The NULL Corp. is engaged in a sales promotion, giving a rebate of P4.00 for every food boxreturned. It is estimated that 80% of the food boxes will be returned and receive the rebate.Included in the promotion and sold are 50,000 boxes with a selling price. Of P1,250,000.Rebates already given amounted to P48,000.How much is the remaining liability?a. 160,000b. 152,000c. 112,000d. 48,000

Estimated total liability = no. of boxes sold x 80% x rebate per box = 50000 x 80% x P4 = P160,000

Answered: The NULL Corp. is engaged in a sales…

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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Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods worth RO24,000 from the supplier of Muscat Electronics and makes the payment along with VAT. The input tax credit is available in Muscat Electronics account is RO 5,000. from the sale of goods and also charged VAT from the Nizwa electronics realized RO32,000 customers. Requirement: (a) Calculate VAT that will be forwarded by Muscat Electronics to the government. (b) Calculate VAT that will be forwarded by Nizwa Electronics Showroom to the government.
Assuming that a Nissan Car Manufacturing Company sold 100 cars to the wholesale trader for OMR 7,500 each plus VAT. The wholesale trader sold all the 100 cars to the retailer showroom for OMR 8,000 each plus VAT. The retailer showroom realized OMR 850,000 after selling all the 100 cars to the local customers plus VAT. Assume the rate of Value Added Tax (VAT) throughout in Oman is 5%. There Input tax credit available in Nissan Car Manufacturing Company account was OMR 42,500. ANSWER QUESTION NO 15 TO 18 Question 15 What will be the total tax burden by the consumers? a. OMR 85,000 b. OMR 42,500 c. OMR 40,000 d. OMR 47,500 Question 16 Which of the following statement will be correct for Nissan Car Manufacturer? a. Tax to be refunded from Government is OMR 5000 b. Tax to be payable to Government is OMR 37,500 c. Tax to be refunded from Government is OMR 42,500 d. Tax to be payable to Government is OMR 5000 Question 17 What will be the…
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Foxtrot Corporation is purchasing a new Ford Transit delivery van for $24,600. Its lender requires a maximum loan to value ratio of 80% on the purchase price of the vehicle. The term of the loan is 5 years. The interest rate is 5% APR. The loan is a closed end credit loan. There is no trade-in. Sales tax is 7%. Documentation fee is $275. a. What is the total cost of the delivery van including purchase price, sales tax, and documentation fee; and how much is classified as an asset on the balance sheet and how much is classified as an expense on the income statement? b. How much cash must Foxtrot Corporation have to make the down payment? c. How much of the first monthly payment will be interest and how much of the last monthly payment will be interest?
Please show your solution in good accounting form. Thank you!
On 2009, Jhet Enterprises sold 485,000 boxes of cereals under a promotional program. Each box contains one coupon, which entitles the buyer to a premium that cost the company ₱75. Five coupons plus a remittance of ₱20 must be presented by the buyer to receive a premium. Jhet Enterprises estimated that 85% of the coupons will be redeemed. Actual premiums redeemed were 5,000 units. Additional info revealed that ₱10 per premium is incurred for storage and distribution. Required: Compute for the liability for the unredeemed coupons.
Bha
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7. Previous attempt 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $21,000. This merchandise will cost Campus Stop $13,800. What would be the increase or decrease to Campus Stop's gross profit and gross profit percentage? TIP: The impact on gross profit (a dollar amount) may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit increased by $ Gross Profit Percentage decreased to References eBook & Resources 13,800 You did not re- 34.3 %

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