Shaw sold 1500 units of XOM for $20 per unit plus 8% sales taxes to Polo Company in cash. Sales tax was not included in price. Each unit of XOM had cost company $10.40. Provide the necessary joumal entry to record the transaction.
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- Steele Corp. purchases equipment for $30,000. Regarding the purchase, Steele paid shipping of $1,200, paid installation fees of $2,750, pays annual maintenance cost of $250, and received a 10% discount on sales price. Determine the acquisition cost of the equipment.Markson and Sons leases a copy machine with terms that include a fixed fee each month of $500 plus a charge for each copy made. The company uses the high-low method to analyze costs. If Markson paid $360 for 5,000 copies and $280 for 3,000 copies, how much would Markson pay if it made 7,500 copies?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
- BM Motors, Inc. employs 40 sales personnel to market its line of luxury automobiles. Theaverage car sells for P1,200,000 and a 6% commission is paid to the salesperson. BM Motorsis considering a change to a commission arrangement that woul d pay each salesperson a salaryof P24,000 per month plus a commission of 2% of the sales made by that salesperson.The amount of total car sales at which BM Motors would be indifferent as to which plan to selectis A. P22,500,000 C. P24,000,000B. P30,0 00,000 D. P12,000,000Amianan 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?An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.
- Zonker NV purchases 500 units of an item at an invoice cost of €30,000. What is the cost per unit? If the goods are shipped f.o.b. shipping point and the freight bill was €1,500, what is the cost per unit if Zonker pays the freight charges? If these items were bought on 2/10, n/30 terms and the invoice and the freight bill were paid within the 10-day period, what would be the cost per unit?Zonker Inc. purchases 500 units of an item at an invoicecost of $30,000. What is the cost per unit? If the goods areshipped f.o.b. shipping point and the freight bill was$1,500, what is the cost per unit if Zonker Inc. pays thefreight charges? If these items were bought on 2/10, n/30terms and the invoice and the freight bill were paid withinthe 10-day period, what would be the cost per unit?At the beginning of the current year, Clan Company offers the customers a pottery bowl if they send in three boxtops from the products and P10. The entity estimated that 60% of the boxtops would be redeemed.During the year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P 25.What is the liability for outstanding premium at year-end?
- Saad Company is planning to purchase a machine having an invoice price of Rs. 49,000. The terms of sale were 2/10, n/30, and Harvard paid within the discount period. In addition, Company paid a Rs. 500 delivery charge, Rs. 400 installation charge, and Rs.1000 sales tax. The amount recorded as the cost of this equipment is:Integrity Company sold consumer products that are packaged in boxes. The entity offered an unbreakable glass in exchange for two box tops as a promotion during the current year. The cost of the glass was P200. The company sold 200,000 boxes of the product and 40,000 box tops were redeemed during the year. The entity estimated at the end of the year that it would be probable that 50% of the box will be redeemed. The allocated transaction price for the premium is P5,000,000.How much is the Unearned Revenue for Unredeemed Premiums?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?