For Questions 13-15 ECQ Incorporated imported an article from South Korea. The invaice value of the imported article was $50,000 ($1=P50). The following were incurred in connection with the importation: | Bank charges in connection with the importation of goods Expenses in opening letters of credits Interest paid on trust receipts issued by banks for imported goods Wharfage dues Arrastre charges Brokerage fees Interest charges on loans secured to finance importation Facilitation fee P150,000 100,000 15,000 70,000 80,000 25,000 50,000 10,000 The imported article was subject to P500,000 customs duties and to P300,000 excise tax. After the release from the Bureau of Customs, ECQ Incorporated paid P50,000 (net of VAT) for trucking to a warehouse in Quezon City. It also paid warehousing rent of P80,000, net of VAT. 13. How much are the total charges prior to release from Customs custody?

For Questions 13-15 ECQ Incorporated imported an article from South Korea. The invaice value of the imported article was $50,000 ($1=P50). The following were incurred in connection with the importation: | Bank charges in connection with the importation of goods Expenses in opening letters of credits Interest paid on trust receipts issued by banks for imported goods Wharfage dues Arrastre charges Brokerage fees Interest charges on loans secured to finance importation Facilitation fee P150,000 100,000 15,000 70,000 80,000 25,000 50,000 10,000 The imported article was subject to P500,000 customs duties and to P300,000 excise tax. After the release from the Bureau of Customs, ECQ Incorporated paid P50,000 (net of VAT) for trucking to a warehouse in Quezon City. It also paid warehousing rent of P80,000, net of VAT. 13. How much are the total charges prior to release from Customs custody?

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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