In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000.00. At the end of December, the dealer reports the sale of 8 sets at P5,000.00 each and remits sales proceeds less 15% representing commissions and all expenses paid by the consignee. Freight paid by the consignee on the receipt of the sets is P2,500. Delivery and installation expense for the units sold was P1,200. The consignee returned 3 defective set of books to the consignor and paid freight of P1,000. How much is the cash remittance? How much is the net income related with the consignment sales?

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.

Carla Vista Corporation shipped $20,100 of merchandise on consignment to Wildhorse Company. Carla Vista paid freight costs of $2,000. Wildhorse Company paid $510 for local advertising, which is reimbursable from Carla Vista. By year-end, 58% of the merchandise had been sold for $20,100. Wildhorse notified Carla Vista, retained a 10% commission, and remitted the cash due to Carla Vista. Prepare Carla Vista's journal entry when the cash is received. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Meman

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $390,000. During 2021, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year.   a) Record the year-end adjusting entry for estimated returns. b) Record the adjusting entry for the estimated return of merchandise to inventory. c) What is the amount of the year-end refund liability after the adjusting entry is recorded?

On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 63 televisions at a cost of $135 each. Century received a 10/5/2 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $83 freight. Terms were 4/10 EOM. When Century received the goods, 3 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $235 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.

Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.

Monty Corporation shipped $20,600 of merchandise on consignment to Gooch Company. Monty paid freight costs of $1,800. Gooch Company paid $550 for local advertising, which is reimbursable from Monty. By year-end, 63% of the merchandise had been sold for $21,500. Gooch notified Monty, retained a 10% commission, and remitted the cash due to Monty.Prepare Monty’s journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Flint Corporation shipped $20,400 of merchandise on consignment to Gooch Company. Flint paid freight costs of $2,000. Gooch Company paid $480 for local advertising, which is reimbursable from Flint. By year-end, 62% of the merchandise had been sold for $21,500. Gooch notified Flint, retained a 10% commission, and remitted the cash due to Flint. Prepare Flint's journal entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (To record the cash remitted to Flint.) (To record the cost of inventory sold on consignment.) Debit Ill Credit