Vava Corp. imported an article from Japan. The invoice value of the imported articles was $ 7,000 ($1- P50). The following are incurred in connection with the Ejmportation: Insurance Freight Postage Wharfage Arrastre charges Brokerage fee Facilitation fee P 15,000 10,000 5,000 7,000 8,000 25,000 50,000 The imported article was subject to P50,000 customs duty and P30,000 excise tax. Vava Corp. spent P5,000, exclusive of the VAT, for trucking from the customs warehouse on its way to its warehouse in Quezon City. The VAT on importation is;

Vava Corp. imported an article from Japan. The invoice value of the imported articles was $ 7,000 ($1- P50). The following are incurred in connection with the Ejmportation: Insurance Freight Postage Wharfage Arrastre charges Brokerage fee Facilitation fee P 15,000 10,000 5,000 7,000 8,000 25,000 50,000 The imported article was subject to P50,000 customs duty and P30,000 excise tax. Vava Corp. spent P5,000, exclusive of the VAT, for trucking from the customs warehouse on its way to its warehouse in Quezon City. The VAT on importation is;

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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