User Account

All Pages

How much is the consignment sale

Assignment Help Financial Accounting
Reference no: EM132797184

Question - On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces of bread toasters. Pete was to sell these on consignment at 50% above original cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had the remaining unsold units repaired for some electrical defects for which he spent 2,000. Marion subsequently increased the selling price of the remaining units to 330 per unit. On January 31, 20x1, Pete remitted 64,980 to Marion after deducting the 15% commission, 850 for delivery expenses of sold units, and 2,000 for the repair of 100 units. The consigned goods cost Marion Trading 200 per unit, and 900 had been paid to ship them to Pete Electrical Shop. All expenses in connection with the consignment were reimbursable to the consignee. How much is the Consignment Sale?

Reference no: EM132797184

Questions Cloud

Compute the cash payback period : Question - Bradshaw Inc. is contemplating a capital investment of $88,000. Compute the cash payback period
Name the four fundamental accounting concepts : Name the four fundamental accounting concepts which under IAS1 are presumed to be observed when accounts are prepared.
Explain arguments for and against conceptual framework : Explain arguments for and against conceptual framework. The accounts of a medium-sized public company have been prepared
Difference between the genome and the epigenome : Explain the difference between the genome and the epigenome. Discuss TWO different ways that the epigenome can impact expression of the genome.
How much is the consignment sale : All expenses in connection with the consignment were reimbursable to the consignee. How much is the Consignment Sale
What amount would ralston allocate to job using the company : What amount would Ralston allocate to job 345 using the company current, traditional system? What amount of manufacturing overhead will be allocated to Job 345
Comment on the company efficiency in the use of its assets : A company had net sales of $230,000 for 2010 and $288,000 for 2011. Comment on the company's efficiency in the use of its assets
Describe what happens at a branch point : When analyzing a phylogenetic tree, branch points are important elements that give the tree structure.
Understanding of the timeline of evolutionary history : Why is this site so important to the understanding of the timeline of evolutionary history, and to fossils and fossil preservation?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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