User Account

All Pages

Compute the profit for the consignor for the units sold

Assignment Help Accounting Basics
Reference no: EM131119695

1. Consignment Computations On May 3, 2010, 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, 2010, 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. 

Reference no: EM131119695

Questions Cloud

Explain the fundamental ideas of bacon : TOPIC:  Explain the fundamental ideas of Bacon, Descartes, and Locke. (1200words )
What specific effects can the use of alternative accounting : What specific effects can the use of alternative accounting procedures have on the validity of comparative financial analyses?
Symbol of royal absolutism : TOPIC: Describe Louis XIV's Versailles in terms of a symbol of royal absolutism and an expression of the classical aristocratic baroque style and discuss how the aristocratic style manifested itself in one of the following areas beyond the West: i..
What are the three most important determinants of a firm : What are the three most important determinants of a firm’s return on stockholders’ equity?
Compute the profit for the consignor for the units sold : Consignment Computations On May 3, 2010, 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.
What factors limit the use of the fixed-asset turnover ratio : What factors limit the use of the fixed-asset turnover ratio in comparative analyses?
What problems may be indicated by an inventory turnover : What problems may be indicated by an inventory turnover ratio that is substantially above or below the industry average?
Which strep organisms causes strep throat and demonstrates : Which of the following Strep organisms causes strep throat and demonstrates beta hemolysis?
What problems may be indicated by an average collection : What problems may be indicated by an average collection period that is substantially above or below the industry average?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a summary journal entry to record the monthly

Prepare a summary journal entry to record the monthly bad debt accrual and the write-offs during the year.

  For the current year the company estimated that it would

raw materials 40000work in process 30000finished goods 60000for the current year the company estimated that it would

  Test for detemining us residence

Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..

  Technology has had a great impact on accounting practices

technology has had a great impact on accounting practices and procedures. accuracy and timely reporting are key

  Lightbulbs and uses a weighted-average process costing

Living Lighting Ltd. is a manufacturer of lightbulbs and uses a weighted-average process costing system, with one production department. The following information has been gathered from an examination

  Jermaine and kesha are married file a joint tax return have

jermaine and kesha are married file a joint tax return have agi of 75000 and have two children. devona is beginning her

  Net income from proposed project

The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?

  A horizontal straight section of pipe

A horizontal straight section of pipe is supported at its center by a vertical wire as shown in Fig. 26.80. Find the formula for the moment of inertia of the pipe with respect to an axis along the wire if the pipe is of length L and mass m.

  Comma between the account title

You are to prepare the missing adjusting entry. Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

  Degree independent of the grade the employee

Is the probability of having a graduate degree independent of the grade the employee is in? Construct a 95% confidence interval on the mean service for each gender? Do they intersect?

  What a material weakness is in terms of sox compliance

Describe the factors that made Trinity successful by illustrating the flow processes of the organization both in a narrative and process flowchart.

  Manilow corporation operates in an industry that has a high

manilow corporation operates in an industry that has a high rate of bad debts. before any year-end adjustments the

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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