a. 5b. 6c. 4d. none of the above The CC Manufacturing Company deliveredten DVD players to CLTV Company onconsignment. These DVD player cost P3,000each and are to be sold at P5,000 each. TheCC Manufacturing Co. paid shipment cost ofP2,500. CLTV Co. submitted an accountsales stating that it had returned one unitand was remitting P21,900. This amountrepresents the total amount due to CCManufacturing Co. after deducting thefollowing from the selling price of the DVDplayer sold:Commission :20% of selling priceAdvertising..Delivery and installation ....P1,000P600Cartage on consigned goods. P500The number of units sold by TV Co. is:

The amount remitted to CC manufacturing would be calculated as sales revenue minus commission minus…

Answered: The number of units sold by TV Co. is:

Business

Accounting

The number of units sold by TV Co. is:

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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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

a. 5 b. 6 c. 4 d. none of the above

The CC Manufacturing Company delivered
ten DVD players to CLTV Company on
consignment. These DVD player cost P3,000
each and are to be sold at P5,000 each. The
CC Manufacturing Co. paid shipment cost of
P2,500. CLTV Co. submitted an account
sales stating that it had returned one unit
and was remitting P21,900. This amount
represents the total amount due to CC
Manufacturing Co. after deducting the
following from the selling price of the DVD
player sold:
Commission :
20% of selling price
Advertising..
Delivery and installation ....
P1,000
P600
Cartage on consigned goods. P500
The number of units sold by TV Co. is:

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