ANGKAT Buhay Corp. imports merchandise intended for resale. The following information were given: CIF (cost, insurance, freight) - P 350,500 Charges/expenses incurred in claiming the merchandise: Wharfage - P 1,680 Arrastre - P 2,590 Customs duty - P 4,250 Brokerage fee and documentary stamps - P 550 Bank charges on the importation of the merchandise - P1,200 Other charges - freight from customs to warehouse (VAT exclusive) - P 5,500 Facilitation expense - P3,550 Marine cargo insurance - P 2,800 How much is the total VAT on importation?

ANGKAT Buhay Corp. imports merchandise intended for resale. The following information were given: CIF (cost, insurance, freight) - P 350,500 Charges/expenses incurred in claiming the merchandise: Wharfage - P 1,680 Arrastre - P 2,590 Customs duty - P 4,250 Brokerage fee and documentary stamps - P 550 Bank charges on the importation of the merchandise - P1,200 Other charges - freight from customs to warehouse (VAT exclusive) - P 5,500 Facilitation expense - P3,550 Marine cargo insurance - P 2,800 How much is the total VAT on importation?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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