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Chapter 16 CONSIGNMENT stn gos i od At Meee pr ced ate CPA siamnation yah owence ne some sam igiy Soe comparator sae Ser sm moe From eka pit vem, he ser of gods represent amen with ‘amir pry sh andes the ods prsesing he poe rp fae a pct the eement een the spore a ser godty ace cones Tor compere he comigror see {er pms tuned we laters eae in oe gorse sold toa Tena Up sche, amor rcognizes waar eto the phan te ere fo th sl The cng, onthe eter band, cara eer cane) fais ashi her opr ne there any Lay to the sport Wo ‘cooly fr imped pode The reach Betwcea the con a ogee ion of principal and agen. andthe Iw of acy nem he ‘etermination of igh ad clips of the two pati. Therefore, ay tl ‘eds oclings poportnte share of neni cons nae eas ‘tod om eens te eosin) mtb faded in he cms inven, ACCOUNTING FOR CONSIGNMENT Be facut esha rm sale mst be reopen ihe tus of pod abt enacts dre cide. Consign rattle nomi y te omsipnr when be comic eB” ‘Speke anos: Tha rome epi at he ie a a 2 erecta iar cele hase ‘Consignment Pros are Separately Detemland ‘Whe ofan cng sao ede eae, ‘signet. This acme care oral ees tae be hotbed ty the osanr nd reed a l poses om ‘oxtgmant wl The onion att on ome Sepnatefevense scot ol the veing halrce Inthe CComignnetin sco ears te oun toed fo he ‘ong seme (0m the ote hand he consign: mani 4 Consignment at ect foreach enigma Ths Sunt Ube rte sen ‘chante sipped eeu nd eral npc aed {ote comignent tn in raed rues made y th con pes Pri rn fm tigate wtiaty tater 3 om hich ml ees means ComignmetProfisare Not Separately Deter When sespamem tmnt ae 16 be combed with replat Act th coie's ein fr con ent al are empty ein ding Purchases «ot of Gots So (eee te comer fre cut be pid fore gee ur Tie cones tet the consign» secon for epee Tate essed bythe cnsger The vesting bine ce we ts ts aca wed i a ‘ne tert he onsgnoeeconds consignment revenues and Siamese cots ta uarne er operates [MULTIPLE CHOICE QUESTIONS ‘PROB 161 (AICPA) “oosoncomiganes sd be itclud ia the inven of 1b Theconsiga tt a the consignee Bie onsen and consis 2 Teco fs nt the cons. & Niternecomgor norte conssnee PROB. 162 (Adnped) In acon rss consignment sales eve sl the eed ‘odes shoe sogied by ibe ca ‘2 Coaignar he theyode at hipped othe conn, Come en en ae ped te pas Congr when ifition i eed tha the ona hs : has athe 4 Conse when cash ieceied fam the customer. PROB. 163 (AICPA) orsign Co. pid te intra Se si insurane premium for consignment ols thre Gomis Co. In abton. Connor avant of when Consigce sels the yoods. Should Cosi lalate he ira surnce eae Tpemium and the advanced commision foamed anced ma con i ie Ys e Yes = a Ne Lal Yee pris Comet spon. 16-4 (AICPA) el Co. # consign. pid the fight st ar gus soe! ren Dale CO, a aor, These Fig cons a ob deed fm pnt Bale coming eosin goods =i Use ella th verte hap Ses ibe inte in e's Cost of goats wt BFeighrout co 2 Selingeserse. {Accounts oso PROB. 165 UFRS) “the Odessa Appice Cor lls sas oth po Seis Odeee upp tenet sth pd sh als =e Sec carga comatose BU tachartousa el the ago eeagn ae petit ns e201 Qos _ Age SS innar Eso Baan 3s a vom = ja000 PROB. 16-6(RPCPAY itace, te consigned race efigeton to Ocamps's mpm, The lt ep eaan he ong pd 0 fr gt ot, The stiri oy elo cn ie Te units sd 3 7.700 se it follies rom he sling rice: Fria Espen ty the conignor. On September 30,2015, Corn fost Store recive fro Ross Store the mount of P142.020 in fl seen f the tlace du, and Accouns Receivable wat credited for this snout Te 2 hae & wo : © 2064 4 3200 geome ‘08. 16-16 (AICPA) ne Co had he floss consigment i sone {an ie Deb Inet hp come Banc, Peep Son ne Pam Imag eccescimiemen neice at Frey Aso = No sles of consigned gous woe made oath Dente 3,204 Sey Decemier 208 faance ct shad le oa enn 12900, i200 © 18000 4 500 ‘Ron, 16-11 ICP) (On November 30,2014, Non Ca csi 89 fe Wan Os Sie 160 eh od P30 mene, rele {ectved on December 3D, 2013 fm Watson epring halo 2a, {ower with emince wa eo he age! 1% somo a, ‘Wahu mn soul Nonhup npn opment oe _Dosenber December . ‘7 3x00 & 0 220 eg ° @ 10 ° ~

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