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On 1st January 1988 red of quetta consigned to blue ofKarachi goods for sale blue is entitled to commission of 6% oninvoice price and 20% of any surplus price realized. Goods costingRs.18000 were consigned to blue of Karachi at invoice price ofRs.22500. the expenses of consignment amounted to Rs.1800 wereincurred by red. On 1st march, an account saleswas received from blue showing that he had affected sales ofRs.18500 in respect of 75% of the quantity of goods consigned tohim. His actual out of pocket expenses were freight in Rs. 180 ,fire insurance Rs.90 and other expenses Rs.230, blue accepted abill drawn by red for Rs.10000 and remitted the balance in cash.
Required: prepare the consignment account in the books of consigner.
The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks,disclosed that 750 million shares of common stock have been authorized.
What is the budgeted variable overhead cost rate per output unit? What is the flexible-budget amount for variable manufacturing overhead? What is the flexible-budget variance for variable manufacturing overhead?
Joyce Rescho is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December:
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
The Butterfly Corporation had the following information that pertained to its March budget.
Company owned vehicle -Fixed asset being traded in for another vehicle. Does the Other Charges get added to the purchase price or classed out to fees?
Create T-accounts for each of the accounts on the balance sheet and enter the balances at the end of 2005 asbeginning balances on January 1, 2006.
Noell Corp. has common stock of $5,500,000, retained earnings of $3,000,000, unrealized gains on trading securities of $100,000 and unrealized losses on available-for-sale securities of $200,000. What is the total amount of its stockholders' equit..
Club Co. appropriately uses the equity method to account for its investment in Chip Corp. As of the end of 2008, Chip's common stock had suffered a significant decline in fair value, which is expected to be recovered over the next several months. ..
Visit the Institute of internal auditors website and focus on the frequently asked questions section. Explain How internal and external auditors differ and how they relate. In addition, what is Enterprise Risk management(ERM) and what role in it d..
The concept of operating leverage Signifies to which of the following?
the partnership had net taxable income of $10,000; Michelle received a distribution of $8,000 cash from the partnership; and she had a 50% share in the $16,000 of partnership recourse liabilities on the last day of the partnership year. Michelle's..
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