LO.3 Chock, a U.S. corporation, purchases inventory for resale from distributors within the United States and resells this inventory at a $1,000,000 profit to customers outside the United States. Title to the goods passes outside the United States. What is the sourcing of Chock's inventory sales income?
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- WaterCo, a U.S. corporation, purchases inventory for resale from unrelated distributors outside the U.S. It resells this inventory to U.S. customers with title passing inside the United States. What is the sourcing of WaterCo's inventory sales income? a.50% U.S. source and 50% foreign source. b.100% foreign source. c.50% foreign source and 50% sourced based on location of manufacturing assets. d.100% U.S. source.please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearlyDetermine whether the sourcing of income for the following transactions is U.S. or foreign. a. Suarez, an NRA, sells stock in Home Depot, a U.S. corporation, through a broker in San Antonio. b. Chris sells stock in IBM, a U.S. corporation, to her brother, Rich. Both Chris and Rich are NRAs, and the sale takes place outside the United States. c. Crows, Inc., sells inventory produced in the United States to customers in Europe. Title passes in the international waters of the Atlantic Ocean. d. Doubles, Inc., a U.S. corporation, manufactures equipment in Malaysia and sells the equipment to customers in the United States.
- NoneStiff Sails Corporation, a U.S. company, operates a 100%-owned British subsidiary, SeaBeW Corporation. The U.S. dollar is the functional currency of the subsidiary. Financial statements for the subsidiary for the fiscal year-end December 31, 2024, are as follows: Sales Cost of Goods Sold Beginning Inventory Purchases Cost of Goods Sold Depreciation B. Goods Available For Sale Less: Ending Inventory Selling and Admin. Expenses Income Taxes Net Income Current Assets Cash Accts. Rec. Inventories Required: A. SeaBeWe Corporation Income Statement 155,000 171,000 285,000 611,000 SeaBeWe Corporation Partial Balance Sheet 310,000 265,000 575,000 285,000 290,000 79,000 155,000 32,000 July 1, 2022 Jan. 1, 2024 June 30, 2024 Dec. 31, 2024 Average for 2024 1. Cost of Goods Sold. 2. Depreciation Expense. 3. Equipment. Other Information: 1. Equipment costing 340,000 pounds was acquired July 1, 2022, and 38,000 was acquired June 30, 2024. Depreciation for the period was as follows: Pounds 650,000…Basil plc, the British subsidiary of a U.S. company reported cost of goods sold in Great Britain Pounds for the current year ended December 31. The beginning inventory was £18800, and the ending inventory was £13100. Purchases of £27600 were made evenly throughout the year. Spot rates for various dates are as follows: Date the beginning inventory was acquired Rate at the start of the year £1 = $1.11 £1 = $1.10 £1 = $1.14 £1 = $1.19 Average rate for the year Date the ending inventory was acquired Assume that the Great Britain Pound is the functional currency of the British subsidiary. Given the facts above, the amount of cost of goods sold, restated in US $, that should appear in the consolidated income statement is: BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000. Vour Answer:
- Kindly help me with general accounting question1.) Harris Incorporated had the following transactions: On May 1, Harris purchased parts from a Japanese company for a U.S. dollar–equivalent value of $6,200 to be paid on June 20. The exchange rates were May 1 1 yen = $0.0070 June 20 1 yen = 0.0075 On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $10,200, to be received on August 10. Brazil’s local currency unit is the real. The exchange rates were July 1 1 real = $0.20 August 10 1 real = 0.22 Required: - Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company (yen) and the Brazilian customer (real). For Part B: 1 Record the foreign purchase denominated in Japanese yen. 2 Record the revaluation of the foreign currency payable to the U.S. dollar equivalent value. 3 Record the purchase of Japanese yen to…1.) Harris Incorporated had the following transactions: On May 1, Harris purchased parts from a Japanese company for a U.S. dollar–equivalent value of $6,200 to be paid on June 20. The exchange rates were May 1 1 yen = $0.0070 June 20 1 yen = 0.0075 On July 1, Harris sold products to a Brazilian customer for a U.S. dollar equivalent of $10,200, to be received on August 10. Brazil’s local currency unit is the real. The exchange rates were July 1 1 real = $0.20 August 10 1 real = 0.22 Required: - Assume that the two transactions are denominated in the applicable LCUs of the foreign entities. Prepare the entries required for the dates of the transactions and their settlement in the LCUs of the Japanese company (yen) and the Brazilian customer (real). For Part B: 1 Record the foreign purchase denominated in Japanese yen. 2 Record the revaluation of the foreign currency payable to the U.S. dollar equivalent value. 3 Record the purchase of Japanese yen to…
- B9.Question 1 ABC Corp. is a domestic corporation. It sold goods to XYZ Corp., a PEZA-registered export enterprise based in Cavite Economic Zone. ABC Corp. billed XYZ Corp. Php 1,000,000 upon delivery to XYZ Corp. XYZ Corp. paid Php 1,000,000. Subsequently, XYZ Corp. exported the goods to GHI Corp. based in the United States. The sale by ABC Corp. is: Group of answer choices a. Subject to 12% VAT b. Subject to 0% VAT c. VAT-exempt d. Subject to percentage tax) USCo purchases widgets in the United States and sells them abroad with title on resale passing in the foreign country whose operations sold the widget. In addition to earning $100,000 of taxable income from U.S. sales, USCo earns $100,000 of taxable income from Canadian sales by its Canadian branch that is subject to tax in Canada at a 25% rate. USCo also has a Hong Kong branch that earns $100,000 of taxable income that is subject to Hong Kong tax at a 15% rate. Any facts stated in an individual question relate solely to that question. Q. If the $100,000 of taxable income earned by the Hong Kong branch constitutes interest income from various Hong Kong banks on which the Hong Kong branch incurs withholding tax at a rate of 15%, what is USCo's foreign tax credit? (a) $0. (b) $40,000. (c) $36,000. (d) $42,000. (e) $15,000 in the branch limitation category and $21,000 in the passive limitation category.Q. If USCo manufactures the…
