What is the difference between a consignee and a consignor? Would both parties include the goods in

Question:

What is the difference between a consignee and a consignor? Would both parties include the goods in their inventory? If not, explain why and indicate which of the two should include the goods in their inventory.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1119368458

7th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

See More Books

Question Posted: Jun 15, 2017 09:10 AM

See More Questions

What is the difference between a favorable cost variance and an unfavorable cost variance?
What is the difference between a defined-contribution pension plan and a defined-benefit pension plan?
What is the difference between a realized gain or loss and an unrealized gain or loss?
Comparative figures from the statement of profit or loss of Misty Ltd are shown below: 2017 2016 Revenue (all sales) Cost of sales $450 000 292 300 $390 000 287 000 Gross profit Expenses (including...
Caroline Company reports the following costs and expenses in May. InstructionsFrom the information, determine the total amount of:(a) Manufacturing overhead.(b) Product costs.(c) Periodcosts. Direct...
When rounding a curve in a fast- moving car, we experience a feeling of being thrown outward (Fig. 7.27). It is sometimes said that this effect occurs because of an out-ward centrifugal...
Great Western Bank has offered a special certificate of deposit (CD) tied to the S\&P 500. Funds are deposited into the account at the beginning of a month and are held in the account for 3 years....
The dollar cost of debt for Coval Consulting, a U.S. research firm, is 7.5%. The firm faces a tax rate of 30% on all income, no matter where it is earned. Managers in the firm need to know its yen...
Why are financial markets essential for a healthy economy and economic growth? What are financial institutions? Describe each and give an example of who may use them: Investment banks Commercial...
Ray Heating & Cooling, Inc., was organized to provide heating and cooling service. It has just completed its second year of business. Its trial balance appears below. The following information is...
(a) Describe the journal entry required to record a decline in inventory value under the lower of cost and net realizable value rule. (b) Why is an entry required even though no merchandise has been...
(a) Distinguish among the three cost formulas for determining cost for inventories: specific identification, FIFO, and average cost. (b) Give an example of a type of inventory for which each cost...
A bike is hanging from a hook in a garage. Consider the following forces: (a) The force of the Earth pulling down on the bike, (b) The force of the bike pulling up on the Earth, (c) The force of the...
a) Complete the third Column (Cum NCF $). Specify how many possible rate of returns
Assume you are hashing a set (unknown length) of randomly generated Strings, into a HashTable with a a size of 50 (this means your HashTable has 50 buckets). You can also assume that strings are...
Numerous engineering and scientific applications require finding solutions to a set of equations. Ex: 8x + 7y-38 and 3x - 5y--1 have a solution x = 3, y = 2. Given integer coefficients of two linear...
Crane's Custom Construction Company is considering three new projects, each requiring an equipment investment of $22.440. Each project will last for 3 years and produce the following net annual cash...
The first step in parsing a language often involves matching an input string against a set of a patterns. In this problem, we allow a pattern to be any sequence of alphabetic letters (e.g., 'a', 'b',...
14.27 Let $\zeta$ denote a generic measure of association. For $K$ independent multinomial samples of sizes $\left\{n_{k} ight\}$, suppose that \(\sqrt{n_{k}}\left(\hat{\zeta}_{k}-\zeta_{k}...
Hardin Services Co. experienced the following events in 2016: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...
When students borrow money for their postsecondary education under the Canada Student Loans Program, they sign an instalment note payable. It must be repaid, starting six months after graduation, in...
When students borrow money for their postsecondary education under the Canada Student Loans Program, they can choose a fixed interest rate of prime 1 5% or a floating interest rate of prime 1 2.5%....
Doug Bareak, a friend of yours, has recently purchased a home for $200,000. He paid $20,000 down and financed the remainder with a 20-year, 5% mortgage that is payable in blended payments of...
Jackie Co., a 90% owned subsidiary of Nick Inc., sold land to Nick on May 1, 2024, for $80,000. The land originally cost Jackie $85,000. Jackie reported net income of $200,000, $180,000, and $220,000...
The most recent financial statements for AppleBanana Co. are shown here: Income Statement Sales Costs Balance Sheet $ 200,000 130,000 Current assets Fixed assets $ 120,000 280,000 Debt Equity $...
With reference to the characteristics and performance of the human visual system, provide an estimate for each of the following. In each case you are expected to justify your estimate: (i) the...

What is the difference between a consignee and a consignor? Would both parties include the goods in

Question:

Step by Step Answer:

In a consignment agreement the consignor is the business that owns the goods and the con...View the full answer

Financial Accounting Tools for Business Decision Making

Students also viewed these Cost Accounting questions