Net gift Philippines: Php 600,000 Net gift USA: US$ 10,000 (Exchange rate Php 45.00: US$ 1.00) Net gift Japan: Jpy 600,000 (Exchange rate Php 0.50: Jpy 1.00) Net gift Norway: Nok 100,000 (Exchange rate Php 6.50: Nok 1.00) Donor's tax paid in USA: US$ 550 Donor's tax paid in Japan: Jpy 35,000 Donor's tax paid in Norway: Nok 5,200. Donor's tax still due

Net gift Philippines: Php 600,000 Net gift USA: US$ 10,000 (Exchange rate Php 45.00: US$ 1.00) Net gift Japan: Jpy 600,000 (Exchange rate Php 0.50: Jpy 1.00) Net gift Norway: Nok 100,000 (Exchange rate Php 6.50: Nok 1.00) Donor's tax paid in USA: US$ 550 Donor's tax paid in Japan: Jpy 35,000 Donor's tax paid in Norway: Nok 5,200. Donor's tax still due

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

Raider Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Percent Complet with Respect to Conversion 10% Units Beginning work in process inventory 9,300 Transferred in from the prior department during January 80,000 Completed and transferred to the next department during January Ending work in process inventory 79,800 9,500 80% The Molding Department's cost per equivalent unit for conversion cost for January was $3.35. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January?
What is the External PPP of 33876 OMR at Kuwait, if price level in Kuwait is 10,000 KWD and exchange rate is: 0.75 KWD / OMR? Select one: a. 4.517 b. 1.270 c. 2.541 d. 55168.000
what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000 P50,000 P100,000 P175,000
Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation if the importation is made by an agricultural cooperative?* a. P 158,400 b. P 144,000 c. P 129,600 d. P 0
Ch. 31. Absolute Purchasing Power Parity. A ski resort hotel room in Switzerland costs SF373. A ski resort hotel room in Colorado costs $342. Assuming the slopes and hotel rooms are identical, what is the Swiss franc/U.S. dollar exchange rate? Round to four places past the decimal point and format as "X.XXXX"
Le Tablier Bleu Gourmet Store is a French food importer. It owns Auzzie Food Export Pty Ltd an Australia Company. Le Tablier has a payment of EUR 300,000 due to Auzzie Food Export in three months time. The following information available: Spot exchange rate (AUD/EUR) Three months forward rate (AUD/EUR) 1.6049-1.6099 1.5849-1.5899 8% p.a. 10% p.a. Australia three months interest rate French three months interest rate Calculate the cost of hedging for Auzzie Food Export Pty Ltd using a forward hedging and under money market hedging.
Stuff Inc., a U.S. company, imported goods for 50,000 euro on Dec. 10, Year 1 and paid for them on Jan. 10. Year 2. The following exchange rates were applicable in Years 1 and 2: Exchange Rate Date Dec. 10, Yr. 1 Dec 31, Yr 1 Jan 10, Yr. 2 What approximate gain or loss will Stuff book on Jan. 10, Year 2? OA gain of $3,000. OA loss of $3,000 O Again of $5,500 OA loss of $5,500. 0.79 € 0.82 € 0.75 €
21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,000
Royal Company (a U.S. based company) has foreign branch in Great Britain. The foreign branch generates £5,000,000 pretax income. October 15, branch sends £1,000,000 to Royal. Income tax rate in Great Britain is 15%. Taxes are paid to Great Britain’s government on December 31. Assume a tax rate of 21% in the U.S. Here are relevant exchange rates: US$ to £ 1/1 $1.2 10/15 $1.3 12/31 $1.4 Average $1.35 Determine the amount (in U.S. dollars) of U.S. taxable income, U.S. foreign tax credit, and U.S. tax liability related to the foreign branch.
A Detroit investor purchased a $100,000 Canadian dollar CD in Windsor, Canada 180 days ago at a rate of 7 percent. The Canadian spot rate was 1.367 CS/U.S.S when the investment was made. If the U.S. investor had purchased a 180 day forward foreign exchange contract for 1.386 CS/U.S.S. what equivalent U.S. annual rate 180 days ago would have made the investor indifferent between a Detroit bank CD and the Windsor, Canada CD above? CA 5.53 percent 3.50 percent Oc7.00 percent 04.16 percent
Dineshbhai
Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation?* a. P 158,400 b. P 145,200 c. P 129,600 d. P 0