ABC made the following supplies for sale in January 2020: ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,000 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the VAT payable/refundable for January 2020?

ABC made the following supplies for sale in January 2020: ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,000 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of J$15,000 VAT Calculate the VAT payable/refundable for January 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 6MC

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ABC Juice Limited manufactures and sells juice locally in St. Lucia and in the Caribbean. The business is VAT registered with tax authorities in St. Lucia. The company has recorded the following transactions in January 2020: - Sales to local customers - $1,300,000 (VAT inclusive) - Sales to local customers - $1,000,000 (VAT exclusive) - Sales to customers located abroad - $700,000 - Purchases $750,000 (VAT inclusive) - Purchases $500,000 (VAT exclusive) - Imports of $75,000 inclusive of $15,000 VAT Calculate the VAT payable/refundable for January 2020?
The following are the data extracted from the books of a retailer and registered with the National Gulf Tax Agency, which deals in several items, some of whichare taxable, some of which are exempted for the month of March 2019 first purchases during the month:1 - Goods purchased in the amount of 40,000 dinars and paid tax at the rate of 5% (BD2000) 420002- goods purchased in the amount of 180000 tax exempt second obtained from sales during the month- 63000 BD with Total tax of the sale of goods subject to VAT2 - 190000 dinars obtained from the sale of tax-exempt goods required preparation of M Summarize VAT for March 2019 explaining the amount of VAT.
3(b) ABC Juice Limited manufactures and sells juice locally in St. Lucia and in theCaribbean. The business is VAT registered with tax authorities in St. Lucia. The companyhas recorded the following transactions in January 2020:- Sales to local customers - $1,500,000 (VAT inclusive)- Sales to local customers - $1,200,00 (VAT exclusive)- Sales to exempt suppliers - $100,000- Export Sales - $700,000- Purchases $800,000 (VAT inclusive)- Purchases $600,000 (VAT exclusive)- Value of Imports of $60,000. VAT paid at Customs $18,000- Prior month adjustment relating to volume discounts – Reduction in Output Taxof $6,000.Calculate the VAT payable/refundable for January 2020
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Erika Company operates a customer loyalty program. The entity grants loyalty points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the entity. The points have no expiry date. During 2020, the entity issued 50,000 award credits and expects that 80% of these award credits shall be redeemed. The fair value of the award credits granted is reliably measured at P2,000,000. In 2020, the entity sold goods to customers for a total consideration of P9,000,000 based on stand-alone selling price. The award credits redeemed and the total award credits expected to be redeemed each year are as follows: Redeemed Expected to be Redeemed 2020 15,000 80% 2021 7,950 85% 2022 2,550 85% 2023 15,000 90% Required: Prepare journal entries from 2020 to 2023.
How much is the premium expense for the year ended December 31, 2021? With the goal of attracting as much customers as possible in the CAR region, LISA Appliance Co. engaged in a customer satisfaction program and marketing strategy for two of their major lines of products: (1) electrical appliances and (2) household and office furniture. All branches in the region are participating in the company’s promotions. In the customer satisfaction program, LISA provides one-year warranty replacement of parts and labor of the electrical appliances sold. Based on past experience, the estimated warranty cost is 3% of sales. During 2021, total sales of electrical appliances was ₱7,200,000. Replacement parts and labor for warranty work totaled ₱184,000 during 2021. In the company’s marketing strategy for the household and office furniture section, customers are given a coupon for every ₱1,000 spent on these items. Customers may exchange 10 coupons plus ₱500 for a “hot and cold” water dispenser.…
Entity A is a manufacturer of consumer goods. On 1 January 2020, Entity A entered into a one-year contract to sell goods to a large global chain of retail stores. The customer committed to buying at least $90,000,000 of products in January. The contract required Entity A to make a non-refundable payment of $200,000 to the customer at the inception of the contract. The $200,000 payment is to compensate the customer for the changes required to its shelving to accommodate Entity A's products. Entity A duly paid this $200,000 to the customer on 3 January 2020. Entity A transferred goods with an invoice price of $98,000,000 to the customer on 31 January 2020. The customer agreed to settle the outstanding amount by two payments, i.e. 40% and 60% of the outstanding amount on 18 February 2020 and 31 March 2020 respectively. REQUIRED: Provide journal entries for Entity A from 1 January 2020 to 31 March 2020 under relevant accounting standards. ACCOUNT FOR INPUT: | Bank | Payable |…