How much must Hoy remit to Hey? 2. The commission of the consignee is?
Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…
A: The total amount spent on an item plus the costs associated with using it is known as the asset's…
Q: Patel Supply is considering a contract to sell merchandise to a hair salon chain for $29,000. This…
A: The objective of this question is to calculate the increase or decrease in Patel Supply's gross…
Q: Shaw sold 1500 units of XOM for $20 per unit plus 8% sales taxes to Polo Company in cash. Sales tax…
A: Formula: Sales revenue = Sales units x Sales price per unit
Q: Crane Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Cullumber Company…
A: 1. **Receipt of payment of $84,000 from employees for the cruise packages:** - **Cash (Debit…
Q: Both customer and bank enter into a musharakah contract which requires RM7 million of capital…
A: The net income is the net profit of the company earned during the period. The net income includes…
Q: FDN Company sold goods to a customer with terms 3/10, 2/20 n/30, FOB Shipping Point amounting to…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: Outdoor Company manufactures camping tents from a lightweight synthetic fabric. Each tent has a…
A: a) Standard Material cost for 1700 tents: = 1700*4*5.25 = $35,700 Actual Material cost for 1700…
Q: Pearl Confectionery Ltd. (PCL) took delivery of an Ice Cream Processing Machine on 30 July 20X6, the…
A: Fixed assets are the long-term fixed assets purchased by the firm to increase the productivity of…
Q: On October 1, Claire Corp. shipped 25 cameras to Thor Inc. on consignment. The cameras are to be…
A: Consignment is the process of selling the goods to another part known as consignee against some…
Q: Cullumber Corporation shipped $18.500 of merchandise on consignment to Crane Company, Cullumber paid…
A: Golden Rule of Journal Entry :—Debit the Receiver, Credit the Giver.Debit what Comes in, Credit what…
Q: Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list…
A: To determine the amount to be capitalized in the asset account for the purchase of the front-end…
Q: G COMPANY enters into a consignment arrangement with SM Company Under the arrangement, YG COMPANY…
A: In consignment accounting, the inventory is send to the consignee. The consignee is a third party…
Q: S Bhd. is pricing a new contract. The new contract requires the use of 50 tonnes of metal X. There…
A: If a material that will be used in a special contract is not in regular use, then the relevant cost…
Q: MedLab Inc. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ACC Co.…
A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…
Q: Carryon Company sells a product and a 12-month service package for that for a combined price of…
A: Calculate the allocated price to product.
Q: On January 1, 20x7, LL Electrical Shop received from MMM Trading 300 pieces of bread toasters. LL…
A: Calculation of Unit sold
Q: Prepare the journal entry to record (1) the receipt of payment of $78,000 from employees for the…
A: Journal entries are used to record the accounting transactions in chronological order under the…
Q: Crystal Company operates a customer loyalty programme. It grants programme members 10 loyalty points…
A: 10 loyalty points for every 1000 amount of groceries Fair value of each loyalty point is P5
Q: Carryon Company sells a product and a 12-month service package for that for a combined price of…
A: Deferred Revenue: It is amount received by the company as prepayment for the goods or service…
Q: CARLA COMPANY MANUFACTURES EQUIPMENT. UNITS SELLING PRICE RANGE FROM 200,000 TO 1,500,000 AND ARE…
A: As per the accounting standard (IFRS) Revenue from contracts with customers which is based on 5 step…
Q: Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,400 list price. Bally…
A: Trade discount is given at the time of selling goods on list price. Cash discount is given at the…
Q: Integrity Company consigned 2,000 units of special equipment, costing P1,200 each to Honesty…
A: Consignment is an agreement between consignor and consignee, where consignee sales goods on behalf…
Q: 2260 2260 950 125916
A: Cost of asset is the amount paid for an asset and for expenses incurred in putting the asset in…
Q: Coronado Company sells Stairmasters to a retailer, Physical Fitness, Inc., for $1,828,000. Coronado…
A: When a seller provides a discount, it directly affect the amount of his revenue. Therefore…
Q: Cullumber Corporation shipped $21,600 of merchandise on consignment to Oriole Company. Cullumber…
A: The objective of the question is to prepare the journal entry for Cullumber Corporation when the…
Q: Southwest Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list…
A: The cost of asset to be capitalized includes all type of costs pertaining to the assets. Purchase…
Q: Integrity Company consigned 2,000 units of special equipment, costing P1,200 each to Honesty…
A: Consignment Account In a consignment arrangement, the consignee, an approved third party, receives…
Q: Cullumber Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Blossom Company…
A: Journal entries refer to the process of recording the day to day business transactions on the…
Q: MedLab Inc. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ACC Co.…
A: Consignment is a commercial agreement in which a company, also known as a consignee, agrees to pay a…
Q: On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM…
A: Net Cash Flow refers to the difference between the total cash inflows and total cash outflows over a…
Q: What is the transaction price for the following scenario: Scenario A: Tula Inc. sells $20,000 of…
A: The transaction price is the actual expected return of the seller at which they agree to provide…
Q: ther with a remittance puld Northup recogniz®
A: Consignment is the process of authorizing the third party known as consignee to sell the products of…
Q: After paying P846,740 and being allowed a discount of P17,260 for prompt settlement, P312,560 was…
A: Calculation of amount paid towards current year purchases - Particulars Amount Cash paid…
Q: yees. The total cruise package price to Ivanhoe Company employees is $74,000. Pharoa ceives a…
A: Journal entries are used to record the accounting transactions in chronological order under double…
Q: Rizal Co. consigns 30 hardware products to Bonifacio Co. on January 1, 20x1. The unit cost per…
A: The net income is the amount of profit earned on the sale of the products after deducting all the…
Q: Leo Consulting enters into a contract with Highgate University to restructure Highgate's processes…
A: The transaction price is the total amount of consideration or payment that a company expects to…
Q: Tito Company entered into an assignment arrangement with Easy Bank whereby the assignee would…
A: Receivables Assigned The process of receivable assigned which was practiced by the entity to raise…
Q: Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a…
A: Capitalization refers to an amount that is incurred in the long-term debt, stock, and retained…
Q: Carla Vista Corporation shipped $20,100 of merchandise on consignment to Wildhorse Company. Carla…
A: Journal entries' are the primary reporting of the business transactions in the books of accounts.…
Q: Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend…
A: Journal Entries - Journal Entries are the records of the transactions entered into by the company.…
Q: what is the annual cost of financing? a. 12% b. 17.5% c. 10% d. 14%
A: Solution:- Given, A Company enters into an agreement with a firm that will factor the company's…
Q: Sheldon factored $200,000 of accounts receivable with Penny Factors on a with recourse basis. Penny…
A: Factoring: Factoring is sale of accounts receivable to a third party by a factor. Receivables are…
Hey Corporation consigned 400 dresses to Hoy Fashions at a suggested retail price of P500 each. Hoy paid shipping costs of P2,100 subject to subsequent settlement. Hey and Hoy agreed that any sales in excess of suggested retail price will accrue to the latter. Hoy submitted an account sale on the sale of 215 dresses, 40% of which was sold at P580 each and the rest at P640 each. Hey has a gross profit ratio of 25% on sales.
1. How much must Hoy remit to Hey?
2. The commission of the consignee is?
Step by step
Solved in 2 steps
- Cullumber Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Blossom Company employees. The total cruise package price to Blossom Company employees is $60,000. Cullumber Inc. receives a commission of 5% of the total price. Cullumber Inc. therefore remits $57,000 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $60,000 from employees for the cruise packages and (2) the remittance and revenue recognized by Cullumber Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. Debit Credit TAMI19) Hopner Products enters into a contract with Tulles to sell three different products. The total transaction price is $370,000. Each of the products is a separate performance obligation. Based on the information presented in the table, what is the allocated transaction price of product Z using the expected-cost-plus-a-profit margin approach? (Round intermediary percentages to the nearest hundredth percent, and round your final answer to the nearest whole number.) Product X Y Z A) $159,390 B) $94,868 C) $123,333 D) $185,000 Standalone Price $150,000 $110,000 Not Available Market Price Forecasted Cost $130,000 $100,000 $160,000 $85,000 $100,000 $140,000XYZ CO. delivered 150 portable gas stoves to DEF CO. on consignment. These stoves cost P2,700 each and could be sold for P4,500. The consignee is to be allowed a commission of 15% of the selling price. The agreement for the consignment contract stated that XYZ CO. would draw a sight draft on the consignee for 60% of the cost of the stoves and the advance shall be recovered periodically by monthly deductions (in proportion to units sold) from the remittances which accompany the account sales. All expenses of the consignee are to be deducted monthly as incurred. The consignee rendered an Account Sales at the end of the first month showing among others the following information: Advertising P6,750 Delivery expense P3,375 Commission P10,125 How much is the amount remitted by DEF to XYZ for the first month?
- Jump & Play Inc. sold 10 outdoor playsets to BigMart Co. The playsets are listed at $1,500 each; Jump & Play offered a trade discount of 10% to BigMart Co. BigMart Co. retails the playsets to customers at a price of $1,800. If Jump & Play sells the playsets to BigMart on account, what is the receivable per playset that Jump & Play should record? Question 4 options: $1,800 $1,350 $1,500 $1,620Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $124,960. The seller agreed to allow a 5.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Freight cost amounted to $2,820. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $870. The loader operator is paid an annual salary of $15,500. The cost of the.company's theft insurance policy increased by $2,320 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $7,600. Required Determine the amount to be capitalized in the asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costsCullumber Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Bonita Company employees. The total cruise package price to Bonita employees is $62,000. Cullumber receives a commission of 6% of the total price. Cullumber therefore remits $58,280 to ShipAway. Prepare the journal entry to record (1) the receipt of payment of $60,000 from employees for the cruise ship package and (2) the remittance and revenue recognized by Cullumber Inc. on this transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.
- GIRLAND INC. consigned 4,800 medical equipment costing P90 and retailing for P3,000 each to ABA Co. Freight cost of P4,800 was paid as freight expenses by the consignor. After a month, GIRLAND received P213,030 in full settlement of the balance due. The consignor deducted a commission of P600 for each equipment sold, P270 for delivery expense and P300 for advertising expense. How many medical equipment were sold?Computers and More offers discounts to its customers and allows the customer to return the product if not satisfied. Computers and More had sales of $850,000 and offers the customer a payment term of 3/12 n/30. The company received $15,000 in returned goods. The cost of goods sold for the period after returns was $320,000. Calculate net profit and gross profit.Dinesh Bhai
- Southwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $115,370. The seller agreed to allow a 6.25 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,080. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $1,150. The loader operator is paid an annual salary of $11,910. The cost of the company's theft insurance policy increased by $2,090 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $9,900. Required: Determine the amount to be capitalized in an asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costsSouthwest Milling Company purchased a front-end loader to move stacks of lumber. The loader had a list price of $117,890. The seller agreed to allow a 5.00 percent discount because Southwest Milling paid cash. Delivery terms were FOB shipping point. Transportation cost amounted to $2,680. Southwest Milling had to hire a specialist to calibrate the loader. The specialist's fee was $770. The loader operator is paid an annual salary of $28,360. The cost of the company's theft insurance policy increased by $1,940 per year as a result of acquiring the loader. The loader had a four-year useful life and an expected salvage value of $6,100. Required: Determine the amount to be capitalized in an asset account for the purchase of the front-end loader. Note: Round your answers to the nearest whole dollar. Amounts to be deducted should be indicated with minus sign. Costs that are to be capitalized: List price Total costs $ 0Show the solution in good accounting form