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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- On August 5, 2020, Famous Furniture shipped 40 dining sets on consignment to Furniture Outlet. The cost of each dining set was $350 each. The cost of shipping the dining sets amounted to $3,600 and was paid for by Famous Furniture. On December 30, 2020, the consignee reported the sale of 30 dining sets at $850 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $600, and installation and setup costs of $780. What entry should Famous Furniture record on December 31, 2020? When a company has an obligation or right to repurchase an asset for an amount greater than or equal to its selling price, the transaction should be treated as a?At December 31, 2021, Suo’s Boutique had 2,000 gift certificates outstanding, which had been sold to customers during 2021 for P50 each. Sue’s operates on a gross margin of 60% of its sales. What amount of revenue pertaining to the 2,000 outstanding gift certificates should be deferred at December 31, 2021? a. P0 b. P40,000. c. P60,000. d. P100,000.Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2021. The units have a list price of $800 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 1 Required: 1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used. 2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
- On 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. What is the total cost of inventory of the unsold handbags? A. 60,000 B. 66,000 C. 71,000 D. 75,000Yahoo Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were shipped to Palawan branch. The account allowance for overvaluation has a balance of P306,000 before adjustment. The beginning inventory of the branch from the home office at cost is P234,000; the beginning inventory of the branch from outsiders is P38,000. Purchases from outsiders is P326,250. How much is the cost of goods available for sale of the branch?Tracy Company, a manufacturer of air conditioners, sold 200 units to Thomas Company on November 17, 2021. The units have a list price of $520 each, but Thomas was given a 25% trade discount. The terms of the sale were 2/10, n/30. Exercise 7-5 (Algo) Part - 1 Required:1. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2021, assuming that the gross method of accounting for cash discounts is used.2. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2021, assuming that the gross method of accounting for cash discounts is used.
- On April 2, 2021, Unbreakable Gifts Inc. shipped merchandise costing $40,000 to The Gift Warehouse on consignment. Unbreakable paid $2,000 in shipping costs to deliver the inventory. On June 5, 2021, The Gift Warehouse paid $1,000 in advertising on behalf of Unbreakable. On September 30, 2021, The Gift Warehouse advised Unbreakable that all of the inventory had been sold for a total of $75,000. On October 15, 2021, Unbreakable received payment from The Gift Warehouse for the proceeds, less a 15% commission and the outlay for the advertising. Required: Prepare all the journal entries for Unbreakable Gifts Inc. to account for the transaction from April 2 through October 15.On June 1, DD Company shipped twenty five DVD to BB View Store on consignment. The DVD is to be sold at an advertised price of P200 per item. The cost of each DVD to the consignor is P100. The consignor paid P75 to ship the merchandise. Commission is to be 25% of sales price. During the month, two DVD were returned. On June 30, BB View Store remitted the amount due to consignor after deducting commission of P400. The cost of inventory on consignment amounted to:On June 1, DD Company shipped twenty five DVD to BB View Store on consignment. The DVD is to be sold at an advertised price of P200 per item. The cost of each DVD to the consignor is P100. The consignor paid P75 to ship the merchandise. Commission is to be 25% of sales price. During the month, two DVD were returned. On June 30, BB View Store remitted the amount due to consignor after deducting commission of P400. The cost of inventory on consignment amounted to: The net income of the consignor for the month is: The cost of inventory on consignment amounted to:
- Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 2019. Zell Company provides customers a refund for any returned or damaged merchandise. At the end of the year, Zell Company estimates that customers will request refunds and allowances for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3, 2020, Anderson Co. returned merchandise with a selling price of $5,000 for a cash refund. The returned merchandise originally cost Zell Company $3,100. (a) Journalize the adjusting entries on December 31, 2019, to record the expected customer refunds, allowances, andreturns. (b) Journalize the entries to record the returned merchandise and cash refund to Anderson Co.On March 19, 2022, FDN Company purchased merchandise from ABC Company for P90,000 invoice price, on terms 20% down payment before shipping, balance 3/15 n/30, FOB Destination Point. On March 22, FDN Company received a debit memo for merchandise purchased with manufacturing defect amounting to P5,000. The cost of shipping is P10,000. On March 22, FDN Company made partial payment of P40,000 and the remaining balance was paid in full on March 31. How much is the cash payment on March 31?MARITES Company has two merchandise outlets, its main store and its Center Mallbranch. All purchases are made by the main store and shipped to the Center Mallbranch at cost plus 10%. On January 1, 2020, the main store and Center Mallinventories were ₱170,000 and ₱49,500, respectively. During 2020, the main storepurchased merchandise costing ₱50,000 and shipped 40% of it to Center Mall. AtDecember 31, 2020, Center Mall made the following closing entry: Sales ₱400,000Inventory, end 60,500Inventory, beg. ₱ 49,500Shipments from main store 220,000 Expenses 131,000Main store 60,000 If the main store inventory at December 31, 2020 is ₱140,000, the combined mainstore and branch inventory that should appear in Darrell Company’s December31, 2019 statement of financial position is: