Accounting Problems

Question 1: Refer to Japan Ideas.png, Calculate the Inventory Value of the Units Sold, Profit, and Remittance

Flint Corporation shipped $25,000 of merchandise on consignment to Carle Vista Company. Flint paid freight costs of $2,500. Carla Vista Company paid $500 for local advertising, which is reimbursable from Flint. By year end, 60% of the merchandise had been sold for $21,000. Carle Vista notified Flint, retained a 10% commission, and remitted the cash due to Flint. Prepare Flint's journal entry when cash is received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record revenue) (To record cost of goods sold)On August 15, 2020. Japan Ideas consigned 750 electronic play systems, costing $100 each, to Yo Yo Toys Company. The cost of shipping the play systems amounted to $1,500 and was paid by Japan Ideas. On December 31, 2020. an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $130 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission. Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2020. Inventory value of the units unsold $ Calculate the profit for the consignor for the units sold at December 31, 2020. Profit $ Calculate the amount of cash that will be remitted by the consignee at December 31, 2020. Remittance $