How much is the consignment income

Assignment Help Accounting Basics
Reference no: EM133025214

Question - In 2018, GGG Company transferred goods to a retailer on consignment. The goods cost P450,000 and normally are sold at a 40% markup on cost. GGG paid P5,000 for the cost of the shipment while the retailer paid P3,800 for advertising and P2,800 for the cost of freight out. The parties agreed that GGG would reimburse the cost of advertising and freight paid by the retailer. In 2020, the retailer at the normal markup, sold 80% of the merchandise and the balance of the merchandise was returned to AAA and paid a freight of P2,500. The retailer withheld 15% commission from payment plus the amount reimbursable by the consignor.

Required -

1. How much is the Consignment Income (Loss)?

2. How much is the Cash Remittance?

Reference no: EM133025214

Questions Cloud

Present all journal entries to be prepared : Present all journal entries to be prepared, in proper format, in 20X1 in order to record all of the warranty related transactions and adjustments for 20X1
What are institutional voids : Consider the readings from Khanna and Palepu, Anaya et al., World Bank, Porter etc.. Free Markets are closely associated with economic freedom and a capitalist
Calculate the impact of the hedging strategy : Suppose in May, the market falls by 130 points and May FKLI closes at 1560. Calculate the impact of the hedging strategy on her portfolio value
Key points for consideration for professional recreation : Question 1: What are the key points for consideration for professional recreation/sport programmers??
How much is the consignment income : The goods cost P450,000 and normally are sold at a 40% markup on cost. How much is the Consignment Income (Loss)
What is hudson free cash flow for common equity shareholders : Net Increase in Cash Required for Liquidity $80,000. What is Hudson's free cash flow for common equity shareholders in 2018
Discuss risk identification techniques : Please discuss risk identification techniques and the main risk categories that are commonly recognized in the majority of projects, regardless of their scope.
What is its new current ratio : Originally, Falcon Corporation's current assets are $400 and current liabilities are $250. What is its new current ratio
Analyzing our communication issues : A review of the IRSC BAS Inc. will reveal that the business has grown much too fast for the people to keep up with change and growth.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd