Number 38 On November 10, 2022 Nicekicks Inc. consigned to Shoe Palace, 10 sneakers costing P3,000 each. Nicekicks Inc. paid the freight in the amount of P3,000. At the end of the year, Shoe Palace sold 6 sneakers to customers with a selling price of P6,000. It reported also selling expenses in the amount of P2,500 and remitted the net proceeds to Nicekicks Inc. The parties agreed on a 20% commission from the sales. What is the total cost of the unsold sneakers? a. 12,000 b. 13,200 c. 10,320 d. 14,880

Number 38 On November 10, 2022 Nicekicks Inc. consigned to Shoe Palace, 10 sneakers costing P3,000 each. Nicekicks Inc. paid the freight in the amount of P3,000. At the end of the year, Shoe Palace sold 6 sneakers to customers with a selling price of P6,000. It reported also selling expenses in the amount of P2,500 and remitted the net proceeds to Nicekicks Inc. The parties agreed on a 20% commission from the sales. What is the total cost of the unsold sneakers? a. 12,000 b. 13,200 c. 10,320 d. 14,880

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...

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6. On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books
On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books. Present solution in good accounting form.
Show the solution in good accounting form On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?