Compute the consignment income to be reported by consignor

Assignment Help Accounting Basics
Reference no: EM133040339

Problem - DEF Company consigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November 1, 2021. DEF paid P15,000 for the freight. For the month of November, the consignee sold 700 units. On December DEF ordered safety device on players which have not been sold. The cost of this alteration was: parts from inventories, P6,000 with a freight of P5,000. On December 20, DEF Company sent a mechanic to UUU to install safety devices on players. The cost of for labor, P5,000 which was paid by the consignee. DEF Company, thereafter, increased the unit retail price to P1,750 for the unsold players. On December 31, UUU remitted P1,021,750 to DEF Company in full settlement to date after deducting a commission of 15% of selling price on each player sold and P14,500 for delivering the players sold. Compute the consignment income to be reported by the consignor?

Reference no: EM133040339

Questions Cloud

Effective implementation of management strategy : In your own words, discuss how the Balanced Scorecard can be used to help businesses to communicate their goals, strategize daily procedures
Determine the tax residency status of Sonia : The tenants are not associated with or friends of Sonia or her partner. Determine the tax residency status of Sonia. Explain
Critical aspects for sustainable business : Discuss Ethics and Trust as critical aspects for sustainable business and suggest how you would instill these if you were a CEO of an international company.
Calculate Gloria net pay : Problem - SCENARIO - Gloria works for Marian Transport in Quebec and is paid $2,176.29 semi-monthly. Calculate Gloria net pay
Compute the consignment income to be reported by consignor : DEF paid P15,000 for the freight. For the month of November, the consignee sold 700 units. Compute the consignment income to be reported by consignor
Examples of applications that use push notifications : Push technology environment is where businesses and organizations come to the customer/user with information, services, and product offerings based on their pro
What is the book or accounting rate of return : The opportunity cost of capital is 14%. Assume that there are no taxes. What is the book (or accounting) rate of return for the investment
Cultural sensitivity in international negotiation : Cultural sensitivity is an important disposition for international negotiators. Although awareness of cultural diversity and specific factors that differ among
Source of interviewer error should be of concern : In a phone survey, the interviewer makes discouraging noises when participants make a particular choice with which the interviewer does not agree.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Journalize the adjusting entries required at march

Journalize the adjusting entries required at March 31, based on the data presented - Adjusting Entries Selected account balances before adjustment

  Evaluate the cost of capital

Evaluate the cost of capital (wacc) for use in a capital budgeting decision model. Make sure to define each component of the formula.

  What are the two kinds of internal control

What are the two kinds of internal control according to functional responsibility? which internal control will concern more the independent auditor

  What is the share capital of jumping jack ltd at september

Jumping Jack Ltd was registered on 31 March 2016. What is the share capital of Jumping Jack Ltd at 1 September? Journalise the transactions

  What ethical concern do you have about space utilization

What ethical concern do you have regarding the method used to gather information about space utilization at Mica? What suggestions do you have regarding.

  What are the total equivalent units for conversion costs

What are the total equivalent units for conversion costs? The Filling Department of Eve Cosmetics Company had 5,000 ounces in beginning work in process

  What amount can Derek deduct

Derek purchases a small business from Art on June 30, 2019. What amount can Derek deduct on his 2019 tax return as Section 197 intangible amortization

  If steel case had used fifo to value its inventories

If Steel case had used FIFO to value its inventories, what would cost of goods sold have been for the 2009 fiscal year?

  Compute the estimated useful life of the truck

Based on data given, compute the estimated useful life of the truck. Record the depreciation of the truck. Record the disposal of the truck

  Compute the equivalent units of production for october

lindex company uses a process costing system. the following data are available for one department for octoberpercent

  Describe the target market for this bottled water

Describe the target market for this bottled water. How does bottled water create value for target market consumers

  Compute for each project npv at a required rate

Compute for each project's 1.) NPV at a required rate of 12%, 2.) PBP, 3.) ARR. 2 projects with the same investment of 425,000

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