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 0
Q: ces In 2022, Laureen is currently single. She paid $2,760 of qualified tuition and related expenses…
A: In 2022, Laureen is currently single. She paid $2,760 of qualified tuition and related expenses for…
Q: E10-1 (Multiple Choice) Identify the best answer for each of the following: 1. Which of the…
A: Hi student Since there are multiple questions, we will answer only first question. Accounting…
Q: On January 1, 2021, Gemini Corporation leased equipment under a finance lease designed to earn the…
A: The lease is an agreement where the lessor provides the authority to use the asset in exchange for…
Q: Caldwell Supply, a wholesaler, has determined that its operations have three primary activities:…
A: target costing is the process in which some target is set to reach at a particular goal through…
Q: A petty cash fund was originally established with a check for $270. On August 31, which is the…
A: Petty cash is the fund which is given to cashier to meet up the short term needs of the business. It…
Q: The direct labour budget of Yuvwell Corporation for the upcoming fiscal year contains the following…
A: Manufacturing overhead costs are costs which are incurred for the production of units but which…
Q: Intercompany sale of depreciable assets Assume on January 1, 2018, a parent company acquired a 75%…
A: Depreciation is the amount which is reduced from the book value of the assets due to its uses or…
Q: what an overview of Marginal Costing?
A: Marginal costing is a cost accounting method in which the variable costs associated with producing a…
Q: Of the following temporary differences, which one ordinarily creates a deferred tax asset? O…
A: A deferred tax asset arises when a company has paid taxes in advance or paid more taxes than…
Q: Johnson Marine has the following costs and expected sales for the coming year. Johnson is…
A: Sale price per unit is the amount per unit charged by the entity from the customers for each product…
Q: With respect to conversion costs, how many equivalent units were calculated for the product that was…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: ou are looking at buying a new sorting machine for recycling plastics that will cost $15,000. Income…
A: Net present worth is the difference between the present value of cash flow and initial investment in…
Q: Please Correct answer and Do not Give solution in image format
A: The Last In, First Out (LIFO) approach of inventory valuation in cost accounting makes the…
Q: The ledger of Blossom Company has the following work in process inventory account. 5/1 Balance 5/31…
A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: The following three accounts appear in the general ledger of Pronghorn Corp. during 2025. Date Jan.…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: Required information [The following information applies to the questions displayed below] In 2024,…
A: The construction contract is a long-term contract that generally takes more than a year to finish…
Q: Preppy Ltd is a company located in Jhb.The physical inventory count on 31Decwmber indicated closing…
A: Lets understand the basics. As per IAS 2 "Inventory", Inventory should be valued at lower of cost or…
Q: The financial reporting carrying value of Boze Music's only depreciable asset exceeded its tax basis…
A: Deferred tax: It implies to the tax payable or receivable in the future as a result of the…
Q: How can changes in working capital affect a company's cash flows, and how can this be managed…
A: Working capital is a financial metric that represents the amount of money a company has available to…
Q: On August 1, 2015, Toy inc. purchosed a new piece of equipment that cost$25000. The estimoted useful…
A: Solution... Cost of asset = $25,000 Life = 5 years Method of depreciation = Double declining…
Q: The Cutting Department of Cullumber Company has the following production and cost data for July. 1.…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…
Q: Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department…
A: FIFO METHOD :— Under this method, equivalent units is calculated by adding equivalent units in…
Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…
A: The cost of goods sold includes the cost of goods that are sold during the period. The gross profit…
Q: Prepare the entry to record the lease. (Credit account titles are automatically indented when amount…
A: The lease shall refer to a contract or an arrangement wherein a right of control on an asset is…
Q: RetirementAccounts. Why are retirement accounts more beneficial than other investments that could be…
A: Retirement planning is the process of determining how much money a person will need to live…
Q: 1. Which is subject to value added tax? c. Cut sheep meat d. All of these a. Sheep b. Sheep wool 2.…
A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…
Q: Meale Company makes a household appliance with model number X500. The goal for 2015 is to reduce…
A: Net operating income measures an income-producing property's profitability before adding in any…
Q: Pharoah Hats is planning to sell 646 straw hats in April. Each hat requires ½ kilogram of straw and…
A: Lets understand the basics. Management prepare budget in order to estimate future profit and loss…
Q: Campbell Boat Company makes inexpensive aluminum fishing boats. Production is seasonal, with…
A: VARIABLE COST Variable Cost is a cost that varies with the level of output. variable costs include…
Q: 1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which…
A: Operational accountability refers to the responsibility of an organization to use its resources…
Q: Tacit Inc. sponsors a defined benefit plan and determined that for the current year, service cost…
A: Pension Expenses: It is the amount charged to expenses by business in respect of liabilities for…
Q: QUESTION 25 Zenith Company's Merchandise Inventory account at year-end has a balance of $91,820,…
A: Inventory shrinkage happens when there are less items in stock than are indicated on the inventory…
Q: Steve's tentative minimum tax (TMT) for 2022 is $245,800. Note: Leave no answer blank. Enter zero if…
A: The Alternative Minimum Tax (AMT) is a parallel tax system in the United States that operates…
Q: Current Attempt in Progress Oriole Farms reports the following results for the month of November:…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was…
A: The inventory accounts on balance sheet is categorized as work in process, finished goods and raw…
Q: Cougar Tree Services reports the following amounts on December 31, 2024. Assets Liabilities…
A: 1. Balance Sheet - Balance Sheet includes assets , liabilities and Stockholder's equity. This…
Q: For the year ended December 31, 2022. Concord Electrical Repair Company reports the following…
A: Payroll accounting is a type of accounting that only considers costs associated with employees, such…
Q: 6. Contributions to an IPA may be made by the due date of the individual's income tax return,…
A: IRA stands for "Individual Retirement Account". It is a type of investment account that allows…
Q: At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $14.0 million.…
A: DEPRECIATION EXPENSE Depreciation means gradual decrease in the value of an asset due to normal wear…
Q: At January 1, 2022, Concord, Inc. has beginning inventory of 4700 widgets. Concord estimates it will…
A: Explanation : Bugetsales revenue is also called projected sales. It will be depend upon last year…
Q: During 2021 Erin received eligible dividends of $1,000
A: Eligible dividends are paid out by public corporations , from the income that has been…
Q: Maria has leased an auto for 3 years at $200/month. If the money is worth 5%/year compounded…
A: To find the present value of this lease, we need to use the formula for the present value of an…
Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…
A: The journal entries are prepared to record the transactions on regular basis. The allowance for…
Q: On July 1, 2022, Pepperpot Company made a lump sum purchase of an office building, including the…
A: Date Particulars Debit Credit .. Land $48,000 Building $168,000 Fixtures $24,000…
Q: deposits all cash receipts on the day they are received and makes all cash payments by check. The…
A: Adjusted cash balance is the reconciled balance of cash as per books. It is the balance which is…
Q: Web Wizard, Incorporated, has provided information technology services for several years. For the…
A: Allowance for Doubtful Accounts - Allowance for doubtful accounts is a provision made by the…
Q: TB MC Qu. 4-68 (Algo) Domingo Corporation uses the weighted... Domingo Corporation uses the…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Fanning Company is considering the addition of a new product to its cosmetics line. The company has…
A: Please see the answer below: 1. a) Determine the margin of safety as a percentage…
Q: The units of an item available for sale during the year were as follows: Jan. 1 40 units at $122…
A: FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…
Q: Production budget is prepared based on sales target. It is useful for preparing other operating…
A: SALES BUDGET Sales Budget is the quantitative & Financial statement of Sales, Prepared prior to…
Step by step
Solved in 2 steps
- 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 0Merchant 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 shown17 - 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
- Davao 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: 307.5EAGLE 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
- Accounting The unit imports 100 units, which have been purchased for 20,000 dollars. The transport is 4,000 dollars and is paid by the unit. The article is taxed by excise for 80 money/units. The article is taxed with a customs tax of 10%. What is the cost of the product after this taxation? 68,400 leke 58,400 leke 48,400 leke 38,400 lekeA 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 €8,750Chinook, Inc. purchases components from a Japanese company that requires payment in yen (Y); it sells finished products to a German company that pays in euros. On June 1, Chinook ordered components from the Japanese Company costing Y6,890,000 and sold finished goods to the German company with a selling price of $150,000 to be paid in euros. The June 1 spot rates of U.S. dollars for yen and for euros was: $1 = Y106.0 $1 = E0.84 Required: 1. What is the cost of the Y6,890,000 in dollars? 2. How many euros will Chinook receive from the German company in payment for the finished product? 3. What if the exchange rate of dollars for yen was $1 = Y108? What is the cost of the Y6,890,000 in dollars (rounded to the nearest dollar)?
- 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?KS 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 interestNational 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?