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Ben Marino, a seaman, opened a joint bank account, under the expanded foreign currency deposit system, with his wife. A month after, the bank deposit earned interest in the amount of USD1,000 (foreign exchange rate is P50 for every USD1). The final tax due on the interest income is.
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- Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana on the 1 st July 2019. Phumlani ends his account on 31 st December of every financial year. a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1 st July 2019. Phumlani receives an interim account sales with a bank draft from Christian on 28 th December 2019. It shows the following and all currencies converted into US dollars ($): b. Christian has sold 8 cases of goods for $400 each. c. Christian has paid a total of $150 for landing charges and import duties on receipt of the whole consignment. d. He paid selling costs in respect of the 8 cases sold amounting to $160. e. He has deducted his commission of 10% in respect of the 8 cases sold. f. Christian encloses a bank draft of $2,570 to the account sales. Phumlani now wishes to balance off his consignment account at his financial year end 31 st December 2019 and transfer the profit to date to his profit…Garry borrowed from a bank of P25,000 for which he signed a promisory note to repay it at the end of 1 year. He only received P21,915 after the bank collected advance interest and an additional amount of P85 for legal fees. What was the rate of interest the bank charged?Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana onthe 1st July 2019. Phumlani ends his account on 31st December of every financial year.a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019.Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019.It shows the following and all currencies converted into US dollars ($):b. Christian has sold 8 cases of goods for $400 each.c. Christian has paid a total of $150 for landing charges and import duties on receipt of thewhole consignment.d. He paid selling costs in respect of the 8 cases sold amounting to $160.e. He has deducted his commission of 10% in respect of the 8 cases sold.f. Christian encloses a bank draft of $2,570 to the account sales.Phumlani now wishes to balance off his consignment account at his financial year end 31st December2019 and transfer the profit to date to his profit and loss account Prepare the…
- Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana onthe 1st July 2019. Phumlani ends his account on 31st December of every financial year.a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019.Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019.It shows the following and all currencies converted into US dollars ($):b. Christian has sold 8 cases of goods for $400 each.c. Christian has paid a total of $150 for landing charges and import duties on receipt of thewhole consignment.d. He paid selling costs in respect of the 8 cases sold amounting to $160.e. He has deducted his commission of 10% in respect of the 8 cases sold.f. Christian encloses a bank draft of $2,570 to the account sales.Phumlani now wishes to balance off his consignment account at his financial year end 31st December2019 and transfer the profit to date to his profit and loss account. a. Prepare…Phumlani of South Africa consigns 10 cases of goods costing $200 per case to Christian in Ghana on the 1st July 2019. Phumlani ends his account on 31st December of every financial year.a. Phumlani pays $250 for carriage and insurance for the whole consignment on 1st July 2019. Phumlani receives an interim account sales with a bank draft from Christian on 28th December 2019. It shows the following and all currencies converted into US dollars ($):b. Christian has sold 8 cases of goods for $400 each.c. Christian has paid a total of $150 for landing charges and import duties on receipt of thewhole consignment.d. He paid selling costs in respect of the 8 cases sold amounting to $160.e. He has deducted his commission of 10% in respect of the 8 cases sold.f. Christian encloses a bank draft of $2,570 to the account sales.Phumlani now wishes to balance off his consignment account at his financial year end 31st December 2019 and transfer the profit to date to his profit and loss…3 On April 1, 2007, Shannon, a US bank, made a one year loan (asset to Shannon) of 200,000 swiss francs to Scott Co. The dollar value of the loan at various dates was as follows: April 1, 2007: $100,000. December 31, 2007: $ 115,000 April 30, 2007: $110,000 April 1, 2008 : $ 97,000 A What amount of foreign exchange gain or loss should be recorded in April 2007 for Shannon B What amount of foreign exchange gain or loss should be recorded in full year 2007 for Shannon C What amount of foreign exchange gain or loss should be included in Shannon’s 2008 income statement.
- Arjan provides a cheque to Mohammad on 1 Oct 2020. the check is dated 1 Dec 2020, and in the amount of $25,000. Mohammad signs the back of the check "Mohammad payable to Tim" and gives the check to Tim for $22,000 in currency on 15 Oct 2020. please fully describe the legal effects of the 2 transactions that occurred?Suat opens a deposit account in a bank by depositing 10,000 TL. In addition, he will deposit 6,000 TL into the account one year later and 4,000 TL the following year. The deposit account is valued at the annual fixed effective interest rate %. Calculate the interest rate, i, if the value of the money in Suat's account is 22,000 TL at the time that Suat deposits 4,000 TL.Frank Peterson owes $25,000 on a 6%, 180 day note. On day 15, he pays $6300 on the note. On day 50, he pays an additional $12,600. Based on the U.S. Rule, calculate the following. Adjusted balance after the first payment? Adjusted balance after the second payment? Balance at maturity?
- Berry signed a $5000 , 75 day, 15% ordinary simple interest note on March 14. He made a partial payment of $2500 on april 12;. Find his payoff amount on the maturity date of the note according to the us ruleBoston Beanery, a U.S.-based company, establishes a branch in Great Britain in January of Year 1, when the exchange rate is US$1.30 per British pound (£). During Year 1, the British branch generates £5,000,000 of pretax income. On October 15, Year 1, £2,000,000 is repatriated to Boston Beanery and converted into U.S. dollars. Assume the effective income tax rate in Great Britain is 19 percent. Taxes were paid in Great Britain on December 31, Year 1. Relevant exchange rates for Year 1 are provided here (US$ per £): January 1 1.30 Average 1.40 October 15 1.45 December 31 1.50 Assume a U.S. tax rate of 21 percent. Required: Determine the amount of U.S. taxable income, U.S. foreign tax credit, and net U.S. tax liability related to the British branch (all in U.S. dollars).Assume that in Azerbaijan, Alyana deposits $5,000 in the bank for a single year. Given the following cases, answer the questions. CASE 1: inflation = 0%, nominal interest rate = 5%CASE 2: inflation = 5%, nominal interest rate = 10%CASE 3: inflation = 10 %, nominal interest rate = 15% ⦁ In which case does the real value of your deposit grow the most? Assume the tax rate is 30%. ⦁ In which case do you pay the most taxes?⦁ Compute the after-tax nominal interest rate, then subtract inflation to get the after-tax real interest rate for both cases.