Sprocket, Inc. ships 150 widgets (cost $500/unit) to Bender Co. on consignment on March 31, 2022. By June 30, 2022, Bender sold 90 of the consigned widgets at the price of $800 per unit. Bender notifies Sprocket of the sales, retains an 8% commission, and remits the cash due to Sprocket. Prepare the appropriate journal entries for Sprocket on June 30 Please dont provide answer in an image format thank you

Sprocket, Inc. ships 150 widgets (cost $500/unit) to Bender Co. on consignment on March 31, 2022. By June 30, 2022, Bender sold 90 of the consigned widgets at the price of $800 per unit. Bender notifies Sprocket of the sales, retains an 8% commission, and remits the cash due to Sprocket. Prepare the appropriate journal entries for Sprocket on June 30 Please dont provide answer in an image format thank you

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EB: Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase,...

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Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
Ahmed sells goods costing $150,000 to Samad for $210,000 on January 2, 2020, including installation fee of $18,000. The fair value of goods is $185,000. The installation is expected to take 6 months. Prepare the journal entry to record the sales. How much sales revenue should be recording for the first quarter, ending on March 31, 2020?
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, 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 Media
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 O decimal places, e.g. 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 (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee %24 30260
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Bygone Company manufactures and sells computers. On January 1, 2021, the entity sold a computer costing P400,000 for P600,000. The buyer signed a noninterest bearing note for P600,000 payable in three equal installments every December 31. The cash selling price of the computer is P540,000. Required:Prepare journal entries for the current year.
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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 $ +A
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On June 1, 2019, Zimmerman, Inc. purchased $85,000 of equipment from Hampton. Zimmerman signed a note that required $10,000 down with the remainder due in 6 quarterly installments (due on Sept 1, Dec 1, Mar 1, June 1, etc.). The interest rate on the note is 11%. With regards to these notes, please make the following journal entries for Hampton: A. The journal entries to record the initial sale of equipment, receipt of cash, and note receivable for both notes. B. Any payments made by Zimmerman or Mueller during the course of 2019. C. Interest revenue accrued as of 12/31/19.