BDF limited has the following supplies: Supplies at standard rate $5,000,000 Supplies at 0% $3,000,000 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is $10,000,000 Which of the following is correct? BDF limited total supplies is $9,000,000. The company is required to register for VAT BDF limited supplies is $15,000,000. The company is required to register for VAT BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT BDF limited has exempt supplies. The company is not required to register for VAT

BDF limited has the following supplies: Supplies at standard rate $5,000,000 Supplies at 0% $3,000,000 Supplies at 25% $2,000,000 Exempt Supplies $5,000,000 The GCT threshold is $10,000,000 Which of the following is correct? BDF limited total supplies is $9,000,000. The company is required to register for VAT BDF limited supplies is $15,000,000. The company is required to register for VAT BDF limited taxable supplies is $7,000,000. The company is not required to register for VAT BDF limited has exempt supplies. The company is not required to register for VAT

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

18. The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables. The correct answer is: 436,000 REQUIRED: Provide a step-by-step solution.
18. The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables. The correct answer is: 436,000
GIRLAND INC. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ABA Co. Freight cost of P4,800 was paid as freight expenses by the consignor. After a month, GIRLAND received P213,030 in full settlement of the balance due. The consignor deducted a commission of P600 for each equipment sold, P270 for delivery expense and P300 for advertising expense. How many medical equipment were sold?
Shipments received from home office are billed at 120% of cost. During the year, the branch received shipments billed at P360,000, and returned damaged goods with billed price of P24,000. The branch has an ending inventory of P72,000. The branch reported a loss of P10,000. How much is the true branch income? a. P56,000 b. P54,000 c. P44,000 d. P34,000
On December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000
Mary's Baskets Company expects to manufacture and sell 23,000 baskets in 2019 for $6 each. There are 3,000 baskets in beginning finished goods inventory with target ending inventory of 3,000 baskets. The company keeps no work- in-process inventory. What amount of sales revenue will be reported on the 2019 budgeted income statement? O A. $120,000 B. $156,000 OC. $102,000 OD. $138,000 Calculator Next
XYZ owns a branch in New York. During the year, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: Beg Inventory, P90,000 Ending inventory P108,000. On December 31, the home office holds inventories of P160,500 which included P10,500 held on consignment. Both locations use the periodic inventory method. Compute for the inventories in a combined Statement of Financial Position as of December 31.
im.2