Number 38 On November 10, 2022 Nicekicks Inc. consigned to Shoe Palace, 10 sneakers costing P3,000 each. Nicekicks Inc. paid the freight in the amount of P3,000. At the end of the year, Shoe Palace sold 6 sneakers to customers with a selling price of P6,000. It reported also selling expenses in the amount of P2,500 and remitted the net proceeds to Nicekicks Inc. The parties agreed on a 20% commission from the sales. What is the total cost of the unsold sneakers? a. 12,000 b. 13,200 c. 10,320 d. 14,880

Number 38 On November 10, 2022 Nicekicks Inc. consigned to Shoe Palace, 10 sneakers costing P3,000 each. Nicekicks Inc. paid the freight in the amount of P3,000. At the end of the year, Shoe Palace sold 6 sneakers to customers with a selling price of P6,000. It reported also selling expenses in the amount of P2,500 and remitted the net proceeds to Nicekicks Inc. The parties agreed on a 20% commission from the sales. What is the total cost of the unsold sneakers? a. 12,000 b. 13,200 c. 10,320 d. 14,880

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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On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During theyear, Kit Inc. transfers cash and merchandise to the branch worth P15,000 andP45,000 respectively. Freight was paid by the home office worth P1,500 included inthe cost of merchandise. The home office also incurred P5,700 expenses of which 30percent was allocated to the branch. On December 31, 2020, the branch incurred aloss of P4,000. What is the balance of the branch account as per home office books?*Please answer in good Acctg form. Thanks!
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Show the solution in good accounting form
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