On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge ofP15,000. At the end of the month, UFO reported sales of 6 handbags at P30,000 each and incurredexpenses of P12,500 and remitted the net proceeds due to KBO after deducting a 20% commission onthe sales price.1. How much net income did KBO realize in August on the consignment?A. 37,500 income C. 33,500 lossB. 32,500 income D. 32,500 loss

Given, Purchase price is P15,000 Selling price is P30,000 Commission is 20% on sale price Freight…

On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge c P15,000. At the end of the month, UFO reported sales of 6 handbags at P30,000 each and incurre expenses of P12,500 and remitted the net proceeds due to KB0 after deducting a 20% commissic the sales price. 1. How much net income did KBO realize in August on the consignment? A. 37,500 income C. 33,500 loss

On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge c P15,000. At the end of the month, UFO reported sales of 6 handbags at P30,000 each and incurre expenses of P12,500 and remitted the net proceeds due to KB0 after deducting a 20% commissic the sales price. 1. How much net income did KBO realize in August on the consignment? A. 37,500 income C. 33,500 loss

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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