Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation if the importation is made by an agricultural cooperative?* a. P 158,400 b. P 144,000 c. P 129,600 d. P 0
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- Honesto imported a harvester from the U.S. with a total cost of 1,100,000 before Customs Duties. The importation is subject to 10% Customs duties. What is the VAT on importation?* a. P 158,400 b. P 145,200 c. P 129,600 d. P 0A company produces jackets for €20 each in Portugal, which has a corporate tax rate of 21%. It then transfers its products to its Irish subsidiary for resale to the Irish public at a sales price of €30 per jacket. The corporate tax rate in Ireland is 12.5%. Calculate the total after-tax profit in the two countries if the company uses a transfer price of €23 and it sells 10,000 jackets. ANSWERS: €84,950 €15,050 €66,500 €8,495 €8,750Davao has a potential foreign customer that has offered to buy 1,500 tons at P450 per ton. Assume that all of Davao’s costs would be at the same levels and rates as last year. What net income after taxes would Davao make if it took this order and rejected some business from regular customers so as not to exceed capacity? Answer: 221,500 Without prejudice to your answers to previous questions, and assume that Davao plans to market its product in a new territory. Davao estimates that an advertising and promotion program costing P61,500 annually would need to be undertaken for the next two or three years. In addition, a P25 per ton sales commission over and above the current commission to the sales force in the new territory would be required. How many tons would have to be sold in the new territory to maintain Davao’s current after-tax income of P94,500? Answer: 307.5
- Merchant Abdul Rahman imported 1,000 baby strollers from abroad, at a value of 200,000 shekels, in addition to the costs of shipping the goods carried by Merchant Abdul Rahman, at a value of 10,000 shekels. If you know that the rate of customs duties = 10% + 5 shekels for each cart. The purchase tax rate is 20%, and the price increase = 25%. Calculate each of the following: Please show the solution method1-Import price of the goods2-All taxes due on the goods (with full solution to be shownSuppose that Canada produces 1 million bicvcles a year and imports another 0.4 million. There is no tariff or import barrier. Bicycles sell for 400 dollars each. a 40 dollars tariff on bicycles. What is the minium national loss to Canada? O. 1 million dollar O. 0.5 million doliar O. 1.2 million dollar O. 0KS Inc. produces a product in the United Kingdom at a cost of £0.55 per unit which it then sells in France for €1.25 per unit. If in the currency markets, 1 U.S. dollar = £0.6373 and 1 U.S. dollar = €1.0279, how much profit is realized by KS Inc. on each unit of product sold? * $0.7857 $0.3531 $0.2571 $0.1095 When the supply for money increases and the demand for money reduces, there will be * A fall in the level of prices An increase in the rate of interest A fall in the level of demand A decrease in the rate of interest
- National Co. is residing in Spain and exports bottles of wine in its Mexican Market for 225 Mexican Peso each bottle which costs National Co. 50 Pounds from wine distillery in United Kingdom. Exchange rates identified are the following for June 10, 2022:· 1 Euro = 15 Mexican Peso = 10 PoundsHow much total gross profit in Euro does National Co. made for June 10, 2022 considering the firm exported 3,000 wine bottles?BIC Co. is residing in Spain and exports bottles of wine in its Mexican Market for 225 Mexican Peso each bottle which costs BIC Co. 50 Pounds from wine distillery in United Kingdom. Exchange rates identified are the following for June 10, 2022:· 1 Euro = 15 Mexican Peso = 10 PoundsHow much total gross profit in Euro doesBIC Co. made for June 10, 2022 considering the firm exported 3,000 wine bottles?17 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168000 120 01 ABROAD BUYER 168000 B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXTRAORDINARY GO. LOSS 168000 120 01 ABROAD BUYER 168000
- Assume the U.S. corporate income tax rate is 40 percentand the Mexican corporate income tax rate is 30 percent.Jacques International Apparel Company has subsidiaries inboth the U.S. and Mexico. Jacques is trying to decide whattransfer price to use for its famous French frock, whichis being transferred from the U.S. subsidiary to theMexican subsidiary. It could ship the frock at the marketprice of $75 or at cost plus 20 percent. The cost of the frockis $40. Which transfer price would minimize Jacques’s taxburden?a. $75.b. $48.c. $90.d. $75 $40 $35.EAGLE Company imports finished toy airplanes from its Norwegian Subsidiary. Per unit, each toy airplane costs the Norwegian subsidiary $10.00 to produce and $2.00 to ship to EAGLE CompanyEAGLE Company sells each toy airplane to U.S. toy stores for $30.00 per unit. For the 2019 Fiscal Year the Norwegian Subsidiary shipped 1,000,000 units to EAGLE Company . All the toy airplanes shipped were sold. Assuming that the following tax rates apply : Norwegian Income tax 40% U.S. Income tax 35% U.S. import duty 10 % on invoice price A. Determine the total amount of taxes and duties paid to the U.S and Norwegian government if each toy airplain is sold to EAGLE Company at price of $20 per unit. B. Determine the total amount of taxes and duties paid to the U.S and Norwegian government if each toy airplain is sold to EAGLE Company at price of $25 per unit.22 - The export rate for which 30000 dollars of dry pulses were exported to the foreign German company BBN in the form of payment against goods is 1 dollar = 5.60 TL. However, the pulses were noticed to be moist and were returned. Registration to be made?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 120 01 ABROAD BUYER 168000 610 01 RETURNED GOODS 168 000B) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 610 01 RETURNED GOODS 168000 120 01 ABROAD BUYER 168000 C) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 612 01 OTHER DISCOUNTS 168000 120 01 ABROAD BUYER 168000 D) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 601 01 ABROAD GOODS SALES 168000 610 01 RETURNED GOODS 168000 E) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT 689 OTHER EXTRAORDINARY GO. LOSS 168000 120 01 ABROAD BUYER 168000
