On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Sage Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $810 each. Remittance was made by the consignee for the amount due after deducting a commission of 5%, advertising of $ 220, and total installation costs of $ 300 on the freezers sold. (Round answers to 0 decimal places, eg. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value %24 20460 (b) Compute the profit for the consignor for the units sold. Profit on consignment sales 24 10260
Q: Cobra Company sells appliance service contracts agreeing to repair appliances for a three-year…
A: In the given question, the company is engaged in providing appliance service and repairs and in…
Q: October 1, 2022, the Integrity Main Office established a sales agency in Ortigas. · The main…
A: Net profit is calculated by deducting all related expenses from gross profit. Expenses including…
Q: How much is Vancouver Company's amortization expense and franchise fee expense for the year 2020?
A: On April 1, 2020, Vancouver Company purchased from Sunbucks Company (franchisor), a franchise to…
Q: On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these…
A: Consignment Account In the consignment account consignor send the goods to the consignee in a…
Q: On June 1, 2020, Mills Company sells $200,000 of shelving units to a local retailer, ShopBarb, which…
A: Given information is: On June 1, 2020, Mills Company sells $200,000 of shelving units to a local…
Q: Sandhill Company sells goods that cost $275,000 to Indigo Company for $440,000 on January 2, 2020.…
A: Goods = 440,000 x 408,600/(41,400 + 408,600) = $399,520 Installation = 440,000 x 41,400/(41,400 +…
Q: On January 1, 2021, Hodge Beanery received $8,000 from the Kennedy Company in exchange for a coffee…
A: Meaning of Deferred Revenue Deferred Revenue refer as the advance revenue which the company will…
Q: On October 1, Claire Corp. shipped 25 cameras to Thor Inc. on consignment. The cameras are to be…
A: Consignment is the process of selling the goods to another part known as consignee against some…
Q: The amount of cash received by Faura is
A: Consignment refers to an agreement between two parties in which the goods or merchandise are…
Q: EO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, GEO…
A: The right answer is c.71,000
Q: On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge of…
A: This question deals with the concept of consignment and consignee. In consignment business there are…
Q: On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these…
A: In Consignment Accounting we prepare Consignment A/c which is like a…
Q: On August 1, 2019, Aiken Corp. enters into a contract with Benton Corp. to sell it $25,000 of goods.…
A: Contracts are promises that the law will enforce. Contracts arise when a duty comes into existence,…
Q: Shrek Company consigned 100 freezers costing P50,000 each to Disney Company on January 2, 2020. The…
A: Consignment seems to be an agreement between a distributor (consignee) and their provider…
Q: Oriole Company sells goods that cost $320,000 to Sheffield Company for $435,000 on January 2, 2020.…
A: Introduction: Sales revenue: Revenue generated on selling of goods called as Sales revenue.
Q: On Setpember 15, 2019, Lopez, Inc. contracted to provide Cluck-Cluck Chicken Processing, LLC with an…
A: Performance obligation means promise with a customer in a contract to transfer either goods or…
Q: On November 30, 20x1, Northup Co. consigned 90 freezers to Watson Co. for sale at ₱1,600 each and…
A: It includes two parties (consignor and consignee) wherein the consignee will be the one in charge to…
Q: On July 31, 2020, Ivanhoe Company engaged Minsk Tooling Company to construct a special-purpose piece…
A: SOLUTION- ACCUMULATED DEPRECIATION IS THE TOTAL AMOUNT AN ASSET HAS BEEN DEPRECIATED UP UNTIL A…
Q: On July 15, 2024, Ortiz & Company signed a contract to provide EverFresh Bakery with an…
A: Calibration contract service is for one year. However scale and software has been delivered in the…
Q: Ön July 15, 2020, Dahlin signed a contract to provide Sabre-Fresh Baking Co. with 100…
A: Revenue recognized in 2020 Particulars Amount Scales $600 Computer $100 Service Contract…
Q: On June 1, 2020, Bridgeport Company sells $172,000 of shelving units to a local retailer, ShopBarb,…
A: A bill and hold transaction is one in which the seller does not ship goods to the buyer, but still…
Q: A company sold 8,000 units of its signature product for the calendar year ended December 31, 2020.…
A: The provision for warranty is created to record the estimated warranty Expenses for the period. The…
Q: On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment. The cameras are to be sold at…
A: Consignment is an arrangement where there are two parties cosignor and consignee and they have a…
Q: On January 1, 2016, the Montgomery Company agreed to purchase a building by making six payments. The…
A: 1.
Q: Late in December 2021, XYZ Corp. (XYZ), a publicly traded company, completed the manufacture of 600…
A: Journal entry A journal entry refers to the recording of the transactions in the books of accounts.…
Q: On January 1, 2021, ww Shop received from ABC 300 pieces of bread toasters. WV was to sell these on…
A: Consignment: A consignment agreement is one in which items are left in the hands of a third party…
Q: On January 1, Nathan Company enters into a contract to provide custom-made equipment to Cushing…
A: Solution 1 The above question is related to revenue recognized concept. In above case the business…
Q: On August, 2019, KBO consigned to UFO 10 laptops costing P15,000 each, paying freight charge c…
A: Given, Purchase price is P15,000 Selling price is P30,000 Commission is 20% on sale price Freight…
Q: Holly Springs, Inc. contracted with Coldwater Corporation to have constructed a custom-made lathe.…
A: As per IAS 16, the assets are acquired, and consideration is deferred, the cash market price of such…
Q: During 2020, ABC Company signed a non-cancelable contract with XYZ Company to purchase 5,000 units…
A: The Contract to purchase 5000 units were made at a price of P1500 per unit delivery to be made in…
Q: On July 2, 2022, Howard Co. consigned 3,200 books costing P60 and retailing for P100 each to Ines…
A: The actual books sold by Ines Co. will be total sales divided by sales price after deducting…
Q: On January 1, SaLow Company enters into a contract to provide custom-made equipment to ByHi…
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: On October 10, 2020, Flounder Co. entered into a contract with Belisle Inc. to transfer Flounder’s…
A: Journal Entries in the Books of Flounder Co. for the Year 2020 15th Dec. 2020 Belisle Inc.…
Q: Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare…
A: No. Account Titles and Explanation Debit Credit a. Accounts receivable $9,000…
Q: arburg Manufacturing Company purchased a machine on January 2, 20. The invoice price of the machine…
A: The cost of plant, property and equipment includes purchase prices, transportation cost, testing…
Q: What is the inventory value of the units unsold in the hands of the consignee? A. 150,000 C. 154,500…
A: The answer for the multiple choice questions and relevant working are presented hereunder : Cost of…
Q: of 15% of selling price. The MJ Company paid shipping costs of P200 on the shipment.…
A: Consignment Sales: Consignment involves leaving things with a third party (Consignee) to sell. Once…
Q: On August 15, 2020, Japan Ideas consigned 770 electronic play systems, costing $100 each, to YoYo…
A: In case of consignment of goods, the inventory value in hands of consignee should include the cost…
Q: On October 20, 2021, ABC Co. consigned 40 freezers in Holden Co. for sale P1,000 each and paid P800…
A: Consignor will recognition revenue when the goods will sold by consignee to customer. Revenue won't…
Q: On July 01, 2021, Emerald Corporation sold a set of washing machine and a dryer for a total contract…
A: Interest- The sum that the borrower pays to the lender above the principal amount and is fixed at a…
Q: On June 1, Forde Auto Manufacturer sells a 4-door sedan to a dealer for $33,000, which includes…
A: Total sales price = 20 vehicles x $32,450 = $649,000 Vehicle = 20 vehicles…
Q: ABC Co., consigned 5 dozen of stainless chairs to DEF Co. on April 1, 2021. Each chair cost P120 and…
A: Consignment is a form of agreement or contract between two parties, in which one party provides or…
Q: ivery and installation for each set. Commission is to be 25% of the sales price. On October 31, KENT…
A: Total expenditure incurred on the Consignment : Cost of Goods sent on Consignment P 250,000 ( 25 ×…
Q: On October 1, 2018, the Submarine Sandwich Company entered into a franchise agreement with an…
A:
Q: On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of…
A: Consignment accounting refers to the accounting for goods sent to the consignee and other…
Q: On 1 October 2020, Maximus sold a machine to a customer for £200,000 (excluding value added tax),…
A: Given ÷ Machine sold for £200000 Transaction price allocated =£182000 Maintenance for 4 years =…
Q: These were billed at ₱70,000 of which of ₱40,000 was collected. The sales agency paid expenses of…
A: Sales : 70000 Gross Profit : 40% of Cost
Q: On January 1, 2021, vwv Shop received from ABC 300 pieces of bread toasters. VV was to sell these on…
A:
Q: On August, 2019, HBO consigned to GEO 10 laptops costing P15,000 each, paying freight charge of…
A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
- On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Sage Compay. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $ 810 each. Remittance was made by the consignee for the amount due after deducting a commission of 5%, advertising of $ 220, and total installation costs of $ 300 on the freezers sold. (Round answers to0 decimal places, eg. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value %24 (b) Compute the profit for the consignor for the units sold. Profit on consignment sales %24 (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee %24 eTextbook and MediaOn May 3, 2020, Tamarisk Company consigned 80 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Tamarisk Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $670 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $300 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…On May 3, 2020, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $750 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 $320 on the freezers sold. Instructions a. Compute the inventory value of the units unsold in the hands of the consignee. b. Compute the profit for the consignor for the units sold. c. Compute the amount of cash that will be remitted by the consignee.
- On May 3, 2020, Blue Company consigned 70 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $920 and was paid by Blue Company. On December 30, 2020, a report was received from the consignee, indicating that 35 freezers had been sold for $780 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 O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. tA Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $ +AOn 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 May 3, 2020, Ayayai Company consigned 90 freezers, costing $480 each, to Remmers Company. The cost of shipping the freezers amounted to $850 and was paid by Ayayai Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $330 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 May 3, 2020, Vaughn Company consigned 90freezers, costing $470each, to Remmers Company. The cost of shipping the freezers amounted to $870and was paid by Vaughn Company. On December 30, 2020, a report was received from the consignee, indicating that45freezers had been sold for $750each. Remittance was made by the consignee for the amount due after deducting a commission of6%, advertising of $180, and total installation costs of $310on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $ (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $On May 31, 2023, Sandhill Company consigned 90 freezers, costing $700 each, to Blossom Company. The cost of shipping the freezers amounted to $600 and was paid by Sandhill. On December 30, 2023, a report was received from the consignee, indicating that 45 freezers had been sold for $590 each. Remittance was made by the consignee for the amount due after deducting a commission of 4%. advertising of $290, and total installation costs of $270 on the freezers sold. (a) Calculate the inventory value of the units unsold in the hands of the consignee. Inventory value of units unsold eTextbook and Media N $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.
- Shrek Company consigned 100 freezers costing P50,000 each to Disney Company on January 2, 2020. The cost of shipping the freezers amounted to P85,000 and was paid by Shrek Company. On January 31, a report was received from the consignee indicating that 60 of the freezers had been sold for P75,000 each. Remittance was made by the consignee for the amount due after deducting a commission of 10%, advertising of P20,000, the installation cost of P32,000, and shipping costs for the 10 defective units of P15,000. 1. How much is the Cash Remittance? 2.how much is the Consignment Income (Loss)? 3. how much is the cost of inventory held by the consignee?ABC Co., consigned 5 dozen of stainless chairs to DEF Co. on April 1, 2021. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 2021, 36 chairs were already sold and the consignee rendered an account sale, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses P360Delivery and installation 180Compute for the cost of inventory on consignment in the hand of DEF Co.ABC Co., consigned 5 dozen of stainless chairs to DEF Co. on April 1. 2021. Each chair cost P120 and the consignor paid P600 for the shipment to the consignee. On August 15, 2021, 36 chairs were already sold and the consignee rendered an account sale, and remitted the balance due the consignor in the amount of P5,580 after deducting the following: Commission at 15% of the selling price Selling expenses Delivery and installation. P360 180 Compute for the cost of inventory on consignment in the hand of DEF Co.