14. An entity has the following information relating to its biological assets during the year, compute for the costs to sell. * Commision to brokers P 4,000 Transportation costs to the market 2,800 Levies by commodity exchange 1,200 Transfer taxes and duties 2,000 Advertising costs 800
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Problem 14
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- 1.Assuming EMERALD Corporation is engaged in exporting goods, as well as local selling of goods.EMERALD had the following data for 2021:Export Sales, net of VAT 2,000,000Local Sales, gross of VAT 1,120,000Input tax directly allocable to export sales 100,000Input tax directly allocable to local sales 40,000Input tax not allocable to any sales 30,000 Required: Determine the VAT payable, assuming input tax on zero rated sales are claim for taxrefund. 2.EMERALD Corporation has the following sales during the month:Sale to private entities subject to 12% - 100,000Sale to private entities subject to 0% - 100,000Sale of exempt goods - 100,000Sale to gov’t. subjected to 5% final VAT Withholding - 100,000Total sales for the month - 400,000The following input taxes were passed on by its VAT suppliers:Input tax on taxable goods (12%) - 5,000Input tax on zero-rated sales - 3,000Input tax on sale of exempt goods - 2,000Input tax on sale to government - 4,000Input tax on depreciable capital goodnot…21. The following information pertains to the Chicken Wings Company and its divisions for the year ended December 31, 2020: • Sales to unaffiliated customers- P10,000,000 • Inter-segment sales of products similar to those sold to unaffiliated customers- P2,000,000 • Interest expense- P60,000 White has a reportable segment if that segment’s revenue isCompute the following Output Tax due for the Month PH TAXATION show solution Vatable sale P1, 500,000 Domestic purchase of goods other than Capital Goods P 100,000 Domestic Purchase of Service 200,000 Purchase of agricultural food products in original state P 150,000
- Requirements: If the sales price is P1,000,000 which is equal to fair value compute the following under the buyer-lessor accounting Gross Investment Net Investment Unearned Interest Income Journal entries on January 1, 20x1Entity A sells a machine that is classified as PPE for ₱1,700,000. Entity A pays the broker a 10% commission. Information on the machine is as follows: Carrying amount ₱1,900,000 Revaluation surplus 400,000 How much is the gain (loss) from the sale? (200,000) c. (30,000) (370,000) d. 30,000Newmarket's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is $27 million. This includes $8 million for a consignment of goods sold on 31 December 20X9 on which Newmarket will incur ongoing service and support costs for two years after the sale. The supply of the goods and the provision of service and support are separate performance obligations under the terms of IFRS 15 Revenue from contracts with customers. The cost of providing service and support is estimated at $800,000 per annum. Newmarket applies a 30% mark-up to all service costs. At what amount should revenue be shown in the statement of profit or loss of Newmarket for the year ended 31 December 20X9? (Ignore the time value of money.)
- The following information pertains to Redping Corporation for the year ended December 31, 2020.Sales to unaffiliated customers $2,000,000Inter-segment sales of products similar tothose sold to unaffiliated customers 600,000All of Redping’s segments are engaged solely in manufacturing operations. Redping has a reportablesegment if that segment’s revenue exceeds ____________________.A. $264,000B. $260,000C. $204,000D. $200,000An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.#36 On March 1, 2020, SWANSEA Company acquired P1,500,000 of merchandise, terms 2/10, 1/15, n/45. The shipping costs amounted to P25,000, terms FOB shipping point, freight prepaid. On March 5, the Company returned merchandise worth P200,000. What is the total amount paid by the Company assuming it paid all its obligations to its supplier on March 12, 2020?
- 15 - For the goods purchased by the business, the Availability of Goods at the Beginning of the Period is 350.000 TL, the Purchase Discounts are 14.000 TL, the Intra-Period Purchases are 450.000 TL, the Purchase Expenses are 24.000 TL, the Returns from the Purchases are 11.000 TL, at the End of the Period. Which of the following is the cost of goods sold if the Goods Stock is 160,000 TL ? a) 670.000 TL B) 639,000 TL NS) 702.000 TL D) 651.000 TL TO) 695,000 TLSpein Company is a diversified company that discloses supplemental financial information on its segments. The following information is available for 2019: Sales $)( Traceable costs ($) Allocable costs ($) Segment X 400,000 225,000 Segment Y 300,000 240,000 Segment Z 200,000 135,000 Total 900,000 600,000 150,000 Allocable costs are assigned based on the ratio of a segment’s income before allocable costs to total income before allocable costs. This is an appropriate method of allocation. Segment Y’s profit for 2019is ____________________.A. 32,400 Small; 8,100 Medium; 1,620 LargeB. 34,808 Small; 8,700 Medium; 1,740 LargeC. 37,010 Small; 9,250 Medium; 1,850 LargeD. 38,505 Small; 9,625 Medium; 1,925 LargeFMEL is a manufacturing company incorporated in accordance with the Mauritian Law. The company principal activity is to provide high quality of T-Shirt for the American and European market.For the year ended 31 Dec 2021, the draft income statement shows the following details:NOTES MUR MURTurnover 1 32,000,000Less: Cost of SalesOpening stock 2 1,000,000Purchase 3 24,000,000Add inward carriage 4 2,500,000Depreciation of machinery 5 1,000,000Closing stock 6 (1,500,000)Total cost of sales (27,000,000)Gross Loss 5,000,000Other incomeDividend 7 235,500Interest 8 50,000EXPENSESWages and salaries 9 975,000Rent 10 300,000Repairs 11 50,000Travelling expenses 12 125,000Legal and Professional Expenses 13 75,000Depreciation 14 70,000Interest 15 7,000Light and Heat 16 50,000Sundry Business Expenses 17 22,500Motor Vehicle Expenses 18 47,500Advertising Expenses 19 50,000 (1,772,000)Net profit before taxation 3,513,500Page 5 of 9NOTES1. Turnover has not taken into consideration the return of goods sold…
