On October 20, 2021, ABC Co. consigned 40 freezers in Holden Co. for sale P1,000 each and paid P800 in transportation costs. On December 30, 2021, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should ABC recognize as consignment sales revenue for 2021? [A] 7,700 [B] 8,500 [C] 9,800 [D] 10,000
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- A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each pair of slippers was P800 each, and they were priced to sell at P1,000. A Company’s commission on consigned goods is 10%. On December 31, 2021, 5 pairs remained. On December 31, 2021, what amount should be reported as payable for the consigned goods? a. 454,000 b. 404,000 c. 490,000 d. 450,000On 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 B. 32,500 income C. 33,500 loss D. 32,500 lossOn August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, UFO reported sales of 6 handbags at P30,000 each and incurred expenses of P12,500 and remitted the net proceeds due to KBO after deducting a 20% commission on the sales price. 1. How much net income did KBO realize in August on the consignment? A. 37,500 income C. 33,500 loss B. 32,500 income D. 32,500 loss
- On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of themonth, 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 lossB. 32,500 income D. 32,500 lossWhat is the total cost of inventory of the unsold handbags?A. 60,000 C. 71,000B. 66,000 D. 75,000On November 30, 20x1, Northup Co. consigned 90 freezers to Watson Co. for sale at ₱1,600 each and paid ₱1,200in transportation costs. A report of sales was received on December 30, 20x1 from Watson reporting the sale of 20 freezers, together with a remittance that was net of the agreed 15% commission. How much, should Northup receive as remittance from Watson Co.On October 5, 2024, the Lalisa Trading Company consigned 48 computer units, costing P 8,000 each, to Jennie, Inc. The units were to be sold on either cash or credit basis at a commission of 15% of net sales. Lalisa paid freight of P 1,800 on the shipment. On November 11, Jennie received the goods. Sales were made as follows: · October 15 – 10 units for cash at P 13,000 each · October 28 – 12 units on account at P 14,000 each On October 31, 2024, collections on accounts amounted to P 95,000, and an allowance of P 2,000 was given to a charge customer for a defective unit. On November 15, 2024, Jennie made the proper remittance of cash received from customers. Required: 1. Determine the amount of remittance 2. Determine the consignment profit 3. Determine the cost of ending inventory on consignment
- On August 05, 2021, Faura shipped 20 dining sets on consignment to Furning Outlet Inc. The cost of each dining set was P350. The cost of shipping the dining sets amounted to P1,800 and was paid for by Faura. On December 31, 2021, the consignee reported the sale of 15 dining sets at P850 each. The consignee remitted payment for the amount due after deducting a 10% commission, advertising expense of P300 and installation & set-up costs of P390. The amount of cash received by Faura isBerlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKSOn May 3, 2020, Flint Company consigned 80 freezers, costing $450 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Flint Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $730 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $310 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded to 0…
- On October 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Win policy in setting its selling price is 160% mark-up on cost. Freight on shipment was paid by JAA Company for P12,000. Any costs incurred by the consignee in relation to the consigned goods are all reimbursable. On December 17, JAA Inc. submitted an account sales and remitted P230,400 after deducting 12% commissions, selling expense of P10,000 and any reimbursable cost. Assume further that 50% of the remaining posters were returned to Win incurring freight of P5,000. Half of the returned goods were lost during the shipment. How much is the total loss and/or expenses accounted by Win in relation to the consignment other than the Cost of Goods Sold? Determine the cost of ending inventoryOn October 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Win policy in setting its selling price is 160% mark-up on cost. Freight on shipment was paid by JAA Company for P12,000. Any costs incurred by the consignee in relation to the consigned goods are all reimbursable. On December 17, JAA Inc. submitted an account sales and remitted P230,400 after deducting 12% commissions, selling expense of P10,000 and any reimbursable cost. How much is the net income?On January 2, 2021, Sinovac Co. sold merchandise to Astra, Inc. for P1,200,000. The cost of items to Sinovac was P900,000. A 20% down payment was made and the balance in 5 annual installments of P192,000 plus 10% interest. Astra made the 1st principal and interest payment on December 31, 2021. Selling Expenses related with the installment sale is P50,000. How much is the net income related with the sale on installment in 2021?