On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month . 17. What is the total amount of remittance to consignor as of June? A. P-0- B. P184 C. P64 D. P200 18. How much is the profit on consignment? A. P150 B. P294 C. P140 D. None of the above 19. What is the cost of inventory on consignment? A. P155 B. P165 C. P245 D. None of the above Con

On May 1, RR Products Company ships five (5) of its appliances to SZ Company on consignment. The cost of the appliances shipped is 155 per unit. The consignor paid shipping costs totaling 50. Each unit is to be sold at 250 payable 50 in the month of purchase and P10 per month thereafter. The consignee is entitled to 20% of all amounts collected on consignment sales. SZ Company was able to sell 3 appliances in May and 1 in June. Regular monthly collections by the consignee, and appropriate cash remittances have been made to the consignor at the end of each month . 17. What is the total amount of remittance to consignor as of June? A. P-0- B. P184 C. P64 D. P200 18. How much is the profit on consignment? A. P150 B. P294 C. P140 D. None of the above 19. What is the cost of inventory on consignment? A. P155 B. P165 C. P245 D. None of the above Con

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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Amianan Company consigned five calculators, with cost of P800 each, to the Bisdak Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. Amianan Company paid shipping costs of P200 on the shipment. Correspondingly, Bisdak Company paid P320 on the freight of the shipment. On the last day of the year, Bisdak Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. Bisdak Company remitted all the cash due. 1. How much is the remittance of the consignee to the consignor?2. How much is the consignment profit?
On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aura to be sold at P15,000 each. The consignee is to be allowed a 15% commission. Lala Home Store incurred P15,000 in shipping the 150 units. The agreement requires that SM Aura will advance 50% of the cost of the oven, to be applied to periodic remittances in proportion to the units sold. Any expenses related to the consigned units incurred by SM Aura are also deductible from the remittance. On October 31, 20x1, SM Aura rendered an account sale that includes the following deductions: Advertising costs, P15,000; delivery expenses to customers of P350 per unit; commission of P146,250. REQUIRED: Amount remitted to Lala Home Store
INTEGRITY, Inc. consigned 1,000 units of ordinary printer, costing P700 each to PUP Co. to be sold at P1,200 per unit. The agreement calls for 20% commission on units sold and any expenses paid by the consignee is reimbursable by the consignor. INTEGRITY, Inc. paid P30,000 freight and insurance of P10,000 for the shipment. At the end of the month, PUP Co. remitted the amount due to the consignor after deducting commission of P204,000 and advertising costs of P35,000. Record shows that 120 units were left to the consignee and some units were returned to the consignor. INTEGRITY, Inc. paid the cost of shipment of the returned units amounting to P15,000. What is the proper amount of net income reported by the consignor?
On July 1, 20x1, Lala Home Store shipped 150 ovens, costing P9,000 each on consignment basis to SM Aura to be sold at P15,000 each. The consignee is to be allowed a 15% commission. Lala Home Store incurred P15,000 in shipping the 150 units. The agreement requires that SM Aura will advance 50% of the cost of the oven, to be applied to periodic remittances in proportion to the units sold. Any expenses related to the consigned units incurred by SM Aura are also deductible from the remittance. On October 31, 20x1, SM Aura rendered an account sale that includes the following deductions: Advertising costs, P15,000; delivery expenses to customers of P350 per unit; commission of P146,250. Amount remitted to Lala Home Store
MJ Company consigned five calculators, with cost of P800 each, to the JM Company which was to sell these goods for the account and ink of the former for a commission of 15% of selling price. The MJ Company paid shipping costs of P200 on the shipment. Correspondingly. JM Company paid P320 on the freight of the shipment. On the last day of the year, JM Company reported that it had sold three of the calculators, two for cash at P1,500 each and one on credit at P1,800, of which 25% was collected as down payment. JM Company remitted all the cash due. 6. The amount of cash remitted by JM Company is? 7. The consignment profit (loss) is? 8. The amount of inventory on consignment of MJ Company is? Thank you! Please answer complete
MAYUMI Co. sold 50,000 units at P 225 per unit during May of this year. The cost per unit is P150. The entity granted the customers right to return within 90 days if not satisfied and will receive either a full refund if cash was already paid or a full credit for the amount owed to the entity. It is estimated that 7% of the units sold will be returned within the 90-day period. The entity used the perpetual method. What amount of sales revenue should be reported for the month of May?
Big Company consigned 1,000 units of ordinary printer, costing P700 each to a consignee to be sold at P1,200 per unit. The agreement calls for 20% commission on units sold and any expenses paid by the consignee is reimbursable by the consignor. Big paid P30,000 freight and insurance of P10,000 for the shipment. At the end of the month, the consignee remitted the amount due to the consignor after deducting commission of P204,000 and advertising costs of P35,000. Record shows that 120 units were left to the consignee and some units were returned to the consignor. Big paid the cost of shipment of the returned units amounting to P15,000.1. How many units are sold? 2. how much is the Consignment Income (Loss)? 3. how much is the Cash Remittance? 4. how much is the cost of Inventory held by the consignee?
Integrity Company consigned 2,000 units of special equipment, costing P1,200 each to Honesty Company to be sold at P1,600 per unit. The agreement calls for 15% commission on units sold and any expenses paid by the consignee is reimbursable by the consignor. Integrity paid P20,000 freight and insurance of P10,000 for the shipment. At the end of the month, Honesty remitted the amount due to the consignor after deducting commission of P360,000 and advertising costs of P20,000. Record shows that 300 units were left to the consignee and some units were returned to the consignor. Integrity paid the cost of shipment of the returned units amounting to P5,000.Determine the consignment income.
SM Appliances consigned five electric fans, which cost P800,000 each, to Asahi Marketing Co., which was to sell them for a commission of 15% of selling price. Any accounts receivable arising from the sale of the consigned goods were to be the property of SM Appliances. SM paid trucking costs of P200,000. Asahi is to be reimbursed P170,000 for local delivery to customers. By December 31, Asahi Marketing had sold three of the fans, two for cash at P1,500,000 each and one on credit at P1,800,000, of which it had collected 25% as a down payment. The cash remittance to SM Appliance and the consignment profit are?
Lyric Company delivered 375 guitars to Music Corp on consignment agreement. Each guitar cost P2,250 and is sold for P3,750 each. Music Corp is to receive 15% commission based on the selling price of units sold. Music Corp shall provide 60% advances for the cost of the guitars and such amount shall be recovered periodically by monthly deductions (in proportion to units sold) from the remittance. All expenses incurred by Music Corp are to be deducted monthly as incurred. The consignee submitted on account sale at the first of the month, showing the following information: Commission 16,875.00 Advertising 5,625.00 Delivery 2,812.50 Case 1: How much is the amount of remittance? a. 112,500 b. 33,750 c. 46,687.5 d. 87,187.5 Case 2: How much is the net income? a. 16,875 b. 19,687.50 c. 14,062.50 d. 22,500 Case 3: How many units of guitars were sold? a. 30 b. 20 c. 15 d. 25
Lyric Company delivered 375 guitars to Music Corp on consignment agreement. Each guitar cost P2,250 and is sold for P3,750 each. Music Corp is to receive 15% commission based on the selling price of units sold. Music Corp shall provide 60% advances for the cost of the guitars and such amount shall be recovered periodically by monthly deductions (in proportion to units sold) from the remittance. All expenses incurred by Music Corp are to be deducted monthly as incurred. The consignee submitted on account sale at the first of the month, showing the following information: Commission 16,875.00 Advertising 5,625.00 Delivery 2,812.50 How much is the amount of remittance?
On August 5, 2021, Sheridan Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $400 each. The cost of shipping the dining sets amounted to $4100 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $900 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $650, and installation and setup costs of $830. The amount cash received by Sheridan furniture is?