A Hourly labor
В. Interest on a loan
C. Insurance
D. Rent for an office

Answers

Answer:

A. Hourly labor

Explanation:

Variable cost varies with the change of level of production.

It is an example of a variable cost is Hourly labor. A fixed cost and a variable cost can be compared. The correct option is (A).

What do you mean by the variable cost?

An expense that fluctuates in relation to production output or sales is referred to as a variable cost. Variable costs rise in response to rising production or sales, and fall in response to falling output or sales.

Fixed costs, in contrast to variable costs, are unaffected by changes in production or sales volume.

The contribution margin of a product, the parameter used to establish a company's break-even or target profit level, is heavily reliant on variable expenses.

Therefore, it is an example of a variable cost is Hourly labor. A fixed cost and a variable cost can be compared.

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Cash is an _____.
A) asset
B) expense
C) none of the above

(question is from small business entrepreneurship A)

Answers

A. Asset

Explanation:

-asset is a useful or valuable thing

Top Limited is currently maximizing its profits and earning only normal economic profits. Which of the following describes Top's situation? a Marginal revenue = marginal cost; total cost = zero b Marginal revenue < marginal cost total revenue = total cost c Marginal revenue = marginal cost; total revenue > total cost d Marginal revenue < marginal cost; total revenue < total cost e Marginal revenue = marginal cost; total revenue = total cost

Answers

E. Marginal revenue = marginal cost; total revenue = total cost.

When a firm is maximizing its profits and earning only normal economic profits, it is producing the level of output where marginal revenue (MR) equals marginal cost (MC). This is because at that level of output, the additional revenue earned from selling one more unit (MR) is exactly equal to the additional cost of producing that one more unit (MC).

At the same time, the firm is earning total revenue (TR) equal to total cost (TC), which means that it is covering all of its costs including normal profit.

Therefore, the firm is not earning any above-normal profit, but it is not incurring any losses either.

Thus, option E, "Marginal revenue = marginal cost; total revenue = total cost" is the correct answer.

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Owner must share their profits.
True or false

Answers

Answer:

True

Explanation:

True because they need to pay their workers

which manager designs the product in a business​

Answers

It is a product design manager

Answer:

Product Design Management (PDM)

Explanation:

Product Design Management (PDM) is one of the most important elements in the successful business of designing innovative products for production.
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6. In the food chain shown, which animals are prey? (Select all that apply.)grassgrasshopperfrogsnakeeagle parasitism is an example of GEOMETRY PROOFS ;-;BRAINLIEST IF CORRECT!!I'll report if you don't answer w something relevant to the problem (help me please..)GIVEN: AE=BD; CD=CEPROVE: AC=BC 1. How did New Netherland become New York? (8.05) A. The Dutch West India Company sold the colony to England,B. England took control of the colony by sending soldiers and forcing the Dutch tosurrender itC. The Dutch took control of the colony by winning in war against England,D.England sold the colony to the Dutch West India Company. Andy, 68, has a gross estate currently valued at $2,500,000 that consists primarily of highly appreciated growth securities. Within the last six months, andy transferred $500,000 worth of these securities to his wife, harriet. His cost in these securities was $200,000. Harriet recently died. The fair market value of the transferred securities at the time of her death was $500,000. The securities passed to andy under the terms of harriet's will A researcher asks participants to rate the tastes of three different cola drinks. The size, shape, and color of the drink cups are the same for each drink. In this study, the independent variable is __________, the dependent variable is __________, and an extraneous variable is __________. Group of answer choices drink cups, taste rating of cola drink, type of cola drink type of cola drink, drink cups, taste rating of cola drink type of cola drink, taste rating of the cola drink, drink cups drink cups, type of cola drink, taste rating of cola drink Find the missing number in this proportion 10/15=?/21 Which best describes teratogen This paragraph, which closes the eulogy, might best be described asa) appreciative and reverentb) nostalgic and benevolentc) optimistic and thoughtfuld) pragmatic and admiring If the steam in the engine is able to raise a 30 kg piston to a height of 0.68 m, how much work has been done by the steam? Para Una empresa produce dos tipos de chocolates de taza, A y B para los cuales los costos de produccin son, respectivamente de 2 soles y de 3 soles por cada tableta, Se sabe que la cantidad que pueden venderse cada semana de chocolates del tipo A est dada por la funcin: q=200(-2pA+2pB), Donde pA y pB es el precio de venta del producto (en soles por cada tableta)Y para el chocolate tipo B est dada por la funcin: q=100(36+4pA-8pB), Donde pA y pB es el precio de venta del producto (en soles por cada tableta) (2 puntos) Hallar la funcin utilidad de la empresa. (3,5 puntos) Determinar los precios de venta que maximizan la utilidad de la empresa y la utilidad mxima. (Interpretar la respuesta) Mt ngi i xe p chuyn ng trn mt on ng thng AB c di l S. Tc ca xe p trong na u ca on ng ny l 12 km/h v trong na cui l 10 km/h. Tnh tc trung bnh ca xe p trn c on ng AB. I challenged the Soviet Union to tear down the Berlin Wall. I also maintaind a hard line against Communism. Who am i 0.00000247 In scientific notation Mexican-American civil rights case Lines 102-106: Describe how Lady Capulet's judgment of FriarLawrence differs from the general judgment of him in Romeo andJuliet. a world war ii fighter plane is hanging from the ceiling in a museum in washington dc. one day, one of the metal cables used to suspend the plane from the ceiling breaks. (luckily the exhibit was over designed and the rest of the cables are able to keep the plane from falling.) you notice that the air conditioning is causing other hanging exhibits to jiggle and sway. what mechanism do you suspect to be the source of this failure?a world war ii fighter plane is hanging from the ceiling in a museum in washington dc. one day, one of the metal cables used to suspend the plane from the ceiling breaks. (luckily the exhibit was over designed and the rest of the cables are able to keep the plane from falling.) you notice that the air conditioning is causing other hanging exhibits to jiggle and sway. what mechanism do you suspect to be the source of this failure?strain hardeningbrittle fracturecreepyieldingfatigue A car travels a distance of 400 m in 5 seconds. Calculate its average velocity. A 745 kg race car experiences an applied force from the engine of 38900 N and a frictional force of 34000 N. How long does it take to go from rest to 21 m/s ? If you don't feel well, you should downO layO restO lieO sleep