same can be release from customs custody.information, determine the value added tax on the importation before theABC Company imported merchandise for resale. Using the followingCIF (cost, insurance, freight) valueCharges/expenses incurred in claiming the goods:WharfageP229,1951,5402,2954,0903303,0002,550ArrastreCustoms dutyBrokerage fee and documentary stampsFacilitation expenseMarine cargo insuranceOther charges:Freight from customs to warehouse (vat exclusive)5,000REQUIRED: Determine the following:a) Vat on importationb) The value added tax payable assuming the goods weresubsequently sold for P350,000.

Computation of VAT on importation: Amount Output vat(P350,000*12%) P42,000 Less:Input…

same can be release from customs custody. information, determine the value added tax on the importation before the ABC Company imported merchandise for resale. Using the following CIF (cost, insurance, freight) value Charges/expenses incurred in claiming the goods: Wharfage Arrastre P229,195 Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges: Freight from customs to warehouse (vat exclusive) 1,540 2,295 4,090 330 3,000 2,550 5,000 REQUIRED: Determine the following: a) Vat on importation b) The value added tax payable assuming the goods were subsequently sold for P350,000.

same can be release from customs custody. information, determine the value added tax on the importation before the ABC Company imported merchandise for resale. Using the following CIF (cost, insurance, freight) value Charges/expenses incurred in claiming the goods: Wharfage Arrastre P229,195 Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges: Freight from customs to warehouse (vat exclusive) 1,540 2,295 4,090 330 3,000 2,550 5,000 REQUIRED: Determine the following: a) Vat on importation b) The value added tax payable assuming the goods were subsequently sold for P350,000.

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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