Determine the net income on consignment.
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On June 15, 2022, Robinson Company received a shipment of merchandise from Taytay Company with a selling price of P100,000. The consigned goods cost Taytay Company P70,000. Freight charges of P5,000 had been paid by Taytay Company for the shipment. The terms of the consignment are the following:
· 2/10, n/30;
· 15% commission based on gross sales
· Cash discounts taken by customers, expenses applicable to the goods on consignment and any form of cash advanced to the consignor are deductible from the remittance by the consignee.
Robinson Company advanced P10,000 to Taytay Company upon receipt of the shipment. An expense related to sold units of P3,500 was paid by Robinson Company. By June 2022, 80% of the shipment had been sold, and 90% of the resulting accounts receivable had been collected, all within the discount period. Remittance was made on June 30, 2022.
Determine the net income on consignment.
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- On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On June 3, ABC Trading returned some defective merchandise worth P2,300 and on the same day, made a partial payment of P12,000. How much should be collected from ABC by FDN as full payment considering that payment is made within the discount period?On October 5, 2024, the Lalisa Trading Company consigned 48 computer units, costing P 8,000 each, to Jennie, Inc. The units were to be sold on either cash or credit basis at a commission of 15% of net sales. Lalisa paid freight of P 1,800 on the shipment. On November 11, Jennie received the goods. Sales were made as follows: · October 15 – 10 units for cash at P 13,000 each · October 28 – 12 units on account at P 14,000 each On October 31, 2024, collections on accounts amounted to P 95,000, and an allowance of P 2,000 was given to a charge customer for a defective unit. On November 15, 2024, Jennie made the proper remittance of cash received from customers. Required: 1. Determine the amount of remittance 2. Determine the consignment profit 3. Determine the cost of ending inventory on consignmentFor items 9 and 10. An SME sell goods in exchange for a P340,000 note receivable in two years’ time.The cash sale price of the goods is P280,992. The gross profit rate based on cost on the transaction is30%. Other operating expenses amounted to P50,000. 9. How much is the sale revenue recognized by the SME?a. P340,000 b. P280,992 c. P64,844 d. P334,156 10. How much is the profit or loss of the SME?a. P14,844 b. P(14,844) c. P46,988 d. P42,944
- On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period?On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021. 1. How much is the cash discount on December 11, 2021? A. P1.080 B. P5,880 C. P960 D. POOn July 2, 2022, Howard Co. consigned 3,200 books costing P60 and retailing for P100 each to Ines Co. Freight cost paid by Howard Co. amounted to P3,200. On September 30, 2021, Howard Co. received from Ines Co. the amount of ₱127,620 in full settlement of the balance due. The consignee deducted a commission of ₱20 for each book sold, ₱180 for delivery expenses and ₱200 for advertising expense.How many books were actually sold by Ines Co.?
- On December 1, 2021, X Co. bought merchandise from Y Co. costing P50,000, terms 2/10, n/30, FOB shipping point. Y Co. prepaid the freight of P6,000 on December 2, 2021. On December 4, Y Co. issued a credit memorandum for damaged merchandise returned by X Co. amounting to P2,000. X Co. paid in full the balance due on December 11, 2021. A. How much is the freight paid the buyer? O P6,000 0 P5,880 O P960 O PO B. How much is the freight paid by the seller? O P6,000 O P5.880 O P960 O POBerlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKSVanessa company purchased P15,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point, freight prepaid. The freight charge was P500. On June 20, it returned P800 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:
- 1. FDN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P35,000, terms 2/10, n/30. Returned P900 of the shipment for credit. Paid P400 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases? 2. On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1/10, n/30 under freight term FOB Destination. The cost of the freight of P1,200 was paid by FDN. On November 3, ABC Trading returned some defective merchandise worth P4,300 and on the following day, made a partial payment of P14,000. How much is the final amount collected by FDN Trading assuming that collection is made within the discount period? 3. FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of…On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of P300,000. The goods were shipped by YGS on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P200. YGS Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x27On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT exclusive). Terms 2/10, n/30, FOB shipping point, freight collect. Amount of freight cost is P1,000, The amount of Accounts Receivable to be recorded on the date of purchase will be⚫
