Provide answer this general accounting question Apple Inc. sold the following items during the month of April2021 and made the sales invoice in Excel as follows-5 Desktop Computer for $2500 each5 Tabs for $1500 each10 laptops for $3500 eachIf the VAT is 5%, what will be the:a) Subtotal before VATb) VAT Amountc) Total Sales value after adding 5% VAT.

Step 1: Define VATVAT known as value-added tax is a type of indirect tax levied on goods and…

Answered: Apple Inc. sold the following items…

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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Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
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