A commercialization company of household appliances acquired 2500 TVs for sale. The purchase price of each television
Fantastic news! We've Found the answer you've been seeking!
Question:
Case 2
An entity that produces goods excluded from VAT acquires raw material worth $70,000, which is taxed with VAT of 16% on cash. The entity had to transport the merchandise from the supplier's facilities to its own, for which it incurred an expense of $ 2,500. You mush to determine the cost of the inventory and record the event in its accounting.
Case 3
An entity acquires 1,000 units of merchandise worth $ 120 each, VAT included on account. The merchandise is taxed with the general rate of 16%. The supplier grants the entity a 3% discount at the time of purchase. In this case, since it is an unconditional discount or invoice footer, it must be taken into account from the moment the supplier invoices the merchandise. This means that it is also not included in the basis for calculating VAT. You mush to determine the cost of the inventory and record the event in its accounting.
Case 4
From Case 1, two days after the commercialization company of household appliances acquired 2500 TVs, it sold 350 TVs on account for $1.350 each one for one of the best costumers. You mush to register the new inventory and record the event in its accounting.
Case 5
From Case 2 the entity that produces goods excluded from VAT acquires raw material worth $70,000, used material to produce the final goods for $45,000. You mush to determine the cost of the inventory and record the event in its accounting. You mush to register the new inventory and record the event in its accounting.
Case 6
From Case 3, the entity that acquires 1,000 units of merchandise, three days after that event, it sold on account a half of that acquisition for 175% of the cost of good sales. You mush to determine the cost of the inventory and record the event in its accounting.
Related Book For
Advanced Financial Accounting
ISBN: 978-0137030385
6th edition
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
Posted Date: