On December 1, 2021, ABC Department Store received 505 sweaters on consignment from Todd. Todd's cost for the sweaters was P80 each, and they were priced to sell at P100. ABC's commission on consigned goods is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 balanced sheet, what amount should ABC report as payable for consigned goods? [A] 49,000 [B] 45,400 [C] 45,000 [D] 40,400

On December 1, 2021, ABC Department Store received 505 sweaters on consignment from Todd. Todd's cost for the sweaters was P80 each, and they were priced to sell at P100. ABC's commission on consigned goods is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 is 10%. At December 31, 2021, 5 sweaters remained. In its December 31, 2021 balanced sheet, what amount should ABC report as payable for consigned goods? [A] 49,000 [B] 45,400 [C] 45,000 [D] 40,400

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 7MCQ

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