The Wilson Publishing Company ships 4-volume sets of Management Encyclopedia to book c consignment. The sets are to be sold at an advertised price of P4,950. The estimated cost P2,500. Consignees are allowed a commission of 30% of the sales price and are to be reimburs cartage relating to consigned goods. On December 8, 2009, 100 sets were sent to the Cora Book Store on consignment. The estimated that packing charges of P850 were related to the books shipped. The shipment co the consignor was P2,000. The consignee paid P300 for the cartage on sets received. Sixty sets on December 31. Both consignee and consignor take physical inventories and adjust and o books at year end. Required: 1. Prepare an account sales to be submitted by the consignee at the end of December. 2. Give the journal entries for December on the books of the consignee 3 Give the journal entries for December on the books of the consignor

The Wilson Publishing Company ships 4-volume sets of Management Encyclopedia to book c consignment. The sets are to be sold at an advertised price of P4,950. The estimated cost P2,500. Consignees are allowed a commission of 30% of the sales price and are to be reimburs cartage relating to consigned goods. On December 8, 2009, 100 sets were sent to the Cora Book Store on consignment. The estimated that packing charges of P850 were related to the books shipped. The shipment co the consignor was P2,000. The consignee paid P300 for the cartage on sets received. Sixty sets on December 31. Both consignee and consignor take physical inventories and adjust and o books at year end. Required: 1. Prepare an account sales to be submitted by the consignee at the end of December. 2. Give the journal entries for December on the books of the consignee 3 Give the journal entries for December on the books of the consignor

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On May 1, 20x4, TV Inc. consigned 80 VCD players to Ed's TV. The VCD player cost P270. Freight on the shipment paid by Ed's TV was P600. On July 10, TV Inc. received an account sales and P12,900 from Ed's TV. Thirty VCD players had been sold and the following expenses were deducted: Freight .. .P 600 Commission (20% of sales price) ? Advertising .. .. 390 Delivery . .. 210 The total sales price of the VCDS sold by Ed's TV was: P.
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 62 televisions at a cost of $100 each. Century received a 9/5/5 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $107 freight. Terms were 3/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $220 partial payment. Century will pay the balance on May 6. What is Century’s final payment on May 6? Assume no taxes.
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 54 televisions at a cost of $148 each. Century received a 15/3/3 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $99 freight. Terms were 410 EOM. When Century received the goods, 4 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $265 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Do not round intermediate calculations. Round your answer to the nearest cent.
southwest milling co. purchased a front end loader to move stacks of lumber. the loader had a list price of $117,270. the seller agreed to allow 5.50 percent discount because southwest milling paid cash. delivery terms were FOB shipping point. Freight cost amounted to $2790. southwest milling had to hire a specialist to calibrate the loader. The specialist's fee was $990. The loader operator is paid an annual salary of $13,640. The cost of the company's theft insurance policy increased by $1,770 per year as a result of acquiring the loader. The loader had a four year useful life and an expected salvage value of $6,100. a. Determine the amount to be capitalized in an assest accound for the purchase of the front end loader.
Kindly arrange the journal entries of a company that imported a truck for $38,000. The total importation should be closed in 30 days. It's on account of the installation & adjustment cost which is $ 2517.48 plus 10% VAT. while check endorsed for expenses on custom consulting that invoiced $ 3496.50 plus VAT of 10%. In addition, VAT paid $ 3,916.08 on custom administration.
On August 5, 2021, Cullumber Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $470 each. The cost of shipping the dining sets amounted to $4800 and was paid for by Cullumber Furniture. On December 30, 2021, the consignee reported the sale of 40 dining sets at $970 each. The consignee remitted payment for the amount due after deducting a 5% commission, advertising expense of $720, and installation and setup costs of $900. The amount cash received by Cullumber furniture is OOOO $36140. $38800. $35240. $36860.
I need assistance with this please The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The total cost and individual cost to the nearest cent per wagon after all discounts. The amount saved by making the two payments. The breakeven point to the nearest cent for all wagons.
Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,800 list price. Bally dated the invoice August 01 with 5/10 EOM terms. Intel receives a 40% trade discount. Intel pays the invoice on August 14. What does Intel pay Bally? Payable amount
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59 televisions at a cost of $125 each. Century received a 12/2/5 chain discount. Shipping terms were FOB shipping point. ACME paid the $119 freight. Terms were 3/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $ 250 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Round your intermediate calculations and final answers to the nearest cent.
27. In December, Brown Company shipped 20 books on consignment to booksellers. The consignor maintains a cost accounting system and perpetual inventory records; The cost of producing each book is $30. At the end of December, the sales agent reported the sale of 6 books at a price of @ 49.75, per piece and remitted the proceeds after deducting the 20% commission and $15 freight charges, which the consignee paid when the books were received. What journal entries should be prepared in the consignor's book with the assumption that the profit from the consignment is not recorded separately in the consignor's book?
On August 15, 2020, Japan Ideas consigned 770 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,100 and was paid by Japan Ideas. On December 31, 2020, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $170 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission. Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2020. Calculate the profit for the consignor for the units sold at December 31, 2020. Calculate the amount of cash that will be remitted by the consignee at December 31, 2020.
Shaw company sells good that cost 600,000 to Charm company for 800,000 on January 2, 20x5. the sales price includes an installation fee, which is valued at 80,000. the fair value of the goods is 740,000. the installation is considered a separate performance obligation and is expected to take 6 months to complete. Prepare the journal entries to record the sale on January 2, 20x5. Shaw prepares income statement for the first quarter of 20x5, ending March 31, 20x5 (installation was completed on June 18, 20x5). How much revenue should Shaw recognize related to its sale to Charm?