B. Co an importer of merchandise for local sales had the following data on theimportation:P2, 000,00020, 00030, 000180, 00040, 00020, 000Invoice costFreightInsuranceCustoms dutyCustoms brokerage feesProcessing feeExcise tax and other legitimate expenses ofimportation prior to removal from customs custodyThe customs duty was based on a dutiable value of theImportation (as determined by the Bureau of customs) of90, 0001, 800, 000How much was the tax base of the value-added tax?How much was the value-added tax on importation?

VAT is a levy on products and services imposed at each level of the process when value is added,…

Answered: B. Co an importer of merchandise for…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section: Chapter Questions

Problem 1AP

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Which of the following statements is incorrect? a) Sales tax collected by a seller is recorded as an increase to sales tax payable. b) Freight in is used in the calculation of net purchases. c) A purchase discount is calculated after subtracting returns and allowances from gross purchases. d) If an item is shipped FOB destination, the seller is responsible for the shipping costs. e) If a seller makes a sale under the terms 2/10, net 30, the sales discount is only available if the buyer pays within the 30 day window. Plz answer fast without plagiarism please i give up vote
Accounting Your client presents you with a bill of lading and commercial invoice for a consignment of goods valued at AUD 50,000.00. Describe what type of entry is required to clear this consignment through Customs.
19 - What is the payment method in which the goods are sent to the buyer without payment by the exporter company and the cost of the goods is paid within the predetermined term?A) Payment with Acceptance CreditB) Payment Against GoodsC) Pre-financing PaymentD) Policy PaymentE) Cash Against Documents
K17.
Required: 1. Calculate the exchange gain or loss to be reported in 20X7. (Do not round intermediate calculations.) 2. Calculate the accounts receivable on the 31 December 20X7 statement of financial position. 3. Calculate the sales revenue to be recorded from the transactions listed above. Thumb up if you have the correct answer! Thanks
Discuss the treatment of imported goods for (a) Transit and (b) Transshipment, in terms of liability for payment of duties and taxes.
A sales invoice included the following information: merchandise price, P4,200; transportation, P320; terms 1/10, n/EOM, FOB shipping point. Assuming that a credit for merchandise returned of P600 is granted prior to payment, that the transportation is prepaid by the seller, and the invoice is paid within the discount period, what is the amount of cash received by the seller? O A. P3,878 B. P3,880.80 O C. P3,558 O D. P3,884 20
Qw.59.
1. Sales journal must contain the following: * A) Date, Name and Address of Buyer, Sales Invoice or OR No. B) Name and Address of Buyer, Sales Exempted and RDO Number C) Total Invoice Amount, VAT Output Tax, and Date of when the amount is to be remitted to BIR D) None of the above. 2. Included in non-deductible interest expense are: * A) Interest paid in advance B) Interest treated as capital expenditures C) Interest on amortization D) All of the above 3. These are the data included in the Purchase Journal * A) Name and Address of Supplier, Date, Total Invoice Amount B) Name and Address of Buyer, Date, Total Invoice Amount C) Name and Address of Supplier, Date, VAT Output tax D) Name and Address of Supplier, Date, Delivery Receipt
1. How much is the value of inventory in the hands of consignee? 2. How much is the net Income to be reported by Le Sserafim? 3. How much is the amount remitted by the dealer to Le Sserafim?
26 - Which of the following transactions does this record belong to? a) Record of purchase of goods against promissory note B) Record of purchase of goods on credit NS) Forward purchase of goods record D) Register of purchase of goods on credit TO) Record of purchase of goods by endorsement of check
! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Net Sales Sales Returns and Allowances Gross Profit Revenues Total Operating Expenses Income from Operations Net Income $ 286,800 (7,170) 279,630 0 279,630 $ 279,630 $ 167,000 18,350 244,000 42,800 19, 200 7,170 41,000

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