For a purchase of goods on destination, input tax of €665 is booked. How high are the trade payables?
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For a purchase of goods on destination, input tax of €665 is booked. How high are the trade payables?
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- On April 10, 2019, when the spot rate is $1.10/€, a U.S. company sells merchandise to a customer in Italy. The spot rate is $1.11/€ on June 30, the company’s year‑end. Payment of €100,000 is received on August 10, 2019, when the spot rate is $1.08/€. What is the effect on fiscal 2019 and 2020 income? Fiscal 2019 Fiscal 2020 a. $1,000 exchange loss $3,000 exchange gain b. No effect $2,000 exchange loss c. No effect $2,000 exchange gain d. $1,000 exchange gain $3,000 exchange lossWhich of the following statements is incorrect? a) Sales tax collected by a seller is recorded as an increase to sales tax payable. b) Freight in is used in the calculation of net purchases. c) A purchase discount is calculated after subtracting returns and allowances from gross purchases. d) If an item is shipped FOB destination, the seller is responsible for the shipping costs. e) If a seller makes a sale under the terms 2/10, net 30, the sales discount is only available if the buyer pays within the 30 day window. Plz answer fast without plagiarism please i give up vote1. On May 20, 2019, when the spot rate is $1.08/€, a U.S. company buys merchandise from a supplier in Italy, at a cost of €100,000. The spot rate is $1.05/€ on June 30, the company’s year‑end. Payment of €100,000 is made on July 30, 2019, when the spot rate is $1.12/€. What is the effect on fiscal 2019 and fiscal 2020 income? Fiscal 2019 Fiscal 2020 a. No effect $4,000 exchange loss b. $3,000 exchange loss $7,000 exchange gain c. No effect $4,000 exchange gain d. $3,000 exchange gain $7,000 exchange loss
- On March 1, Forward Import-Export Company purchased merchandise costing 70,100 Mexican pesos. Payment was due, in pesos, on June 1. The exchange rates of pesos for $1 were as follows: March 1 $1 = 10.9 pesos June 1 $1 = 11.4 pesos Round all answers to the nearest dollar. Required: 1. What is the liability in dollars on March 1? 2. What is the liability in dollars on June 1? 3. If Forward pays on June 1, is there an exchange gain or loss? If so, how much is it?Which of the following accounts is credited by the seller when tax is collected on retail sales? A. Payroll Tax B. Unearned Revenue C. Accounts Payable D. Sales Tax PayableLeigh of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2019, Leigh sold merchandise on credit to Bronson Ltd. of London at a price of 17,000 pounds. The exchange rate on that day for £1 was $1.4583. On December 31, 2019, when Leigh prepared its financial statements, the rate was £1 for $1.4382. Bronson paid its bill in full on January 15, 2020, at which time the exchange rate was £1 for $1.4482. Leigh immediately exchanged the 17,000 pounds for U.S. dollars. Prepare Leigh’s journal entries on December 16, December 31, and January 15 (round to the nearest dollar).
- Mozzie Ltd has a functional currency of A$. On 1 April 2023, Mozzie Ltd sells goods to a customer on credit terms for US$100 000. On 1 August 2023, cash is received from the customer to settle the invoice Exchange rates are:1 April 2023 US$1.00 = A$1.3030 June 2023 US$1.00 = A$1.501 August 2023 US$1.00 = A$1.40What is the journal entry to record the sale transaction on 1 April 2023? a. DR Accounts Receivable $130 000CR Sales $130 000 b. DR Accounts Receivable $130 000DR Foreign Exchange Loss $20 000CR Sales $150 000 c. DR Accounts Receivable $150 000CR Foreign Exchange Gain $20 000CR Sales $130 000 d. DR Inventory $130 000CR Accounts Payable $130 000On September 1, 2020, Creed Co. sold merchandise to a foreign entity for 250,000 francs. Terms of the sale require payment in francs on February 1, 2021. On September 1, 2020, the spot exchange rate was P1.2 per franc. On December 31, 2020, the spot rate was P1.19, but the rate increased to P1.22 by February 1, 2021, when payment was received. Required: Provide journal entries in 2020 and 2021.Hillz sells its goods with terms of 1/16 EOM, net 30. What is the implicit cost of the trade credit? (Do not round intermediate calculations. Use 365 days for calculation. Round answer to 2 decimal places, e.g. 12.25%.)
- On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive) Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will beCalculate the VAT on the following exclusive amount R25 500 Calculate the exclusive amount of the following VAT amount R3 500 Q2) An entity had the following transactions during May 2020 Purchases of merchandise R205 000 and equipment R125 000 Sales of Merchandise R425 000 If all amounts are INCLUSIVE of VAT, calculate the amount payable/receivable to/from the South Africa Revenue Services.A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000