Based on number 3, what is the VAT payable
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4. Based on number 3, what is the VAT payable?
ANSWER NO. 4 ONLY!
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- (a) Xesta Limited (XL) operates an incubation centre for its new product(s) ideas. This centre purchases raw materials and any complete output is sold at a price as part of its test marketing independently. The centre fixes prices to make a standard gross profit percentage on sales of 25%.The following information is available for the year ended 28 February 2019.Inventory (1 March 2018) Shs 243 million; purchases for the year Shs 595.6 million; purchase returns Shs 41.2 million; inventory (28 February 2019) shs 261.7 million.Required: Compute the sales made by the centre for the year ended 28 February 2019.(b)The following information relates to the main operations of Xesta Limited (XL) for the year ended 28 February 2019.1. On 1 March 2018, the summary of assets and liabilities were as follows; cash at Hand Shs 42,300,000; shs Cash at Bank Shs 40,800,000; Trade payables Shs 60,500,000 and rent outstanding Shs 2,480,000.2. The following information relates to transactions that look…1. SAN JUAN becomes subject to VAT for the first time. The following data are available for SAN JUAN forthe first quarter of 2018: Beginning inventory purchased from VAT registered P 20,160 at cost (VAT inc) Beginning inventory purchased from NON VAT P 120,000 at costSales, vat inc is P 212,800Purchases of packaging materials from a VAT registered is P 80,000 (net of tax)Purchases of materials for manufacturing cooking oil, net of tax is P 30,000The water bill, net of tax is P 10,000The electricity bill, net of tax is P 20,000Salaries of employees, gross of tax are P 50,000 What is the VAT payable (excess vat input)?Sanchez Company is a wholesaler of bakery equipments. Beginning of the current year, the entity's inventory consisted of 90 bakery equipments priced at P1,000 each, and during the current year with the following transactions; 1. purchased 700 bakery equipments on account at P1,000 each 2. returned 60 defective bakery equipments to supplier and received credit. 3. paid 630 of the bakery equipments purchased. 4. sold 600 bakery equipments at P2,000 each 5. received 30 bakery equipments returned by a customer and gave credit. 6. received cash for 520 of the bakery equipments sold. 7. Physical count at year-end revealed 70 units on hand Required; a. prepare journal entries, including adjustments to record the above transactions assuming the company uses the periodic system and perpetual system b. determine the cost of sales under each inventory system.
- Massy Distribution Centre (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box. Additional information relating to the units in inventory: VAT – 10%; warehousing cost - $0.55 per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit. Recently, due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromised and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. At what amount would this IGA Cornflakes be required to be stated on 30 September 2022? Provide detailed analysis to support your answer.The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 210 units. Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $ 12 January 31 Purchases 53 units at $14 IF THE TAX RATE IS 30%, HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?The business had 400 units in inventory at 1st March 2019 valued at RO 40. On 10th March Purchase made 800 units at RO 60 each. On 31st March Sales made 600 units at RO 80 each. What will be the cost of goods sold value at the end of March 2019 assuming that the business uses FIFO method? a. OMR 64,000 b. OMR 32,000 c. OMR 36,000 d. OMR 28,000
- ABC owns a branch in Baguio City. During the year, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: Beg Inventory, P90,000 and Ending inventory P108,000. On December 31, the home office holds inventories of P160,500 which included P10,500 held on consignment. Both locations use the periodic inventory method. Compute for the inventories in a combined Statement of Financial Position as of December 31.Massy Distribution Center (MDC) had 500 boxes of IGA Cornflakes at 30 September 2022 in inventory. The product had been purchased at list price of $18 per box and normally sells for $24 per box. Additional information relating to the units in inventory: VAT —10%; warehousing cost — $0.55 per unit; purchase discount — $0.40 per unit; carriage inwards — $0.60 per unit. Recently, due to poor handling and storage, several boxes appeared less than presentable however the contents were not compromised, and MDC can still sell this item at $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. Answer the following: At what amount would this IGA Cornflakes be required to be stated on 30 September 2022? Provide detailed analysis to support your answer.Vangie Company, a merchandising concern entity, has the following transactions during 2020:a. Purchased merchandise amounting to P100,000. Terms: 2/10, n/30.b. Sold merchandise to various customers, P125,000. Cost of merchandise sold, P65,000.c. Approved and accepted the return of merchandise from customer due to wrong delivery,P12,000. The cost of the inventory is P8,000.d. Paid freight for merchandise sold, P12,000.e. Returned merchandise to suppliers due to damages, P15,000.f. Acquired merchandise from various suppliers, P180,000. Terms: less 10%, 2/10, n/30.g. Paid accounts payable to various suppliers amounting to P90,000 less 2% discount taken.h. Sold merchandise to various customers, P90,000. Cost of merchandise sold, P55,000.i. Received proceeds from accounts receivable collection amounted to P100,000, net of 2%discounts.j. Paid freight for merchandise purchased, P18,000.Requirements:1. Record the above transactions usinga. Perpetual Inventory System
- XYZ owns a branch in New York. During the year, the home office shipped to the branch supplies costing P120,000 at a billed price of 20% above cost. The inventories of supplies at the branch were as follows: Beg Inventory, P90,000 Ending inventory P108,000. On December 31, the home office holds inventories of P160,500 which included P10,500 held on consignment. Both locations use the periodic inventory method. Compute for the inventories in a combined Statement of Financial Position as of December 31.Crane Marine Products began the year with 10 units of marine floats at a cost of $13.60 each. During the year, it made the following purchases: May 5, 30 units at $19.80; July 16, 15 units at $24.20; and December 7, 20 units at $29.50. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Crane uses the periodic approach. FIFO LIFO Average-cost $ LA LA tA $ Cost of Goods SoldKind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component part used in manufacturing Akohia Soap for the period ended 31st August, 2020. Stock on hand at January 1, 2020 Purchases made during the period; January March May July Issues made during the period; February April June August Units Total Cost (GH¢) 2,000 100,000 4,000 200,000 3,000 180,000 8,000 640,000 2,000 200,000 5,000 1,000 1,800 2,500 a. Usingthefirst-in-first-outmethod,preparetheStoreLedgerAccountfortheperiod ended 31st August, 2020. b. 4 (four) importance of Cost Accounting to your programme of study.