On October 20, 2021, ABC Co. consigned 40 freezers in Holden Co. for sale P1,000 each and paid P800 in transportation costs. On December 30, 2021, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should ABC recognize as consignment sales revenue for 2021? [A] 7,700 [B] 8,500 [C] 9,800 [D] 10,000

On October 20, 2021, ABC Co. consigned 40 freezers in Holden Co. for sale P1,000 each and paid P800 in transportation costs. On December 30, 2021, Holden reported the sale of 10 freezers and remitted P8,500. The remittance was net of the agreed 15% commission. What amount should ABC recognize as consignment sales revenue for 2021? [A] 7,700 [B] 8,500 [C] 9,800 [D] 10,000

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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