Management Accounting Simulation - Accounting Assignment Help

Assignment Task

Description of the organization and nature of certain operations.

• Le Mur du Son Ltd. sells high quality electronic sound equipment. The company sells through retail outlets as well as on
• credit to major clients.
• 1- The company gives credit terms of 2/10, n30, on the total amount including GST and QST.
• 2- The company has to determine the federal goods and services tax (GST) and the Quebec sales tax (QST).
• For example if Le Mur du Son Ltd. buys merchandise from a vendor for $100 and sells it for $200 the calculations
• would be as follows:
• On the seller's books:
• Accounts receivable 113.96
• Sales 100.00
• GST payable(7% X $100) 7.00
• QST payable (6.5% X $107) 6.96
   

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