Accounting course and has prepared the following

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accounting course and has prepared the following information required for the GST calculationsand the report to the taxation authority for the quarter ending 30 June 2018.Total sales (including GST)$50 500Total sales returns (including GST)1 000Total purchases (including GST)20 400Total purchase returns (including GST)2 400Jinli is unable to prepare the journal entries for GST transactions and has turned to you, asa public accountant, to assist him.Required(a) Journalise the sales and purchases transactions, as well as the payment of GST to the tax-ation authority, using the GST paid and GST collected accounts.(b) Journalise the sales and purchases transactions, as well as the payment of GST to the tax-ation authority, using the GST clearing account.(c) Assuming total net sales for the quarter were $20 400 (including GST) and the total netpurchases were $50 500 (including GST), journalise the sales and purchases transactions,as well as the payment of GST to the taxation authority, using the GST paid and GSTcollected accounts.(d) Using the same information as in (c), journalise the sales and purchases transactions, aswell as the payment of GST to the taxation authority, using the GST clearing account.CHAPTER 4Inventories279Copyright © ${Date}. ${Publisher}. All rights reserved.
BUILDING BUSINESS SKILLSFINANCIAL REPORTING AND ANALYSISFinancial reportingproblemBBS4.1Go to the ASX website () and search for the latest annual report for a com-pany in the Software and Services industry group. SelectPrices and research, thenCompanyinformation, then selectView all companiesunder the Company directory. You may selectthe same company you chose from one of the learning reflection and consolidation boxes inchapter 3.RequiredAnswer these questions using your chosen company’s consolidated statement of profit or loss.(a) What was the percentage change in revenue from sale of goods and in profit after tax fromthe previous year to the current year?(b) What was the operating expenses to sales ratio for each year? Comment on any trend inthis percentage.Comparative analysis problem: Nike vs. Adidas GroupBBS4.2Refer to the latest financial statements of Nike (-events-and-reports/). SelectAnnual Reports. Also refer to the latest financial statements foradidas Group (). SelectInvestors, thenDownload Center, then selectthe year which has the completed FY results (e.g. 2017). (Ignore the different currencies, € vs.US$ when calculating ratios.)Required(a) Based on the information contained in these financial statements, determine the followingvalues for each entity:1. Profit margin ratio for year.2. Gross profit for year.3. Gross profit ratio for year.4. Operating profit after tax for year.5. Percentage change in operating profit after tax from the previous year to the currentyear.

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