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baherus [9]
2 years ago
11

On May 3, 2020, Concord Company consigned 80 freezers, costing $540 each, to Remmers Company. The cost of shipping the freezers

amounted to $820 and was paid by Concord Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $700 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $180, and total installation costs of $350 on the freezers sold.
Required:
(Round answers to 0 decimal places, e.g. 5,275.)
(a) Compute the inventory value of the units unsold in the hands of the consignee.
(b) Compute the profit for the consignor for the units sold.
(c) Compute the amount of cash that will be remitted by the consignee.
Business
1 answer:
NeX [460]2 years ago
7 0

Answer:

a) $22,010

b) $3,780

c) $25,790

Explanation:

a) In calculating the value of inventory still left, the total value needs to be calculated first,

= (80 freezers * $540) + $820 ( transport fees)

= 43,200 + 820

= $44,020

40 out of 80 freezers have not been sold so,

= 40/80 * 44,020

= $22,010

b) In calculating the profit, subtract the expenses from the sales

Sales = 40 * 700

= $28,000

= 28,000 - Cost of refrigerators - commission of 6% of sales - advertising - installation

= 28,000 - 22,010 - (28,000*0.06) - 180 - 350

= $3,780

c) The amount remitted by the consignor will be,

= Sales - commission - advertising - installation

= 28,000 - (28,000 * 0.06) - 180 - 350

= $25,790

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Explanation:

Since Jessica hopes to get an entry level job in an audit firm, the professional organization will help her in her quest as she can now work as a trainee with an expert.

By joining the professional organization, she'll get the work experience that's needed when she finally get the role on the audit firm. She would have learned from a professional who's experienced and this will be vital in her getting into the workforce.

4 0
2 years ago
Use the below information to answer the following question.
lianna [129]

Answer:

$2,253.35

Explanation:

external financing needed = EFN = [(total assets/total sales) x ($ Δ sales)] - [(total current liabilities/total sales) x ($ Δ sales)] - [profit margin x forecasted sales in $ x (1 - dividend payout ratio)]

total assets = $48,900

total sales = $42,700

$ Δ sales = $5,978

current liabilities = $3,650

profit margin = net income / sales = 0.129

forecasted sales = $48,678

dividends payout ratio = dividends / net income = 0.35

EFN = [($48,900/$42,700) x ($5,978)] - [($3,650/$42,700) x ($5,978)] - [0.129 x $48,678 x (1 - 0.35)]

EFN = $6,846 - $511 - $4,081.65 = $2,253.35

7 0
3 years ago
Read the following passage and choose the appropriate term from the following list: financing, real, bonds, investment, executiv
PolarNik [594]

Answer:1. Executive airplanes

2. Brand names

3. Bonds

4. Investment or capital budgeting

5. Financing

Explanation:

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eimsori [14]

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d. economic contraction

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So as per the given situation, the option d is correct

3 0
3 years ago
Alternative price indexes
cluponka [151]

Answer:

-value of all goods and services produced in the economy this year

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-the base year's prices

-bought by consumers

-the first scenario would have effect on the GDP deflator

-the second scenario would have effect on the GDP deflator

Explanation:

The GDP deflator is used in measuring inflation in the economy by measuring changes in prices of goods in the economy. It is used together with other indices such as consumer price index in arriving at a more accurate or balanced measurement of inflation I'm the economy. The GDP deflator would be affected above because it is more comprehensive in it's calculation or measurement as it doesn't take into account only a basket of goods and services like the Consumer price index does

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