What was the total sales price of the television sets sold

Assignment Help Accounting Basics
Reference no: EM131753431

On October 1, the Ajax Company consigned 100 television sets to M & R Retailers, Inc. Each television set had a cost of $150. Freight on the shipment was paid by Ajax in the amount of $200. On December 1, M & R submitted an "account sales" stating that it had sold 60 sets, and it remitted the $12,840 balance due. The remittance was net of the following deductions from the sales price of the televisions sold:

Commission 20% of sales price
Advertising $500
Delivery and installation charges 100

What was the total sales price of the television sets sold by M & R?

A. $16,800
B. $13,440
C. $17,000
D. $15,000

Reference no: EM131753431

Questions Cloud

What are the causes of inflationary gap : What are the causes of inflationary gap
Compute the true proportion of chest hits : Is there any evidence to suggest that the true proportion of chest hits is greater in Lancashire than in West Mercia? Use a = 0.01.
Briefly explain sternbergs theory : How does the fact that they are teenagers explain the intensity of this infatuation and how far they are willing to go to keep it?
How blockchain technology might disrupt the retail industry : Write a 25-page research paper about how blockchain technology might disrupt the retail industry. Relationship between blockchain and strategy.
What was the total sales price of the television sets sold : What was the total sales price of the television sets sold by M & R
Find the sample proportion of gm soybean farmers : Biology and Environmental Science Soybeans are an important source of oil and protein and are also used to produce many food additives.
Outline a plan for securing sources of debt financing : Outline a plan for securing sources of debt financing for your second store. Include at least two references outside the textbook.
How did you use the feedback you received : Describe the benefit of working in a team during the research process.What was helpful about a teammate reviewing your proposal?
Prepare the journal entry to record depreciation of building : Prepare the journal entry to record depreciation of the building for the first year using the straight-line method

Reviews

Write a Review

Accounting Basics Questions & Answers

  Describe how the perpetual inventory system works what are

what are the two fundamental equality requirements of the double-entry accounting system? efine debit and credit and

  Why would your boss be concerned about this issue

What kinds of conflicts can arise by having "shareholder maximization" as the primary goal of a firm? Do you believe that firms should have a different "objective"? Please explain.

  Prepare a 2013 income statement for esquire beginning with

income statement presentation discontinued operations restructuring charges lo4-1 4-3 4-4 esquire comic book company

  Details of the offer

The offer was made individually to each client by presenting a sealed envelope so the clerk providing the offer did not know the details of the offer.

  Objectives back to top the objective of this project is to

objectives back to top the objective of this project is to give the students an opportunity to learn how to develop

  Della company employs two professional appraisers

Della Company employs two professional appraisers, each having a different specialty. Scott specializes in commercial appraisals, and Burt specializes in residential appraisals.

  The topic for your research is based on current literature

the topic for your research is based on current literature and you are to identify the basic provisions of the

  Analyze jeemp farms and what information you will consider

Jeemp Analysis Assignment- Write a 200- to 250-word paper analyzing Jeemp Farms and what data and information you will consider.

  Prepare the journal entry or entries to record the disposal

On January 1, 2012, Skyline Limousine Co. purchased a limo at an acquisition cost of $28,000. The vehicle has been depreciated by the straight-line method using a 4-year service life and a $4,000 salvage value. The company's fiscal year ends on De..

  Prepare the corporation journal entry

On January 1, 2017, Headland Corporation redeemed $590,000 of bonds at 98. Prepare the corporation's journal entry to record the reacquisition of the bonds

  What journal entries did they book to go from the beginning

DAN had $2000 beginning balance in utilities payable. he had an ending balance of $4000. Over the course of the period ABC received a bill for utilities for $5000. How much cash did they apy for utilities over the course of teh period?

  The federal reserve refused to act as lender of last resort

The Federal Reserve refused to act as lender of last resort during the last crisis because Bernanke believed that bank executives had ripped off society. In addtion Bernanke feared the long term affects of moral hazard.

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