The following data during the month relates to William Company, a VAT registered person (amounts are vat inclusive): Domestic sales Other domestic sales (sales to export traders) Export sales Purchases of goods for domestic sales Purchases of supplies on domestic sales Purchase of service Purchase of goods for export REQUIRED: P330,000 274,996 200,000 374,000 69,848 154,000 55,000 a) Determine the total input tax b) Determine the value added tax payable if excess input taxes on exports are claimed as tax credit

The following data during the month relates to William Company, a VAT registered person (amounts are vat inclusive): Domestic sales Other domestic sales (sales to export traders) Export sales Purchases of goods for domestic sales Purchases of supplies on domestic sales Purchase of service Purchase of goods for export REQUIRED: P330,000 274,996 200,000 374,000 69,848 154,000 55,000 a) Determine the total input tax b) Determine the value added tax payable if excess input taxes on exports are claimed as tax credit

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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he questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: applies to th Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense E6-17 (Algo) Part 1 Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement
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Explain two reasons why Javeed should ask for commission based on gross sales.
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,300,000 4,640,000 2,660,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 1,391,000 702,500 2,093,500 566,500 106,000 $ 460,500 Members of the company's board of directors are surprised to see that net income increased by only $204,000 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year % % % Last Year $…
Cheyenne Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,812. All sales are subject to a 6% sales tax. (a1) Compute sales taxes payable. Sales taxes payable $ eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit Answer (a2)
SLR Corporation has 1,200 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 Cost $ 54 $ 36 Selling price 80 38 Costs to sell 4 5 Determine the carrying value of SLR’s inventory assuming that the lower of cost or net realizable value (LCNRV) rule is applied to individual products. What is the before-tax income effect of the LCNRV adjustment? What is the before-tax income effect of the LCNRV adjustment?
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Required: Compute the net sales, cost of goods sold and gross profit for the following information provided by Cruz Company on December 31,2020. P 301,000 16,000 9,000 91,300 Sales Sales Returns & Allowances Sales Discounts Purchases Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 2,200 Transportation In Merchandise Inventory, 01/01/2020 19,450 Merchandise Inventory, 12/31/2020 21,870
GAS" Company does not segregate sales and sales taxes at the time of sale. The sales register total for the month of March was $25000. Assume that all sales are subject to a 13% sales tax. Required: Based on the above-given information, answer the following questions: • What amount must be presented as a sales tax expense on the Income statement for the month of March? • What is the amount that must be presented as sales revenue on the income statement for the month of March? If the "GAS" Company did not pay the income tax payable as of 31/3, then the company must present sales tax payable with a value of:
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