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How much income is recognized by Bookstore? PROBLEM 4: MULTIPLE CHOICE - COMPUTATIONAL 1. Yahama Co. consigns bass guitars costing P500,000 to a consignee. Yahama incurs P20,000 freight in transporting the goods to the consignee's place and P5,000 repair costs for minor damages during shipment. To induce the consignee in signing the consignment contract, Yahama pays the consignee an advanced commission of P100,000 to be deducted from the consignee's actual commission on future sales. How much is the cost of the consigned goods in Yahama's and the consignee's books?422 Consignee units, e Yahama 0 selling F a. 520,000 0 Com b. 525,000 100,000 Mai c. 520,000 O Deli d. 625,000 2. Falling Leaves Co. consigned 50 units of a certain product to a 4. How consignee on August 1, 20x1. The products originally cost a. 3 P10,000 apiece and are marked to sell for P25,000 each. Falling (RPCPA) Leaves Co. incurred P25,000 in shipping the products to the 5. How consignee. At month-end, the consignee remitted P960,000, net a, 34 of the agreed commission of 20%. Falling Leaves Co. would (RPCPA) report which of the following? Revenue Profit a. 1,200,000 696,000 PROBL b. 1,200,000 456,000 Allegret C. 960,000 504,000 reduced d. 960,000 480,000 pay for them. A 3. The following items were included in Opal Co.'s inventory resold t account at December 31, 20x1: resolving Merchandise out on consignment, at sales price, airlines. including 40% markup on selling price 40,000 obligatio Goods purchased, in transit, shipped FOB shipping point customer 36,000 (IFRS 15.IE23 Goods held on consignment by Opal 27,000 By what amount should Opal's inventory account at December 31, Requirem 20x1 be reduced? or as an a. 103,000 Allegrett (AICPA) b. 67,000 c. 51,000 d. 43,000 Use the following information for the next two questions: PROBLE ABC Co. consigned twelve refrigerators to XYZ, Inc. The 1. Pizzi refrigerators originally cost P6,000 each. ABC paid freight of P720 on the transfer. The consignee subsequently reported sale of five signi Pizzi rathe and tConsignment Sales 423 units, each sold for P7,700, and deducted the following from the selling price: Commission (based on sales net of commission) 10% Marketing expense (based on commission) 10% Delivery and installation (on each unit sold) P30 4. How much was ABC's profit on the five refrigerators sold? a. 3,815 b. 37,780 c. 4,200 d. 3,395 (RPCPA) 5. How much was the consignee's net remittance for the sale? a. 34,500 b. 33,780 C. 4,500 d. 4,200 (RPCPA)PROBLEM 3: MULTIPLE CHOICE - COMPUTATIONA Installment sales method 1. Lunch Co. uses the "installment sales method." Lunch records show the following balances:Installment 153 ue is in Installment accounts receivable - Jan. 1, 20x1 Installment sales ial) Cost of sales 1,000,000 Installment accounts receivable - Dec. 31, 20x1 800,000 600,000 How much are the realized gross profit in 20x1 and the deferred gross profit on Dec. 31, 20x1, respectively? a. 80,000; 60,000 b. 80,000; 120,000 c. 60,000; 80,000 ing the d. 120,000; 80,000 2. Dinner Co. uses the "installment sales method." Dinner Co.'s records show the following balances: profit Installment receivable - beg. Deferred gross profit (before year-end adjustment) Collections during the year 200,000 gross 400,000 Gross profit rate based on sales 20% How much is the ending balance of the installment receivable? a. 1,000,000 b. 800,000 c. 600,000 d. 400,000 Fact pattern in the Silent Night Co. uses the "installment sales method." Silent Night sells an inventory costing P750,000 for P1,000,000. nal) 3. If Silent Night Co. reports deferred gross profit of P200,000 at year-end, how much are the total collections during the year? a. 800,000 b. 600,000 c. 200,000 .d. 50,000 4. If Silent Night Co. reports deferred gross profit of P200,000 at year-end, how much is the realized gross profit during the year? d. 50,000 b. 600,000 c. 200,000 a. 800,000 ch Co.'s 5. If Silent Night Co. recognizes realized gross profit of P220,000, how much is the ending balance of deferred gross profit? d. 30,000 a. 200,000 b. 75,000 c. 50,000454 6. If Silent Night Co. recognizes realized gross profit of P180,090 Inst how much is the ending balance of the receivable? Cost b. 250,000 c. 200,000 d. 50,000 Defe a. 280,000 7. If Silent Night Co. recognizes realized gross profit of P160,000 how much are the total collections? b. 640,000 c. 360,000 d. 250,000 (AICP a. 720,000 10. F 8. Home Co. reported deferred gross profits of P200,000 and a P60,000 at the beginning and end of the year, respectively. Home Co. consistently made sales at a 25% gross profit rate. 11. H How much were the total collections during the year? a. a. 480,000 b. 560,000 c. 580,000 d. 620,000 12. H 9. Yellow Co.'s records on December 31, 20x2 show the a. following information: Accounts receivable 313,750 Repos Deferred gross profit (before adjustment) 38,000 Use the The B Analysis of the accounts receivable reveal the following: Regular accounts costing 207,500 20x1 installment accounts amoun 16,250 20x2 installment accounts Month 90,000 balance Sales on an installment basis in 20x1 were made at 30% above cost, accrued and in 20x2, at 331/3% above cost. Expenses paid relating to of P19 installment sales in 20x2 were P1,500. How much is the 20x2 profit corresp from installment sales? it was e a. 9,750 basis. B (AICPA) b. 10,250 c. 11,750 d. 13,350 total def Use the following information for the next three questions: 13. How Auto Co. uses the "installment sales method." Auto Co.'s record a. 7,2 show the following: b. 7,0 (RPCPA)Installment sales 20x1 20x2 ,000, 300,000 20x3 Cost of sales 375,000 225,000 360,000 285,000 0 Deferred gross profit, end. bal. 252,000 20x1 20x2 52,500 15,000 3,000, 20x3 54,000 9,000 (AICPA) 72,000 DOO 10. How much is the total installment receivable on Dec. 31, 20x3? 0 and a. 277,500 b. 279,500 c. 287,500 d. 297,500 tively t rate. 11. How much are the total collections in 20x3? a. 356,700 b. 365,700 c. 367,500 d. 376,500 ,000 12. How much is the total realized gross profit in 20x3? w the a. 56,000 b. 69,000 c. 76,000 d. 96,000 313,750 Repossession 38,000 Use the following information for the next two questions: The Bass Co., on September 30, 20x1, sold for P48,000 a piano costing P30,000. The down payment was P4,800 and an equal 207,500 amount was to be paid at the end of each succeeding month. 16,250 Monthly interest of 1% yield rate was to be charged on the unpaid 90,000 balance of the installment contract, with payment applying first to accrued interest and the balance to principal. After paying a total ove cost, of P19,200, the customer defaulted and the piano was lating to correspondingly repossessed on February 28, 20x2, at which time x2 profit it was estimated to have a value of P16,800 on a depreciated cost basis. Bass Co. uses a perpetual inventory system and records the 13,350 total deferred gross profit at the time of sale. 13. How much was the realized gross profit at the end of 20x1? a. 7,200 C. 6,764 's records b. 7,039 d. 6,489 (RPCPA)