On December 1, 2021, ABC Department Store received 505 sweaters on consignment from Todd. Todd's cost for the sweaters was P80 each, and they were priced to sell at P100. ABC's commission on consigned goods is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 balanced sheet, what amount should ABC report as payable for consigned goods? [A] 49,000 [B] 45,400 [C] 45,000 [D] 40,400
On December 1, 2021, ABC Department Store received 505 sweaters on consignment from Todd. Todd's cost for the sweaters was P80 each, and they were priced to sell at P100. ABC's commission on consigned goods is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 balanced sheet, what amount should ABC report as payable for consigned goods? [A] 49,000 [B] 45,400 [C] 45,000 [D] 40,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![On December 1, 2021, ABC Department Store received 505
sweaters on consignment from Todd. Todd's cost for the
sweaters was P80 each, and they were priced to sell at P100.
ABC's commission on consigned goods is 10%. At December
31, 2021, 5 sweaters remained. In its December 31, 2021 is
10%. At December 31, 2021, 5 sweaters remained. In its
December 31, 2021 balanced sheet, what amount should
ABC report as payable for consigned goods?
[A] 49,000
[B] 45.400
[C] 45,000
[D] 40,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F925dba2e-5496-4bec-824d-e314c61db5bd%2F4b599df4-f260-4408-bb8e-30a9f3f73d0d%2Fct52v28_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On December 1, 2021, ABC Department Store received 505
sweaters on consignment from Todd. Todd's cost for the
sweaters was P80 each, and they were priced to sell at P100.
ABC's commission on consigned goods is 10%. At December
31, 2021, 5 sweaters remained. In its December 31, 2021 is
10%. At December 31, 2021, 5 sweaters remained. In its
December 31, 2021 balanced sheet, what amount should
ABC report as payable for consigned goods?
[A] 49,000
[B] 45.400
[C] 45,000
[D] 40,400
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