ANGKAT Buhay Corp. imports merchandise intended for resale. The following information were given: CIF (cost, insurance, freight) - P 350,500 Charges/expenses incurred in claiming the merchandise: Wharfage - P 1,680 Arrastre - P 2,590 Customs duty - P 4,250 Brokerage fee and documentary stamps - P 550 Bank charges on the importation of the merchandise - P1,200 Other charges - freight from customs to warehouse (VAT exclusive) - P 5,500 Facilitation expense - P3,550 Marine cargo insurance - P 2,800 How much is the total VAT on importation?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Choices:

a) P 44,288
b). P 43,628
c). P 44,054
d). Answer not given
ANGKAT Buhay Corp. imports merchandise intended for resale. The following information were given:
CIF (cost, insurance, freight) - P 350,500
Charges/expenses incurred in claiming the merchandise:
Wharfage - P 1,680
Arrastre - P 2,590
Customs duty - P 4,250
Brokerage fee and documentary stamps - P 550
Bank charges on the importation of the merchandise - P1,200
Other charges - freight from customs to warehouse (VAT exclusive) - P 5,500
Facilitation expense - P3,550
Marine cargo insurance - P 2,800
How much is the total VAT on importation?
Transcribed Image Text:ANGKAT Buhay Corp. imports merchandise intended for resale. The following information were given: CIF (cost, insurance, freight) - P 350,500 Charges/expenses incurred in claiming the merchandise: Wharfage - P 1,680 Arrastre - P 2,590 Customs duty - P 4,250 Brokerage fee and documentary stamps - P 550 Bank charges on the importation of the merchandise - P1,200 Other charges - freight from customs to warehouse (VAT exclusive) - P 5,500 Facilitation expense - P3,550 Marine cargo insurance - P 2,800 How much is the total VAT on importation?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education