Use the following information for questions 108 and 109.
On May 1, 2015, TV Inc. consigned 80 TVs to Ed's TV. The TVs cost $450. Freight on the shipment paid by Ed's TV was $1,000. On July 10, TV Inc. received an account sales and $21,500 from Ed's TV. Thirty TVs had been sold and the following expenses were deducted: $$\begin{array} { l c }
\text { Freight } & \$ 1,000 \
\text { Commission (20\% of sales price) } & ? \
\text { Advertising } & 650 \
\text { Delivery } & 350
\end{array}$$
-The inventory of TVs will be reported on whose balance sheet and at what amount?

Question

Use the following information for questions 108 and 109.
On May 1, 2015, TV Inc. consigned 80 TVs to Ed's TV. The TVs cost $450. Freight on the shipment paid by Ed's TV was $1,000. On July 10, TV Inc. received an account sales and $21,500 from Ed's TV. Thirty TVs had been sold and the following expenses were deducted: $$\begin{array} { l c } 
\text { Freight } & \$ 1,000 \
\text { Commission (20\% of sales price) } & ? \
\text { Advertising } & 650 \
\text { Delivery } & 350
\end{array}$$
-The inventory of TVs will be reported on whose balance sheet and at what amount?

Quizplus · Accepted Answer

The Answer of Use the following information for questions 108 and 109.
On May 1, 2015, TV Inc. consigned 80 TVs to Ed's TV. The TVs cost $450. Freight on the shipment paid by Ed's TV was $1,000. On July 10, TV Inc. received an account sales and $21,500 from Ed's TV. Thirty TVs had been sold and the following expenses were deducted: $$\begin{array} { l c } 
\text { Freight } & \$ 1,000 \
\text { Commission (20\% of sales price) } & ? \
\text { Advertising } & 650 \
\text { Delivery } & 350
\end{array}$$
-The inventory of TVs will be reported on whose balance sheet and at what amount?

Use the Following Information for Questions 108 and 109 -The Inventory of TVs Will Be Reported on Whose Balance