CR Manufacturing Co. consigned to CE Trading Corp. twelve (12) Sony colored TV sets which cost P9,000 each. Freight out was paid by the consignor in the amount of P600. CE Trading sold eight (8) sets, rendered an account sales, and remitted the amount of PS2,600 after deducting the following from the selling price of the sets sold: Commission on selling price Selling expenses Cost of antennae given free Delivery and installation 12% 1,200 1,400 2,800 The total selling price of the eight (8) sets sold by CE Trading Corp. is

CR Manufacturing Co. consigned to CE Trading Corp. twelve (12) Sony colored TV sets which cost P9,000 each. Freight out was paid by the consignor in the amount of P600. CE Trading sold eight (8) sets, rendered an account sales, and remitted the amount of PS2,600 after deducting the following from the selling price of the sets sold: Commission on selling price Selling expenses Cost of antennae given free Delivery and installation 12% 1,200 1,400 2,800 The total selling price of the eight (8) sets sold by CE Trading Corp. is

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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