Luke is an accountant who operates a partnership with Robert providing services of accounting and auditing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Luke is an accountant who operates a partnership with Robert providing services of accounting and auditing to both local and overseas customers. Apart from accounting and auditing, the partnership also provides café and parking spaces services. Total value of sales for the year of assessment 2020 is as shown in the table below: Services Accounting and auditing Cafe Parking spaces Total sales (S) 450,000 320,000 210,000 Required: Calculate value of taxable services for the partnership. Diamond Sdn Bhd is a licensed manufacturer under the Sales Tax Act. The company imported raw materials in January 2021 for use in the manufacture of taxable goods in Malaysia on which it paid sales tax. In June 2021, the company exported 60% of its products. Details of the raw materials purchased are as follows: RM Purchase price Insurance Freight Unpacking and cutting fee Import duty Sale price of goods exported 2,000,000 80,000 20,000 30,000 25% 5,000,000 Required: (1) Compute the sales tax drawback that Diamond Sdn Bhd can claim on the goods exported; (ii) State the conditions that must be fulfilled for a licensed manufacturer to make a valid claim for a drawback. Luke is an accountant who operates a partnership with Robert providing services of accounting and auditing to both local and overseas customers. Apart from accounting and auditing, the partnership also provides café and parking spaces services. Total value of sales for the year of assessment 2020 is as shown in the table below: Services Accounting and auditing Cafe Parking spaces Total sales (S) 450,000 320,000 210,000 Required: Calculate value of taxable services for the partnership. Diamond Sdn Bhd is a licensed manufacturer under the Sales Tax Act. The company imported raw materials in January 2021 for use in the manufacture of taxable goods in Malaysia on which it paid sales tax. In June 2021, the company exported 60% of its products. Details of the raw materials purchased are as follows: RM Purchase price Insurance Freight Unpacking and cutting fee Import duty Sale price of goods exported 2,000,000 80,000 20,000 30,000 25% 5,000,000 Required: (1) Compute the sales tax drawback that Diamond Sdn Bhd can claim on the goods exported; (ii) State the conditions that must be fulfilled for a licensed manufacturer to make a valid claim for a drawback.
Expert Answer:
Answer rating: 100% (QA)
Answer i Calculation of sales tax drawback for value of taxable services for the partnership Total v... View the full answer
Related Book For
Business Law The Ethical Global and E-Commerce Environment
ISBN: 978-1259917110
17th edition
Authors: Arlen Langvardt, A. James Barnes, Jamie Darin Prenkert, Martin A. McCrory
Posted Date:
Students also viewed these finance questions
-
As shown in the table below where the demand level is composed of two states only (Low and High) and an estimate of their probabilities is given, answer the following questions. Show your work Demand...
-
Stephanie Adkins is an accountant who is trained in forensic accounting. She is an experienced fraud investigator. She was recently hired by Lake Side Hotels, a closely-held corporation, to...
-
The descriptive statistics shown in the table below for the variable Income from the US Incomes data set shows that it is negatively skewed? Income (Per Year) Mean 30598.28712 Standard Error...
-
Let Z[] be the following set of rational numbers { a Z, k N} (and recall that N = {0, 1, 2,...} in this class). Let the addition and multiplication for Z[] be the usual addition and multiplication...
-
Briefly describe the types of information that the following resources provide. a.Stockholders report b.Comparative data sources c.Standard & Poors Corporation d.Mergent e.Value Line Investment Survey
-
Here are the Companies to compare: Nike vs. Adidas, take the Financial Statements for 3 years 2014, 2015 and 2016. Vertical and Horizontal analysis on the Income Statement and Balance Sheet Financial...
-
What does a rate earned on average total assets show?
-
During the first quarter, Francum Company incurs the following direct labor costs: January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to...
-
Angelina decided to close her photography and video studio in April. She gave her friend, Mona, two cameras with power lenses, a professional video recorder, and a laptop with various video and photo...
-
Reconstruct the following syllogistic forms and use the five rules for syllogisms to determine if they are valid from the Boolean standpoint, conditionally valid from the Aristotelian standpoint, or...
-
You want to endow a scholarship that will pay $7,000 per yearforever, starting one year from now. If theschool's endowment discount rate is 9 % what amount must you donate to endow thescholarship?...
-
Hazelnut Corporation manufactures lawn ornaments. It currently has two product lines, the basic and the luxury. Hazelnut has a total of $169,122 in overhead. The company has identified the following...
-
What are the steps include in Evaluation of the effectiveness of an emergency plan?
-
The high-tech home of today features computer apps that control air conditioning, heating, and large and small appliances from your smartphone or tablet. For a typical 2,000-square-foot home, the...
-
The following accounts of Ants Company shows the following accounts and amounts as of December 31, 2030, Gas and Oil expenses Jan, capital Jan, drawing Land Long term investment Miscellaneous...
-
While attending college, you want to use your free time to start a new business. Your first idea is to open a bakery shop selling Bundt cakes. Before you decide to execute this idea, you would like...
-
A student of statistics and fan of baseball is looking over the player stats for a list she is compiling of "top ten players nobody remembers." The data for the batting averages of these 10 players...
-
What are the six activities involved in the physical supply/distribution system?
-
Troy and Marie McDonald had a rocky marriage marked by domestic disturbances and substance abuse. They filed for divorce and a judge had issued a final order of dissolution to be effective in October...
-
In 2012, Facebook Inc. filed with the SEC a registration statement under the Securities Act of 1933, pursuant to which Facebook would make a public offering of securities. During the waiting period...
-
The Work Connection (Connection) was a temporary employment agency that provided workers to customers for a fee. Doyle Olson, a sales representative for Connection, contacted Universal Forest...
-
Presented below are the beginning-of-year common share price (P t-1 ), the end-of-year common share price (P t ), and the annual dividend (D t ) for two competitorsMinaret Company and Owens Company....
-
In Example 13-1, we assumed we were going to use all available solvent. There are other alternatives. Determine if the following alternatives are capable of producing outlet water of desired acetic...
-
A countercurrent extraction system extracts furfural from water into methyl-isobutyl ketone (MIBK) at \(25^{\circ} \mathrm{C}\). Aqueous feed contains 0.0011 wt. fraction furfural and has a feed rate...
Study smarter with the SolutionInn App