Illustration 2: Consigned GoodsABC Co. consigned goods costing P10,000 to XYZ, Inc.Transportation costs of delivering the goods to XYZ totaledP2,000. Repair costs for goods damaged duringtransportation totaled P500. To induce XYZ Inc. inaccepting the consigned goods, ABC Co. gave XYZ IncP1,000 representing an advance commission. How much isthe cost of the consigned goods?

Given Consigned goods costing P10,000 Transportation cost P2000 Repairs P500 Advance commission…

2: Consigned Goods ABC Co. consigned goods costing P10,000 to XYZ, Inc. Transportation costs of delivering the goods to XYZ totaled 2,000. Repair costs for goods damaged during ransportation totaled P500. To induce XYZ Inc. in accepting the consigned goods, ABC Co. gave XYZ Inc P1,000 representing an advance commission. How much is The cost of the consigned goods?

2: Consigned Goods ABC Co. consigned goods costing P10,000 to XYZ, Inc. Transportation costs of delivering the goods to XYZ totaled 2,000. Repair costs for goods damaged during ransportation totaled P500. To induce XYZ Inc. in accepting the consigned goods, ABC Co. gave XYZ Inc P1,000 representing an advance commission. How much is The cost of the consigned goods?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

nku.3
1. Assume Trois Cuisines Manufacturing bought three machines in a $100,000 lump-sum purchase. An independent appraiser valued the machines as follows: (1) Trois Cuisines paid one-third in cash and signed a note payable for the remainder. What is each machine’s individual cost? (2) Immediately after making this purchase, Trois Cuisines sold machine 2 for its appraised value. What is the result of the sale? Round to three decimal places. The result of the sale a _____ of $_____. Prepare the journal entry to record the sale. Please show all steps.
Penrith European Car Sales plc sells a new car with “free” 5,000km and 20,000km maintenance services for a combined price of £41,500. The cost of the car from the manufacturer is £30,000. The two maintenance services normally cost £400 and £600 to do and are charged to casual customers at the rate of £800 and £1,200 respectively. Record all the transactions associated with the sale. Supporting information: The freehold land has a market value of £960,000 if it is to be continued in use as a warehouse. There is a possibility that planning permission could be obtained for a change of use allowing the warehouse to be converted into apartments. If planning permission were to be obtained the company has been advised that the land would have a market value of £2,500,000. The net realisable values on liquidation of the other assets are: • Plant and equipment • Inventory• Trade receivables £1,200,000 £450,000 £1,050,000 An analysis of the payables indicated that…
PROBLEM 4: The records of ZZZ Company reveal the following information: A. Goods sold on an installment basis to Luxembourg, Inc., possession of the goods is transferred to Hatred, Inc., P750,000. B Goods sold to Madrid Company for which ZZZ has signed an agreement to repurchasethe goods sold at a set price that covers all costs related to the inventory, P680,000. C. Goods received from YYY Company for which an agreement was signed requiringZZZ to replace such goods in the near future, P580,000. C. Goods purchased from Male, Inc., P430,000. Billing was received although delivery was delayed per request of ZZZ. The goods purchased were segregated and ready for delivery on demand. D. Goods purchased from Managua on a lay away sale agreement, P550,000. The goods were not yet delivered until after ZZZ makes the final payment on the purchase price. ZZZ made total payments of P50,000 during the year. How much is included by ZZZ as part of inventory?
XYZ Company's policy for the purchases of any asset over the value of $3,000 requires the purchasing clerk and purchasing manager to sign off is an example of а. general authorization. b. special authorization. С. specific authorization. d. generic authorization.
7. Previous attempt 4. Campus Stop is considering a contract to sell merchandise to a campus organization for $21,000. This merchandise will cost Campus Stop $13,800. What would be the increase or decrease to Campus Stop's gross profit and gross profit percentage? TIP: The impact on gross profit (a dollar amount) may differ from the impact on gross profit percentage. (Round "Gross Profit Percentage" to 1 decimal place.) Gross Profit increased by $ Gross Profit Percentage decreased to References eBook & Resources 13,800 You did not re- 34.3 %
A cash gent unit has these net assets: - goodwill: - $10 mProperty: - $15 mPlant Eper:- = $ 25 mThe company is ceviewing Cal for impairment. we Enor the flig information: - selling Price $ 30 mYou are res: - to calculate the recoverable $50 mselling costss $5 mValue in use amount of CaU galloc the impasment loss to the net assets of the company = =