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Accounting
You are the purchasing agent for THE BRICK. You have acquired a great deal from a US  supplier who is going out of business. "WOODEN KITCHEN TABLE SETS" are available at 50%  of the regular price. But the goods must be imported before the end of February 2023 You contact the supplier and he informs you that the price of the SETS were $1800 and now are  selling for $900.00 US each and you require 20000 sets  Number of units: 20,000 Cost per unit: $900.00 USD  Exchange rate: $1 USD = $1.46 CAD  GST Rate: standard rate  Certificate of origin not available  (1) Complete the financial calculations VFCC, VFD, CD, VFT, GST and TDTP for this shipment. All calculation must be shown

You are the purchasing agent for THE BRICK. You have acquired a great deal from a US  supplier who is going out of business. "WOODEN KITCHEN TABLE SETS" are available at 50%  of the regular price. But the goods must be imported before the end of February 2023 You contact the supplier and he informs you that the price of the SETS were $1800 and now are  selling for $900.00 US each and you require 20000 sets  Number of units: 20,000 Cost per unit: $900.00 USD  Exchange rate: $1 USD = $1.46 CAD  GST Rate: standard rate  Certificate of origin not available  (1) Complete the financial calculations VFCC, VFD, CD, VFT, GST and TDTP for this shipment. All calculation must be shown

FINANCIAL ACCOUNTING
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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SCENARIO
You are the purchasing agent for THE BRICK. You have acquired a great deal from a US 
supplier who is going out of business. "WOODEN KITCHEN TABLE SETS" are available at 50% 
of the regular price. But the goods must be imported before the end of February 2023
You contact the supplier and he informs you that the price of the SETS were $1800 and now are 
selling for $900.00 US each and you require 20000 sets 
Number of units: 20,000
Cost per unit: $900.00 USD 
Exchange rate: $1 USD = $1.46 CAD 
GST Rate: standard rate 
Certificate of origin not available 
(1) Complete the financial calculations VFCC, VFD, CD, VFT, GST and TDTP for this shipment. All calculation must be shown

94-6 Tariff Description of Goods Item 9403.30.00 -Wooden furniture of a kind used in offices SS 10-Desks 9403.60 20-Record-keeping equipment. 30-Tables... 90 ----Other. 9403.40.00 -Wooden furniture of a kind used in the kitchen 10--Kitchen cabinets. 90-Other. 9403.50.00 -Wooden furniture of a kind used in the bedroom 10-Cribs. 20-Bunk beds 90 -----Other. CUSTOMS TARIFF - SCHEDULE -Other wooden furniture 9403.60.10 ---For domestic purposes 10 -----Desks, excluding children's furniture.. -----Cabinets: 31 ------Medicine or vanity cabinets. 39 -Other... 40-Outdoor furniture 60-----Shelving. 70-Children's indoor furniture. -----Other: 91---Living room furniture... 92 ------Dining room furniture... 99-Other... Unit of Meas. MFN Tariff Free 9.5% 9.5% 9.5% Applicable Preferential Tariffs CCCT, LDCT, GPT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free CCCT, LDCT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free GPT: 6% CCCT, LDCT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free GPT: 6% CCCT, LDCT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free GPT: 6%
Transcribed Image Text:94-6 Tariff Description of Goods Item 9403.30.00 -Wooden furniture of a kind used in offices SS 10-Desks 9403.60 20-Record-keeping equipment. 30-Tables... 90 ----Other. 9403.40.00 -Wooden furniture of a kind used in the kitchen 10--Kitchen cabinets. 90-Other. 9403.50.00 -Wooden furniture of a kind used in the bedroom 10-Cribs. 20-Bunk beds 90 -----Other. CUSTOMS TARIFF - SCHEDULE -Other wooden furniture 9403.60.10 ---For domestic purposes 10 -----Desks, excluding children's furniture.. -----Cabinets: 31 ------Medicine or vanity cabinets. 39 -Other... 40-Outdoor furniture 60-----Shelving. 70-Children's indoor furniture. -----Other: 91---Living room furniture... 92 ------Dining room furniture... 99-Other... Unit of Meas. MFN Tariff Free 9.5% 9.5% 9.5% Applicable Preferential Tariffs CCCT, LDCT, GPT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free CCCT, LDCT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free GPT: 6% CCCT, LDCT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free GPT: 6% CCCT, LDCT, UST, MXT, CIAT, CT, CRT, IT, NT, SLT, PT, COLT, JT, PAT, HNT, KRT, CEUT, UAT, CPTPT, UKT: Free GPT: 6%
I JE 21 LINE LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 37 VALUE FOR DUTY VALEUR EN DOUANE 21 LINE LIGNE 22 DESCRIPTION DESIGNATION OF DE WOODEN FURNITURE 27 CLASSIFICATION NO N° DE CLASSEMENT 37 VALUE FOR DUTY 21 LINE LIGNE 22 DESCRIPTION DÉSIGNATION VALEUR EN DOUANE 21 LINE LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 37 VALUE FOR DUTY VALEUR EN DOUANE 22 DESCRIPTION DÉSIGNATION 21 LINE LIGNE 22 DESCRIPTION DÉSIGNATION 27 CLASSIFICATION NO. N° DE CLASSEMENT 37 VALUE FOR DUTY VALEUR EN DOUANE 22 DESCRIPTION DÉSIGNATION 27 CLASSIFICATION NO. N° DE CLASSEMENT DECLARATION - DÉCLARATION 37 VALUE FOR DUTY VALEUR EN DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ DATE 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE PLEASE PRINT NAME LETTRES MOULÉES S.V.P. IMPORTER/AGENT IMPORTATEUR / AGENT SIGNATURE 30 U - M 39 SIMA ASSESSMENT COTISATION DE LMSI 30 U - M DECLARE THE PARTICULARS OF THIS DOCUMENT TO BE TRUE, ACCURATE AND COMPLETE. DÉCLARE QUE LES RENSEIGNEMENTS CI-DESSUS SONT VRAIS ET COMPLETS. 30 U - M 23 WEIGHT/KGM POIDS/KGM 31 VFD CODE 32 SIMA CODE CODE VD CODE DE LMSI 39 SIMA ASSESSMENT COTISATION DE LMSI 30 U - M 30 U - M 23 WEIGHT/KGM POIDS/KGM 31 VFD CODE 32 SIMA CODE CODE VD CODE DE LMSI 39 SIMA ASSESSMENT COTISATION DE LMSI 23 WEIGHT/KGM POIDS/KGM 40 EXCISE TAX TAXE D'ACCISE 39 SIMA ASSESSMENT COTISATION DE LMSI 23 WEIGHT/KGM POIDS/KGM 31 VFD CODE 32 SIMA CODE CODE VD CODE DE LMSI 39 SIMA ASSESSMENT COTISATION DE LMSI PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMÉRO 25 LINE-LIGNE 40 EXCISE TAX TAXE D'ACCISE 31 VFD CODE 32 SIMA CODE 33 RATE OF CUSTOMS DUTY CODE VD CODE DE LMSI TAUX DE DROIT DE DOUANE 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 23 WEIGHT/KGM POIDS/KGM 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMERO 25 LINE-LIGNE 43 DEPOSIT-DÉPÔT 40 EXCISE TAX TAXE D'ACCISE 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 31 VFD CODE 32 SIMA CODE 33 RATE OF CUSTOMS DUTY CODE VD CODE DE LMSI TAUX DE DROIT DE DOUANE PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMERO 25 LINE-LIGNE 34 E.T. RATE TAUX T.A. 40 EXCISE TAX 41 VALUE FOR TAX VALEUR POUR TAXE TAXE D'ACCISE 34 E.T. RATE TAUX T.A. PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMERO 25 LINE-LIGNE 46 CARRIER CODE AT IMPORTATION CODE DE TRANSPORTEUR À L'IMPORTATION 41 VALUE FOR TAX VALEUR POUR TAXE 34 E.T. RATE TAUX T.A. 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 34 E.T. RATE TAUX T.A. 41 VALUE FOR TAX VALEUR POUR TAXE PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMÉRO 25 LINE-LIGNE 34 E.T. RATE TAUX T.A. 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 44 WAREHOUSE NO. - N° D'ENTREPÔT 41 VALUE FOR TAX VALEUR POUR TAXE 45 CARGO CONTROL NO. - N° DE CONTRÔLE DU FRET 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 41 VALUE FOR TAX VALEUR POUR TAXE 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 50 42 GST TPS 51 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 47 CUSTOMS DUTIES DROITS DE DOUANE GST TPS 48 SIMA ASSESSMENT COTISATION DE LMSI TOTAL 42 GST TPS 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 49 EXCISE TAX TAXE D'ACCISE 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 42 GST TPS 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 42 GST TPS 42 GST TPS
Transcribed Image Text:I JE 21 LINE LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 37 VALUE FOR DUTY VALEUR EN DOUANE 21 LINE LIGNE 22 DESCRIPTION DESIGNATION OF DE WOODEN FURNITURE 27 CLASSIFICATION NO N° DE CLASSEMENT 37 VALUE FOR DUTY 21 LINE LIGNE 22 DESCRIPTION DÉSIGNATION VALEUR EN DOUANE 21 LINE LIGNE 27 CLASSIFICATION NO. N° DE CLASSEMENT 37 VALUE FOR DUTY VALEUR EN DOUANE 22 DESCRIPTION DÉSIGNATION 21 LINE LIGNE 22 DESCRIPTION DÉSIGNATION 27 CLASSIFICATION NO. N° DE CLASSEMENT 37 VALUE FOR DUTY VALEUR EN DOUANE 22 DESCRIPTION DÉSIGNATION 27 CLASSIFICATION NO. N° DE CLASSEMENT DECLARATION - DÉCLARATION 37 VALUE FOR DUTY VALEUR EN DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ DATE 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE 28 TARIFF CODE 29 QUANTITY TARIFAIRE QUANTITÉ 38 CUSTOMS DUTIES DROITS DE DOUANE PLEASE PRINT NAME LETTRES MOULÉES S.V.P. IMPORTER/AGENT IMPORTATEUR / AGENT SIGNATURE 30 U - M 39 SIMA ASSESSMENT COTISATION DE LMSI 30 U - M DECLARE THE PARTICULARS OF THIS DOCUMENT TO BE TRUE, ACCURATE AND COMPLETE. DÉCLARE QUE LES RENSEIGNEMENTS CI-DESSUS SONT VRAIS ET COMPLETS. 30 U - M 23 WEIGHT/KGM POIDS/KGM 31 VFD CODE 32 SIMA CODE CODE VD CODE DE LMSI 39 SIMA ASSESSMENT COTISATION DE LMSI 30 U - M 30 U - M 23 WEIGHT/KGM POIDS/KGM 31 VFD CODE 32 SIMA CODE CODE VD CODE DE LMSI 39 SIMA ASSESSMENT COTISATION DE LMSI 23 WEIGHT/KGM POIDS/KGM 40 EXCISE TAX TAXE D'ACCISE 39 SIMA ASSESSMENT COTISATION DE LMSI 23 WEIGHT/KGM POIDS/KGM 31 VFD CODE 32 SIMA CODE CODE VD CODE DE LMSI 39 SIMA ASSESSMENT COTISATION DE LMSI PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMÉRO 25 LINE-LIGNE 40 EXCISE TAX TAXE D'ACCISE 31 VFD CODE 32 SIMA CODE 33 RATE OF CUSTOMS DUTY CODE VD CODE DE LMSI TAUX DE DROIT DE DOUANE 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 23 WEIGHT/KGM POIDS/KGM 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 40 EXCISE TAX TAXE D'ACCISE PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMERO 25 LINE-LIGNE 43 DEPOSIT-DÉPÔT 40 EXCISE TAX TAXE D'ACCISE 33 RATE OF CUSTOMS DUTY TAUX DE DROIT DE DOUANE 31 VFD CODE 32 SIMA CODE 33 RATE OF CUSTOMS DUTY CODE VD CODE DE LMSI TAUX DE DROIT DE DOUANE PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMERO 25 LINE-LIGNE 34 E.T. RATE TAUX T.A. 40 EXCISE TAX 41 VALUE FOR TAX VALEUR POUR TAXE TAXE D'ACCISE 34 E.T. RATE TAUX T.A. PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMERO 25 LINE-LIGNE 46 CARRIER CODE AT IMPORTATION CODE DE TRANSPORTEUR À L'IMPORTATION 41 VALUE FOR TAX VALEUR POUR TAXE 34 E.T. RATE TAUX T.A. 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 34 E.T. RATE TAUX T.A. 41 VALUE FOR TAX VALEUR POUR TAXE PREVIOUS TRANSACTION-TRANSACTION ANTÉRIEURE 24 NUMBER-NUMÉRO 25 LINE-LIGNE 34 E.T. RATE TAUX T.A. 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 44 WAREHOUSE NO. - N° D'ENTREPÔT 41 VALUE FOR TAX VALEUR POUR TAXE 45 CARGO CONTROL NO. - N° DE CONTRÔLE DU FRET 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 41 VALUE FOR TAX VALEUR POUR TAXE 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 50 42 GST TPS 51 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 47 CUSTOMS DUTIES DROITS DE DOUANE GST TPS 48 SIMA ASSESSMENT COTISATION DE LMSI TOTAL 42 GST TPS 35 RATE OF GST 36 VALUE FOR CURRENCY CONVERSION TAUX DE TPS CONVERSION VALEUR POUR CHANGE 49 EXCISE TAX TAXE D'ACCISE 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 42 GST TPS 26 SPECIAL AUTHORITY AUTORISATION SPÉCIALE 42 GST TPS 42 GST TPS
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