User Account

All Pages

How much is the consignment sales revenue

Assignment Help Accounting Basics
Reference no: EM132863714

Question - Nuzelt Electric Company consigned 30 Lenovo computer units costing P80,000 each to Hoya Appliance Corp. on Sept 5 2019. The units were to be sold on either cash or credit basis at a commission of 15% of net sales. The consignor paid freight of P18,000 on the shipment. On Sept 11, the consignee received the items. Sales were made as follows:

Sept 15, sold 10 units for cash at P130,000 each.

Sept 28, sold 12 units for P140,000 each on account.

A sales allowance was given to charge customer for a defective unit on Sept 30. On Oct 10, a receivable balance of P70,000 was determined to be uncollectible. On Oct 15 the consignee made remittance to Nuzelt.

a. How much is the profit on consignment?

b. Cost of Inventory end?

c. Total amount to be remitted to consignor?

d. How much is the consignment sales revenue?

Reference no: EM132863714

Questions Cloud

Pursuing business administration degree : Actively listening is something that will be critical while pursuing a business administration degree. It is something that I struggle with and need to work on.
What would the inventory balance at the beginning of October : What would the inventory balance at the beginning of October and the October transactions affect this account? What would the balance at the end of October be
What is the impact of specific trade agreements : What is the impact of specific Trade Agreements on international companies. Please provide a minimum of 3 examples. Company and country examples
What is the impact of culture on international business : What is the impact of culture on international business and companies. Please provide a minimum of 3 examples. Company and country examples is mandatory.
How much is the consignment sales revenue : On Oct 10, a receivable balance of P70,000 was determined to be uncollectible. How much is the consignment sales revenue
Adult nutrition-analyze food habits : Summarize each adult's diet including their nutritional strengths and weaknesses. Analyze food habits.
Explain external environment impact businesses : Answer these questions and justify/support your answer in brief.
What are the pros and cons of globalization : What are the pros and cons of globalization and their impact on international companies? Please provide a minimum of 3 examples on each side of the argument
Negative positions about of two learning technologies : What are examples of positive/negative positions about each of two learning technologies

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute costs per equivalent unit for blending department

Determine the equivalent units for June for the Blending Department. Compute the costs per equivalent unit for the Blending Department.

  What is jennifer qualified business income deduction

Jennifer is a CPA and a single taxpayer using the standard deduction. What is Jennifer's qualified business income deduction

  Assume that variable overhead is allocated using machine

assume that variable overhead is allocated using machine hours. give 3 reasons for a favorable variable overhead

  Journalize the april transactions

Adam Nichols, a former disc golf star, operates Adam's Discorama. Journalize the April transactions using a perpetual inventory system

  Determine the amount of factory overhead

During March 2019, Annapolis Corporation recorded $43,000 of costs related to factory overhead. Alpha's overhead application rate is based on direct labor hours

  What is the amount and character of Jamies gain or loss

The buyer also agreed to assume Jamie's oustanding machine loan balance. What is the amount and character of Jamie's gain or loss

  Interest quarterly until the note is repaid

Johnson's borrowed $150,000 at a 12 percent annual interest rate on April 1, 2010, to expand its boat storage facility. The loan requires Johnson's to pay the interest quarterly until the note is repaid in three years. Johnson's paid quarterly int..

  What corresponds to the stock option benefit to be

Olli has been employed by a Canadian private, What corresponds to the stock option benefit to be included in Olli's Net Employment Income for the year 2020?

  Identify each book-tax difference as temporary

Identify each book-tax difference as either temporary or permanent. Excess of capital loss over capital gains. $5,000. Nondeductible meals and entertainment.

  Building an income statement-operating cash flow

Building a Balance Sheet: Jones, Incorporated has net fixed assets of $22,500, current assets of $8,200, current liabilities of $6,400, and long-term debt of $12,500. What is the value of the company's stockholders equity and net working capital?

  Calculate the related liquidity ratios

You are interested in and calculate the related liquidity ratios, solvency ratios, activity ratios, profitability ratios, market ratios for that company.

  Determine the correct final balance of inventory

Inventory items with a cost of $2,070 were excluded from ending inventory. Determine the correct final balance of Inventory

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