How much is the amount remitted by DEF to ABC

Assignment Help Accounting Basics
Reference no: EM133022972

Problem - ABC Co. delivered 150 portable gas stoves to DEF Co. on consignment. These stoves cost P2,700 each and could be sold for P4,500. The consignee is to be allowed a commission of 15% of the selling price. The agreement for the consignment contract stated that ABC Co. would draw a sight draft on the consignee for 60% of the cost of the stoves and the advance shall be recovered periodically by monthly deductions (in proportion to units sold) from the remittances which accompany the account sales. All expenses of the consignee are to be deducted monthly as incurred. The consignee rendered an Account Sales at the end of the first month showing among others, the following information: Advertising P6,750; Delivery Expense P3,375 and Commission P10,135. How much is the amount remitted by DEF to ABC for the first month?

Reference no: EM133022972

Questions Cloud

Analyse theories relating to work relationships : Evaluate different leadership behaviour theories and analyse theories relating to work relationships and interactions
What is the process of target costing : What is the process of target costing? How would a manager use economic theory to determine profit-maximizing price for a service or product
How external influences affect organisational strategy : Explain organisational vision, mission, strategy and business plans and the relationships between them and evaluate how stakeholder expectations influence
Prepare a budgeted income statement for year two : All depreciation charges are fixed and are expected to remain the same for year 2. Prepare a budgeted income statement for year two
How much is the amount remitted by DEF to ABC : Advertising P6,750; Delivery Expense P3,375 and Commission P10,135. How much is the amount remitted by DEF to ABC for the first month
How much would you have in your retirement account : How much would you have in your retirement account if you began these same 35 annual payments immediately
How to carry out strategic environmental analysis : Analyse the relationship between corporate strategy and marketing strategy and Understand how to carry out strategic environmental analysis
What is the total static-budget variance : The Sasita Corporation manufactures two types of vacuum cleaners, What is the total static-budget variance in terms of the contribution margin
Outline six stages of typical capital expenditure process : Question - Outline the six stages of the typical capital expenditure process and explain the likely role of the management accountant in this process

Reviews

Write a Review

Accounting Basics Questions & Answers

  Select an organization with which you are familiar make a

select an organization with which you are familiar. prepare a 1050- to 1400-word paper in which you evaluate the

  Shea a regional jewelry store issues its own charge cards

shea a regional jewelry store issues its own charge cards to customers. it bills its customers on the first day of

  What controversy relates to the accounting

What controversy relates to the accounting for net operating loss carry forwards?

  What is probability that one of calculators is defective

Group containing 16 that are defective and 30 that have no defects. What is the probability that at least one of the calculators is defective?

  Further investigation has revealed that 111000 of the fixed

1. sharp company produces 8000 parts each year which are used in the production of one of its products. the unit

  What was the sale price for each deduction will price be

What was the sale price for each deduction will the final price be the same if the camcoder was reduced by 30%first and followed by 20%?

  Compute the depreciation expense Apollo would recognize

On September 5, 2009, Apollo purchased equipment costing $40,000, Compute the depreciation expense Apollo would recognize

  Determine the amount of cash receipts per book in April

Outstanding checks on April 30 totaled P750,000 and deposits in transit amounted to P1,500,000. Determine the amount of cash receipts per book in April 30

  Show the journal entry and accounting equation effects

Determining the Impact of Current Liability Transactions Including Analysis of the Current Ratio Bryant Company sells a wide range of inventories.

  Discuss what are some possible reasons for the consistency

What are some possible reasons for the consistency in the percentage complete estimates produced by the two production lines

  Prepare entries on the books of pearl company

Prepare entries on the books of Pearl Company for these transactions. intermediate calculations decimal places

  Calculate the relevant cost per unit for the special order

Sunny offered to buy a batch of 1,000 blankets for $60 per unit, calculate the relevant cost per unit for the special order. Should Finch accept the special ord

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