The following Table 1 is the balance of payment for Malaysia in the year 2019.Table 1ItemsRM (million)Exports of goods95,750Import of goods98,230Transportation93Nett transfer350Errors and omissions750Official long-term capital (net)630Freight and insurance-4,255Other Services1,550Travel655Investment Income-5,525Corporate investment (nett)9,200Private short-term capital (nett)3,215Based from the Table 1, calculate the following:a. Service account balance.b. Balance in current account.c. Capital account balance.d. Overall balance.

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Answered: The following Table 1 is the balance of…

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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ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Resident Foreign Corporation (RFC)?
ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?
ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?
The following balance of payments data is for the economy of Augusta: Foreign investment in Augusta 174 Transfer (net) + 10 Primary income (investment income earned abroad) 72 Imports of goods and services 98 Augusta investment abroad 183 Primary income (investment income paid abroad) 68 Exports of goods and services 92 c) What is the balance on its capital account? d) Is there an overall balance of payments surplus or deficit? How much?
1. On November 1, 2020, an entity acquired on account goods from a foreign supplier at a cost of $3,000. The accounts payable are paid on January 30, 2021. On December 1, 2020, an entity sold on account goods to a foreign customer at a selling price of $2,500. The accounts receivable is collected on February 28, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following exchange rates are provided Buying spot rate Selling spot rate November 1, 2020 P40 P42 December 1, 2020 39 40 December 31, 45 45.5 2020 January 30, 2021 45.5 46 February 28, 2021 46 46.5 What is the carrying amount of monetary asset on December 31, 2020?
Problem 1: On November 1, 2020, an entity acquired on account goods from foreign supplier at a cost of 1,000 USD. The accounts payable are paid on January 30, 2021. On December 1, 2020, an entity sold on account the said goods to a foreign customer at a selling price of 1,500 USD. The accounts receivable is collected on February 28, 2021. The entity is operating in Philippine economy wherein the functional currency is the Philippine Peso. The following direct exchange rates are provided: 12/1/20 12/21/20 1/30/21 11/1/20 2/28/21 Buy Sell 40 39 45 43 42 42 40 47 46 45 What is the sales revenue to be reported by the entity for the year ended December 31, 2020? b. What is the cost of sales to be reported by the entity for the year ended December 31, 2020? What is the book value of accounts receivable on December 31, 2020? d. What is the book value of accounts payable on December 31, 2020? What is the net foreign currency gain or loss for the year ended December 31, 2020? а. С. е.
How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
ABC Corporation has the following data for the 2019: Gross Income, Philippines P2,500,000 1,000,000 1,500,000 800,000 Expenses, Philippines Gross Income, Japan Expenses, Japan Interest on bank deposits, Philippines How much is the income tax due if ABC Corporation is a foreign corporation with no branch or office in the Philippines? O P756,000 OP664,000 O P660,000 OP450,000 20,000 K
BUT PTE Singapore in Semarang obtained net income in 2021 as follows: Domestic Fiscal income IDR 400.000.000 Income from Deviden in Singapore (15% tax rate) IDR 100.000.000 Income from Loan in Vietnam (20% tax rate) IDR 250.000.000 Income from Royalti in Malaysia (35% tax rate) IDR 200.000.000 Loss Income from India (17% tax rate) (IDR 100.000.000) (Financial information of BUT PTE Singapore that Gross Income is Rp. 35.000.000.000 and Fiscal Costs are Rp 31.000.000.000) Calculate Tax Payable!
May I get part C and D Given below are a set of foreign exchange quotes for several currencies against the Australiandollar as of August 5, 2020.Australian Dollar Exchange RatesCurrency Sell/buyUS, dollar 0.7143/0.7143UK, pound 0.5458/0.5459China, yuan Renminbi 4.9872/4.9907Hong Kong, dollar 5.5349/5.5364India, rupee 53.572/53.669Japan, yen 75.70/75.70Malaysia, ringgit 3.0104/3.0139Philippines, peso 34.953/35.135South Africa, rand 12.2272/12. 2340Switzerland, franc 0.6551/0.6551Thailand, baht 22.1892/22.2317(a) A friend of yours is totally confused by these rates. She is planning to visit Thailand next monthand wishes to purchase 10,000,000 Baht. How many Australian dollars does she require,assuming she is able to use the above quotes?(b) What are the direct quotes for the following currencies with respect to the Australian dollar?(i) UK pound(ii) Chinese Renminbi(iii) Indian rupee(iv) Malaysian ringgit(v) South African rand (c) Create a table showing the bid and ask quotes of each of…
On April 1, 2020, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1, 2021. The dollar value of the loan was as follows: Date April 1, 2020 December 31, Amount $ 97,000 103,000 105,000 How much foreign exchange gain or loss should be included in Shannon's 2021 income statement? 2020 April 1, 2021 How much foreign exchange gain or loss should be included in Shannon's 2021 income statement? Multiple Choice $2,000 loss. $1,000 loss. O $1,000 gain, $8.000 loss. $2,000 gain.
ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000How much is the amount of final withholding tax on passive income ?

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