Mr. Pineda imported goods from the USA as follows:Invoice cost of the importation ($1 = P51)..Freight..Insurance.Wharfage .Brokerage fee to Customs Broker..Trucking expense from the Bureau of Customs to the warehouseof importer (The carrier is a vat-registered entity)..The imported article was imposed P50,000 customs duty and P35,000 excise tax.(a) How much is the VAT on importation?$ 5,000P 10,00037,5001,8002,2507,500(b) Assuming that the imported article was sold for P728,000 vat-inclusive, the VATpayable is

Ans - VAT and duty amount are fully dependent on the transportation used to import…

Answered: Mr. Pineda imported goods from the USA…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation if the importation is made by an agricultural cooperative?* a. P 158,400 b. P 144,000 c. P 129,600 d. P 0
The U.S Company, In the month of January 15 sold machinery on account to a retailer Australia. The invoice price was 250,000 US dollars and the exchange rate for the Australia dollar was $0.576. Select one:a. Cash A/c Dr 144,000$Sales A/c Cr 144,000$b. Cash A/c Dr 250,000$Sales A/c Cr 250,000$c. Accounts Receivable 250,000$ Sales 250,000$ d. Accounts receivable A/c Dr 144,000$Sales A/c Cr 144,000$
ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The business is VAT registered with tax authorities in Trinidad. How would you work out: Imports of $75,000 inclusive of Jmd$15,000 VAT
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Explain two reasons why Javeed should ask for commission based on gross sales.
Banana, Inc. is a U.S.-based manufacturer and wholesaler. On 10/15/20x1, Banana made its first international sale. They sold $450,000 of products to a non-U.S. customer. Banana, Inc. agreed to allow the customer to pay for the purchase in its own currency, the FC. To avoid a penalty, the foreign buyer must make payment to Banana by February 2, 20x2. At the time of the sale, the FC/$ spot rate was FC1.97=$1 Banana, Inc. has a December 31 year-end. At 12/31/20x1, the foreign currency spot rate was FC1.95 = $1. Required: Give the journal entries for the receipt of payment on the sale on 2/2/20x2. At that date, the foreign currency spot rate was FC 2.00 = $1.
5. Alivat Company purchases goods for OMR 18,000 from the supplier and makes payment along with VAT, The Company realizes OMR 25,000 by selling those goods and charges VAT from customer. What will be the VAT amount that is forwarded by the supplier of the company to the government when VAT rate is 9%? A. OMR 1,620 B. OMR 630 C. OMR 2,250 D. OMR 2,880
Vitamin, Inc. is a U.S.-based manufacturer and wholesaler. On 10/15/20x1, Almira made its first international sale. They sold $450,000 of products to a non-U.S. customer. Vitamin, Inc. agreed to allow the customer to pay for the purchase in its own currency, the FC. To avoid a penalty, the foreign buyer must make payment to Vitamin by February 2, 20x2. At the time of the sale, the FC/$ spot rate was FC1.97=$1 Vitamin, Inc. has a December 31 year-end. At 12/31/20x1, the foreign currency spot rate was FC1.95 = $1. Required: Explain how Vitamin, Inc. can use: (a) forward exchange contracts and (b) foreign exchange options their foreign currency risk. In your explanation, discuss the type of: (a) forward exchange contract or (b) foreign currency option contracts, they would obtain to hedge their foreign currency risk. No journal entries are required. For Vitamin, Inc.’s foreign customer, explain the type of foreign currency risk the s/he accepts relating to their purchase from…
Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation?* a. P 158,400 b. P 145,200 c. P 129,600 d. P 0
Calculated Numeric: Please calculate the amount of custom. Poin Please calculate the amount of customs duty paid for the import of goods in the following scenario: Al Mdina Traders basod in Shrjah mainland area imported 100 mobile phonos from China. The transaction value of goods ("Cost) is AED 2,000 per each mobile phone. The "Insurance" paid is 1% on the cost of goods and the Freight" paid is 2% based on the cost of goods. Keeping in view the rate of custorls duty is 5%, please calculate the customs duty paid by Al Madina Traders to Sharjah Customs Authority? Hint: The Incoterms usad for the Customs deciaration purposes CIF (Cost Insurance Freight).

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