The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the final payment paid by the buyer in case he paid the account not within the discount period and if P5,000 worth of goods is returned due to defective deliveries?     3,595,000 4,026,400 3,595,000 4,029,760

Q: Garden Co. uses the installment sales method. Garden Co. sells a good costing ₱10,000 for an…

A: Gross profit is the benefit procured by the organization from working exercises. Backhanded costs…

Q: A cellular company purchased $27,800 in cell phones on June 25. The terms of sale were 4/20, 3/30,…

A: The terms of sale are written in a business language and hence we should read accordingly Net Amount…

Q: On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these…

A: Consignment Account In the consignment account consignor send the goods to the consignee in a…

Q: The amount remitted by the retailer to the consignor is:   the net income earned by the consignor on…

A: The calculation of amount remitted by the retailer to the Consignor and the net income earned by the…

Q: On October 20, 20x1, Grimm Co. consigned 40 freezers to Holden Co. for sale at P1,000 each and paid…

A: Consignment is an agreement or association between two parties in which one party provides or sends…

Q: On May 1, 2015, JJ Company sold goods to DEF for P5,000 on terms of 2/10, 1/20, n/30. Freight of…

A: Under FOB destination, the buyer becomes the owner of the goods when it reaches its destination.

Q: ober 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each. Win…

A: Solution: 1) Amount of Loss Amount of Loss = Freight + (Number of Units lost) x Cost per unit…

Q: The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the…

A: Net purchases = Purchases worth - Purchase discount = P4,000,000 - P4,000,000 x 10% = P3,600,000

Q: How much must Hoy remit to Hey? 2.       The commission of the consignee is?

A: 1. The amount that would be remitted by Hoy to Hey is the sales revenue based on retail price of…

Q: Parr Company traded in a used delivery truck with a carrying amount of P54,000 fora new delivery…

A: If exchange have commercial substance, the value of new assets  will be recorded at faie value of…

Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021.…

A: A cash discount is a reduction in the price paid for a product or service if you pay with cash…

Q: A cellular company purchased $27,800 in cell phones on June 25. The terms of sale were 4/20, 3/30,…

A: Part (a) Purchase Price of Cellular Company = $27,800   Date of Purchase = June 25 Purchase Return /…

Q: In 20x1, Seth Wholesalers transferred goods to a retailer on consignment. The goods cost P225,000…

A: Goods on Consignment :            Consignment is considered to be third party sales agreement in…

Q: ABC Corp purchased goods for P20,000. Terms: less 5%, 7%, 2/10, n/30. FOB Shipping Point, Freight…

A: The accounts payable includes the amount due to be paid to suppliers for credit purchases of…

Q: EO 10 laptops costing P15,000 each, paying freight charge of P15,000. At the end of the month, GEO…

A: The right answer is c.71,000

Q: Lovebirds Corporation sells goods on the installment basis. For the year ended December 31, 2011,…

A: Computation of cost percentage: Cost Percentage  ( Fair Value of Repossessed Merchandise + Loss…

Q: In 2020, HP Company transferred goods to a retailer on consignment. The goods cost P450,000 and…

A: Consignment Account The basic factor which are included in the consignment business goods send by…

Q: On October 1, consignment. P20,000 each. P10,000. The consignor agreed to absorb the consignee's…

A: Consignment means where consignor send goods to consignee to be sold by later on the behalf of…

Q: BLITZKRIEG Co. purchases goods for P250,000 under a special credit period of 1 year. The seller…

A: Accounting is done on the historical cost concept, which states that transactions are recorded at a…

Q: On October 1, CLARK Co shipped 25 cameras to KENT Inc on consignment. The cameras are to be sold at…

A: Consignment is an arrangement where there are two parties cosignor and consignee and they have a…

Q: Equipment with a sales price of $100,000 is purchased at a discount of 10% by Aaron Company. At what…

A: Fixed assets should be recorded at the total cost incurred to bring the asset ready to use. It…

Q: Jolas Realty Corp. in the course of the trade sells real property. During the month of January 2007…

A: Answer: In Philippines, VAT is charged @12% on sale of real property on the gross value.…

Q: FDN Trading purchased an item with a list price of P60,000 less 30%. The invoice dated May 1, 2022…

A: Under FOB destination, Goods are taken into inventory costing when goods are delivered to the buyer…

Q: On January 1, 2021, VVV Shop received from ABC 300 pieces of bread toasters. VVV was to sell these…

A:

Q: In 2009, a merchandise was sold on installment basis by MB Company for P80,000 at a gross profit of…

A: Computation of recovered value of merchandise: Value of merchandise recovered = Selling price -…

Q: INCompanx, had the following selected transactions: 2020 Ran. 9 Sold good worth P 300.000 to FOG…

A: Under Gross Method, Sales discount is recorded separately. Under Net Method, Forfeiture of sales…

Q: Jordan's of Boston sold Lee Company of New York computer equipment with a $7,000 list price. Sale…

A: FOB means seller prepays the freight and bills it to the buyer. In this case payment is made in the…

Q: What unit cost must be entered in the stock card of Material A assuming that the allowance method is…

A: Stock card means where every movement of stock is recorded. Allowance method of recording discount…

Q: In 2009, a merchandise was sold on installment basis by MB Company for P160,000 at a gross profit of…

A: Gross profit in 2009: Gross profit in 2009=Selling price125×Percentage of gross profit…

Q: ounted to P50. The seller shipped the goods on December 31, 2020. Jep Corp. received the goods on…

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it…

Q: Bataan Company, a VAT-registered business, purchased imported goods from Finland Company with the…

A: Total cost of the inventory is include the cost plus custom duty and any tax which is not…

Q: Salman and Adnan Corporation purchased typesetting equipment having a list price of Rs. 306,000 from…

A: The expenses that are occurred to increase the life of an asset are capitalized and added to value…

Q: The following information pertains to Sage Hill Solar Panels, Inc. Sold $144,000 of solar panels to…

A: Journal entries are used to record the transactions and are also helpful in preparing the financial…

Q: J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are…

A: 3/10, n/30 refers that 3% discount is provided if payment is made with in 10 days and final payment…

Q: On October 9, 2020, Steven Company purchased $4,500 of product on account from Bryant Company on…

A: JOURNAL ENTRIES FOR STEVEN COMPANY:

Q: Honesty purchased an item with a catalog price of P10,000. The invoice dated March 1 indicates a…

A: The invoice is the written document showing the proof for the sale and purchase of goods. It in the…

Q: FDN Trading purchased an item with a catalogue price of P65,000. The invoice c November 1, 2021…

A: Solution: Under FOB shipping terms, freight is to be borne by buyer. Also Final amount to be paid is…

Q: The Zonyo Company on October 1, 2008, sold article "A" for P4,000, costing P2,700. Article "B", a…

A: Trade-in means the exchange of one asset with another asset. In return, either some cash amount will…

Q: Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a trade discount of…

A: Purchase and sales are the major activities of every business operation. Goods and services have to…

Q: SUN CELL Company sold Cellphones on instalment basis on July 1, 2018. The Unit cost to the company…

A: Installment method :      The payment received after the sales are either in lump-sum or in…

Q: CSGNR Inc. purchased 100,000 units costing P1,000,000, and paid P10,000 freight for its shipment.…

A: A consignment sales is happened when the owner of the merchandise (named as the consignor) sends…

Q: ABC Manufacturing Corp. consigned 10 refrigerators to XYZ Sales Company. These refrigerators had a…

A: A consignment arrangement allows products to be placed in the hands of a third party who is…

Q: Garden Co. uses the installment sales method. Garden Co. sells a good costing P10,000 for an…

A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Q: Muscat Electronics purchased 400 Galaxy mobile phone at RO 70 each from Sohar Electronics. The…

A: Total purchases = No. of mobile purchased x purchase price per mobile =  400 x RO 70 each = RO…

Q: On October 1, 2020, Win Company consigned 240 posters to JAA Inc. with original cost of P1,000 each.…

A: Win company is cosignor and JAA company is cosignee 240 posters with P1000 is sent. Cost of goods…

Q: Fill in the blanks: Problem: On December 31, Mr. Adrian sold equipment amounting to P640,000 with a…

A: Invoice price means amount of goods less trade discount. Buyer have to pay invoice price. Sale term…

Q: On January 1, 2021, vwv Shop received from ABC 300 pieces of bread toasters. VV was to sell these on…

A:

Q: Good morning

A: Calculate discount allowed on goods sold on July 1 as follows: Calculate discount allowed on goods…

Q: On October 1, 2020, Popsters Company consigned 240 posters to AshMatt Inc. Popsters policy in…

A: The question is related Consignment Accounting. The details are given.