Question

Chris Hargrove is the owner of AP’s Instant Replay, a consignment shop for used sporting goods. Chris accepts consigned goods and offers them for sale to the general public. Chris rents business space, including a retail store where the consigned goods are displayed and sold, with adjoining office space where an Internet site is maintained and other administrative functions are performed. The Internet site includes photos and descriptions of items available for sale worldwide. If the goods sell, Chris’s consignment fee is 40% of the sale price, and 60% is remitted to the consignor. Shipping costs on electronic orders are paid by the customers.
(a) The e-commerce portion of the business.
(b) The retail portion of the business, assuming that the accounting systems are mostly manual and handled by Chris and his wife.



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  • CreatedDecember 30, 2014
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