1. Tsukuba Company, a VAT-registered business, had the following data during the quarter:Zero-rated export salesDomestic sales (tax included)P 1,815,0001,232,000Purchases of goods for export, gross of taxPurchases of goods for domestic sales, tax inclusivePurchases of supplies on domestic sales, net of tax672,000323,120124,850Assuming that the input taxes paid on purchases of goods for export are claimed as taxcredit, the VAT payable by Tsukuba Company is __.A. 10,398B. 12,895C. 84,895D. 177,895

A) 10398 Detailed explanation: Statement showing the output vat liability Please find the…

Answered: Zero-rated export sales Domestic 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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Cost of Goods Sold (Purchases + Production cost is ) RM______________.The gross pofit is RM____________.Net profit before taxes is RM______________.Earnings available for common stockholders RM_____________Total current assets RM_____________.Total gross fixed assets (at cost) is RM_________________.Total current liabilities is RM_________________.Total liabilities: RM_____________.Total stockholders’ equity is RM_____________.Current ratio is ____________ times.Quick ratio is ____________ times.Inventory turnover is ________ times.Average collection period is RM__________ days.Debt ratio is ____________%.Debt to Equity ratio is ___________%.Net profit margin is _____%.Book value per share is RM_________.
13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000
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 P229,195 1,540 2,295 4,090 330 3,000 2,550 Arrastre Customs duty Brokerage fee and documentary stamps Facilitation expense Marine cargo insurance Other charges: Freight from customs to warehouse (vat exclusive) 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.
P13-5 Sales Taxes The Mauldin Company makes sales on which a 5% sales tax is assessed. The following summary trans- actions were made during 2010: 1. Sales for cash of $1,665,400, excluding sales taxes 2. Sales on credit of $2,820,500, excluding sales taxes 3. Sales taxes of $168,220 were paid to the state government during 2010 Required 1. Prepare journal entries to record the preceding transactions. 2. Show how the unpaid sales taxes would be reported on the December 31, 2010 balance sheet of Mauldin. Problems 641 P13-6 Payroll and Payroll Taxes Bailey Dry Cleaners has six employees who were paid the following wages during 2010: Frank Johnson $ 27,000 18,000 Bill Long Duff Morse 105,000 28,000 Laura Stewart Cindy Sharpe Melissa Ledbetter Total 26,000 20,000 $224,000 The state allows the company a 1% unemployment compensation merit-rating reduction from the normal rate of 5.4%. The federal unemployment rate is 0.8%. The maximum unemployment wages per employee are $7,000 for both the…
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Explain two reasons why Javeed should ask for commission based on gross sales.
Sales Cost of goods sold Gross profit Fixed charges (other than interest) Income before interest and taxes Interest Income before taxes Taxes (35%) Income after taxes. LANCASTER CORPORATION a. What is the times-interest-earned ratio? Note: Round your answer to 2 decimal places. Times interest earned Fixed charge coverage times b. What would be the fixed-charge-coverage ratio? Note: Round your answer to 2 decimal places. times $ 259,000 209,000 $ 50,000 24,500 $ 25,500 19,000 $ 6,500 2,275 $ 4,225
34 ABC Corporation has the following sales during the 1st quarter of 2021: Sale to private entities subject to 12% Php 1,000,000 Sale to private entities subject to 0% 1,000,000 Sale exempt from VAT 1,000,000 Sale to government 1,000,000 The following input taxes were passed on by ABC Corp.'s VAT suppliers: Input tax on taxable goods 50,000 Input tax on zero-rated sale 30,000 Input tax on sale of exempt goods…
Cafés Richard Bangladesh 2020 Income Statement Net sales Cost of goods sold Depreciation Earnings before interest and taxes Less: Interest paid Taxable Income Tk. 5,680,000 (4,060,000) (420,000) 1,200,000 (30,000) 1,170,000 (410,000) Tk. 760,000 Less: Taxes Net income Dividends 500,000 2019 70,000 980,000 Cafés Richard Bangladesh Comparative Balance Sheets 2020 180,000 840,000 2019 1,350,000 1,170,000 720,000 3,200,000 3,500,000 940,000 1.200.000 2020 Cash Accounts payable Long-term debt Accounts rec. 500,000 Common stock Inventory Total Current Assets 1,560,000 1,990,000 2,610,000 3,010,000 3.600,000 3.360,000 6,210,000 6,370,000 Total liabilities & equity 6,210.000 6.370,000 Retained earnings Net fixed assets Total assets Required a. Calculate cash flow from assets for 2020;
Analyzing and Interpreting Income Tax FootnoteBayerische Motoren Werke AG, commonly referred to as BMW, is a German multinational company that produces automobiles and motorcycles. The company was founded in 1916 as a manufacturer of aircraft engines, which it produced from 1917 until 1918 and again from 1933 to 1945. BMW includes the following footnotes in its 2018 annual report.Taxes on income of the BMW Group comprise the following: in € million 2018 2017 Current tax expense € 2,220 € 2,558 Deferred tax expense (+)/deferred tax income (–) 355 -558 thereof relating to temporary differences 641 -502 thereof relating to tax loss carryforwards and tax credits -286 -56 Income taxes € 2,575 € 2,000 The difference between the expected tax expense based on the underlying tax rate for Germany and actual tax expense is explained in the following reconciliation: in € million 2018 2017 Profit before tax € 9,815 € 10,675 Tax rate applicable in Germany 30.8% 30.7%…

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