On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, GEO reported sales of 6 handbags at P30,000 each and incurred expenses of P12,500 and remitted the net proceeds due to HBO after deducting a 20% commission on the sales price. How much net income did HBO realize in August on the consignment? A. 37,500 income C. 33,500 loss B. 32,500 income D. 32,500 loss What is the total cost of inventory of the unsold handbags? A. 60,000 С. 71,000 В. 66,000 D. 75,000

On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, GEO reported sales of 6 handbags at P30,000 each and incurred expenses of P12,500 and remitted the net proceeds due to HBO after deducting a 20% commission on the sales price. How much net income did HBO realize in August on the consignment? A. 37,500 income C. 33,500 loss B. 32,500 income D. 32,500 loss What is the total cost of inventory of the unsold handbags? A. 60,000 С. 71,000 В. 66,000 D. 75,000

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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