mr. a is an importer-trader. on one occasion he imported articles to be sold. data on the importation follows. invoice cost of the importation p1,000.000 freight 10,000 insurance 15,000 customs duty 100,000 customs brokerage fee 20,000 processing fee 10,000 excise tax and others legitimate expenses of importation prior to removal from customs custody 90,000 how much was the landed cost tax base of the value- added tax? how much was the value-added tax on the importation?

mr. a is an importer-trader. on one occasion he imported articles to be sold. data on the importation follows. invoice cost of the importation p1,000.000 freight 10,000 insurance 15,000 customs duty 100,000 customs brokerage fee 20,000 processing fee 10,000 excise tax and others legitimate expenses of importation prior to removal from customs custody 90,000 how much was the landed cost tax base of the value- added tax? how much was the value-added tax on the importation?

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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Question

mr. a is an importer-trader. on one
occasion he imported articles to be
sold. data on the importation
follows. invoice cost of the
importation p1,000.000 freight
10,000 insurance 15,000 customs
duty 100,000 customs brokerage
fee 20,000 processing fee 10,000
excise tax and others legitimate
expenses of importation prior to
removal from customs custody
90,000 how much was the landed
cost tax base of the value- added
tax? how much was the
value-added tax on the
importation?

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