Calculate the profit for the consignor for the units sold

Assignment Help Financial Accounting
Reference no: EM133121642

Question - On August 15, 2020, Japan Ideas consigned 600 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,500 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 $160 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.

Reference no: EM133121642

Questions Cloud

What is the current price of the bond : Suppose a German company issues a bond with a par value of E1.000, 9 years to maturity, and a coupon rate of 7 percent paid annually.
Calculate the dividends per share on each class of stock : Lightfoot Inc., a software development firm, has stock outstanding as follows: 10,000 shares of cumulative preferred 4% stock, Calculate the dividends per share
Calculate the annual end-of-year payments : Carters Company Limited has asked for the following information to assist with the decision making process. Calculate the annual, end-of-year payments
Is medicaid a good option for him : Is Medicaid a good option for him? Please explain your position with at least 2 reasons
Calculate the profit for the consignor for the units sold : The cost of shipping the play systems amounted to $1,500 and was paid by Japan Ideas. Calculate the profit for the consignor for the units sold
What is the present value of an ordinary annuity : What is the present value of an ordinary annuity that pays $150 for 3 years when the interest rate is 2%/year?
Prepare the company direct materials purchases budget : Prepare the company's direct materials purchases budget and schedule of expected cash disbursements for materials for the upcoming fiscal year
Good performance of a trading strategy : 1) A sharpe ratio significantly below 1 indicates a good performance of a trading strategy. True/False
Difference of stock current market price and intrinsic value : 1. Does it make sense for not-for-profit organizations such as hospitals and universities to have CFOs? Why or why not?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is axel net income after making any necessary trading

What is Axel's net income after making any necessary trading security adjustments? Net income before trading security adjustment

  What is the dividend growth rate on stock

CDB stock is currently priced at $85. The company will pay a dividend of $5.69 next year and investors require a return of 11.6 percent on similar stocks.

  Explain the adjustment to reconcile net income

Describe the adjustment to reconcile net income to the operating cash flows? A company booked $50 in sales revenue in a given year.

  What balance should appear in your checkbook register

find you have check #1234 for $15.00, #1235 for $9.23, and #1236 for $22.50 and two deposits of $123.56 and $156.78 as outstanding. What balance should appear in your checkbook register?

  Calculate the standard amount of contribution margin

K&J Web Designs creates Web sites for businesses. K&J has a basic Web site creation package that it offers for a flat fee of $730. This package includes everything that a business would need to have a simple but functional Web site built. K&J estimat..

  Explain the term endorsement

Explain the term endorsement. If a bill of exchange is discounted and on the date of maturity such bill of exchange was dishonored by the acceptor

  Which is true about the computation of average capital

When Mr. B is admitted to the partnership, the fair values of the assets. In this case who gets the bonus under the bonus method?

  Calculate the present value of bonds

a) Calculate the present value of bonds. Round to the nearest dollar.

  What is the accumulated depreciation on the van as of dec

On July 1, 2015, Comfy Home purchased a van to use for its decorating services. What is the accumulated depreciation on the van as of December 31, 2017?

  Compute the unit product cost for year

During its first year of operations, O'Brien produced 96,000 units and sold 74,000 units. Compute the unit product cost for Year 1, Year 2, and Year 3

  What should be the ending balance of the investment in ibl

On January 1, 2021, your company acquires 10,000, What should be the ending balance of the Investment in IBL account on the balance sheet as of January 1, 2022?

  Vasquez publishing company

Vasquez Publishing Company sold 1,000 two-year subscriptions to a monthly magazine. The subscriptions sold for $18 each.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd