Determine the net income on consignment.
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On June 15, 2022, Robinson Company received a shipment of merchandise from Taytay Company with a selling price of P100,000. The consigned goods cost Taytay Company P70,000. Freight charges of P5,000 had been paid by Taytay Company for the shipment. The terms of the consignment are the following:
· 2/10, n/30;
· 15% commission based on gross sales
· Cash discounts taken by customers, expenses applicable to the goods on consignment and any form of cash advanced to the consignor are deductible from the remittance by the consignee.
Robinson Company advanced P10,000 to Taytay Company upon receipt of the shipment. An expense related to sold units of P3,500 was paid by Robinson Company. By June 2022, 80% of the shipment had been sold, and 90% of the resulting
Determine the net income on consignment.
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- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000On June 15, 2022, Robinson Company received a shipment of merchandise from Taytay Company with a selling price of P100,000. The consigned goods cost Taytay Company P70,000. Freight charges of P5,000 had been paid by Taytay Company for the shipment. The terms of the consignment are the following: · 2/10, n/30; · 15% commission based on gross sales· Cash discounts taken by customers, expenses applicable to the goods on consignment and any form of cash advanced to the consignor are deductible from the remittance by the consignee. Robinson Company advanced P10,000 to Taytay Company upon receipt of the shipment. An expense related to sold units of P3,500 was paid by Robinson Company. By June 2022, 80% of the shipment had been sold, and 90% of the resulting accounts receivable had been collected, all within the discount period. Remittance was made on June 30, 2022.Determine the net income on consignment.
- On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive) Terms 2/10, n/30, FOB shipping point, freight collect Amount of freight cost is P1,000 Assuming X Company issued a debit memorandum for P5,600 (VAT inclusive), and paid the amount due within the discount period, the amount if Input tax on the cash discount will beOn October 5, 2024, the Lalisa Trading Company consigned 48 computer units, costing P 8,000 each, to Jennie, Inc. The units were to be sold on either cash or credit basis at a commission of 15% of net sales. Lalisa paid freight of P 1,800 on the shipment. On November 11, Jennie received the goods. Sales were made as follows: · October 15 – 10 units for cash at P 13,000 each · October 28 – 12 units on account at P 14,000 each On October 31, 2024, collections on accounts amounted to P 95,000, and an allowance of P 2,000 was given to a charge customer for a defective unit. On November 15, 2024, Jennie made the proper remittance of cash received from customers. Required: 1. Determine the amount of remittance 2. Determine the consignment profit 3. Determine the cost of ending inventory on consignmentOn July 2, 2022, Honesty Co. consigned 3,200 books costing P60 and retailing for P100 each to Integrity Co. Freight cost paid by Honesty Co. amounted to P3,200. On September 30, 2021, Honesty Co. received from Integrity Co. the amount of ₱127,620 in full settlement of the balance due. The consignee deducted a commission of ₱20 for each book sold, ₱180 for delivery expenses and ₱200 for advertising expense.How many books were actually sold by Integrity Co.? (No peso sign on the answer)
- In 2020, Shop Wholesalers transferred goods to a retailer on consignment. The goods cost P450,000 and normally sold at a 50% markup based on cost. Shop Wholesalers paid P5,000 for the cost of shipment while the retailer paid P2,800 for advertising and P800 for the cost of freight out. The parties agreed that Shop Wholesalers would reimburse the cost of advertising and freight paid by the retailer. In 2020, the retailer at the normal markup sold 60% of the merchandise, and the balance of the merchandise was returned to the consignor incurring freight of P1,200 paid by the consignor. The retailer withheld a 15% commission from payment plus the amount reimbursable by the consignor. The amount remitted by the retailer to the consignor is: the net income earned by the consignor on the shipment is:On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period?On July 2, 2022, Howard Co. consigned 3,200 books costing P60 and retailing for P100 each to Ines Co. Freight cost paid by Howard Co. amounted to P3,200. On September 30, 2021, Howard Co. received from Ines Co. the amount of ₱127,620 in full settlement of the balance due. The consignee deducted a commission of ₱20 for each book sold, ₱180 for delivery expenses and ₱200 for advertising expense.How many books were actually sold by Ines Co.?
- Berlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKSBerlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000 ADD EXPLANATION THANKS
