1 Pan Company purchased 500(exclusive VAT 10%) of merchandise from Lan company, FOB destination, freight cost:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1 Pan Company purchased 500(exclusive VAT 10%) of merchandise from Lan company, FOB destination, freight cost: 20(exclusive VAT 10%) was paid by cash in bank(VND:1.000.000) a. Which company paid freight cost? b. Which accounts were used for freight cost transaction of Lan company. c. Prepare entries for freight cost transaction for Lan company. On April 2, Cion Co. purchased merchandise from Jose Co. for 210.000 (exclusive VAT 10% ), terms 2/10, n/30 FOB shipping point. On April 12. paid the amount due to Jose Co. in full. Dion Co used perpetual inventory system. a. Prepare the journal entries to record the transaction on April 2 in Cion Co. b. Prepare the journal entries to record the transaction on April 12 in Cion Co. c. Assume that Cion Co. paid the balance due to Jose Co. on April 20 instead of April 12. Prepare the journal entry to record this payment. Dash Co. received export entrustment fees from Smath Co. by VND in bank of 110.000 (inclusive of VAT 10%).(VND: 1.000). a. Which company is export truster? b. Make entries for this transaction in export truster. a/The average-cost method in a periodic inventory system is called b/Which inventory system that company keeps detailed inventory records of the each inventory purchase and sale? c/"The freight costs incurred by the buyer are operating expenses". True or false? d/ That company that buys products and resell them with a large quantities is "The primary source of revenue for a merchandising company results from performing services for customers".True or false? bTrade company does not carry out a production process for goods solds". True or false? Af beginning inventory is 60.000, cost of goods sold is 380.000, and ending inventory is 50.000, cost of goods purchased is d/A situation in which a company sells its products directly to customers in another country without using another person or organization to make arrangement for them is called e/ What will result if gross profit are greater than operating expenses? Luci Co, imported goods, price of goods in invoice S8.000, the import tax 20%, The special consumption tax 30%, the VAT tax 10%, the customs rate of exchange: $1= VND 23, the approximate exchange rate: $1= VND 23,1, the customs value of goods is the same as the the value of goods in invoice. a. Determine the cost of goods imported. b. Determine the import tax c. Determine the special consumption tax 2. 3 6. 1 Pan Company purchased 500(exclusive VAT 10%) of merchandise from Lan company, FOB destination, freight cost: 20(exclusive VAT 10%) was paid by cash in bank(VND:1.000.000) a. Which company paid freight cost? b. Which accounts were used for freight cost transaction of Lan company. c. Prepare entries for freight cost transaction for Lan company. On April 2, Cion Co. purchased merchandise from Jose Co. for 210.000 (exclusive VAT 10% ), terms 2/10, n/30 FOB shipping point. On April 12. paid the amount due to Jose Co. in full. Dion Co used perpetual inventory system. a. Prepare the journal entries to record the transaction on April 2 in Cion Co. b. Prepare the journal entries to record the transaction on April 12 in Cion Co. c. Assume that Cion Co. paid the balance due to Jose Co. on April 20 instead of April 12. Prepare the journal entry to record this payment. Dash Co. received export entrustment fees from Smath Co. by VND in bank of 110.000 (inclusive of VAT 10%).(VND: 1.000). a. Which company is export truster? b. Make entries for this transaction in export truster. a/The average-cost method in a periodic inventory system is called b/Which inventory system that company keeps detailed inventory records of the each inventory purchase and sale? c/"The freight costs incurred by the buyer are operating expenses". True or false? d/ That company that buys products and resell them with a large quantities is "The primary source of revenue for a merchandising company results from performing services for customers".True or false? bTrade company does not carry out a production process for goods solds". True or false? Af beginning inventory is 60.000, cost of goods sold is 380.000, and ending inventory is 50.000, cost of goods purchased is d/A situation in which a company sells its products directly to customers in another country without using another person or organization to make arrangement for them is called e/ What will result if gross profit are greater than operating expenses? Luci Co, imported goods, price of goods in invoice S8.000, the import tax 20%, The special consumption tax 30%, the VAT tax 10%, the customs rate of exchange: $1= VND 23, the approximate exchange rate: $1= VND 23,1, the customs value of goods is the same as the the value of goods in invoice. a. Determine the cost of goods imported. b. Determine the import tax c. Determine the special consumption tax 2. 3 6.
Expert Answer:
Related Book For
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
Students also viewed these accounting questions
-
What is the amount due to Bryan upon final settlement? ? B. Bryan, Ryan and Yan formed a joint venture in 2010 to sell computers. They assigned Ryan as the manager of the joint venture. They agreed...
-
Part (d) (10 points) Reproduce your diagram from part (c). Suppose that the household were offered Plan 2 instead of Plan 1. Would the household be better off, worse off, or indifferent? Support your...
-
Prepare a journal entry on April 2 for cash received for services rendered, $3,600.
-
Using real employed samples, multiple field studies indicate that fat women experience more negative outcomes than fat men. In one study conducted by Steven Gortmaker and colleagues and using over...
-
Which of the following are spontaneous processes? Explain your answer for each process. (a) The hydrolysis of ATP to ADP and Pi (b) The oxidation of glucose to CO2 and H2O by an organism (c) The...
-
A standard electrochemical cell is made by dipping a silver electrode into a 1.0 M Ag solution and a cadmium electrode into a 1.0 M Cd2+ solution. a. What is the spontaneous chemical reaction, and...
-
Show that the variance of a factorial effect in a $2^{k}$ design with $m$ replications is \[\frac{4 \sigma^{2}}{N}\] where $N=m \cdot 2^{k}$ and $\sigma^{2}$ is the variance of each outcome.
-
Aurora Company spent a total of $102,340 in the current period in one of its production centers. In addition, when the production period began, there was work-in-process inventory in the production...
-
JL Lumber has a debt-equity ratio of .47. The firm's required return on assets is 11.8 percent and its current cost of equity is 14.23 percent. What is the firm's pretax cost of debt? Ignore taxes.
-
Pace Company purchased 20,000 of the 25,000 shares of Saddler Corporation for $525,000. On January 3, 2011, the acquisition date, Saddler Corporations capital stock and retained earnings account...
-
a. What are the Total Liabilities & Equity in 2023F? b. What is the Net Income in 2024F? Income Al figures in USD thousands Statement Revenue COGS Gross Profit SG&A Other EBITDA Depredation EBIT...
-
The blocks are connected with each through an underground tunnel. The distance between blocks is 320 meters. Each block has its own server room for housing servers and network devices. Each floor has...
-
2) Use the semi-annually compounded yield curve below, price the follo securities: a) Plot the zero/spot/yield curve. b) 5-year zero coupon bond c) 7-year coupon bond paying 15% semiannually d)...
-
Given the following UML, which statement below is not valid? 4 5 7 8 2 3 10 11 12 13 14 15 1 16 21 17 18 19 21 20 21 +do_b_stuff10 + do_b_stuff20) B A myvar = new A(); B myvar = new B(); C myvar =...
-
How can teachers deliver effective cross-curricular literacy instruction in their classroom? Discuss one strategy and how it supports literacy learning.
-
The 1D array StudentName[] contains the names of students in a class. The 2D array StudentMark[] contains the mark for each subject, for each student. The position of each student's data in the two...
-
Process of Normalizing, Database and Information Table below shows the lists of staffs who work in a given project. Each staff has their own Job Department, Price (per hour) and Total Hours. Employee...
-
Find a polar equation for the curve represented by the given Cartesian equation. 4y 2 = x
-
Pet Corporation acquired an 80 percent interest in She Corporation on January 1, 2011, for $640,000, at which time She had capital stock of $400,000 outstanding and retained earnings of $200,000. The...
-
You have been hired as trustee for the testamentary trust created by the will of Tom Josephson. The trust is created on June 30, 2013. (Use the information provided in P 23-6 and P 23-7.) The trust...
-
The pretax accounting incomes of Pit Corporation and its 100 percent-owned subsidiary, Sol Company, for 2011 are as follows (in thousands): Pit Sol Sales ........................... $2,000...
-
The details in Figure 16.9 relate to D Co. Using that information and appropriate ratios, prepare a financial report on the company. The opening inventory value figures were :135,000 20X1 actual and...
-
The process of expressing a foreign subsidiarys balance sheet in its parents currency is called: A. Currency translation. B. Currency change. C. Currency conversion. D. Currency swap.
-
A loan is made to a company of $20,000, which is equal to :10,000 at the date of the loan during year 1. The loan is legally denominated in dollars. At the end of year 1, the loan is translated as...
Study smarter with the SolutionInn App