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Use the following information for the following questions:
On April 1, Heavy Metal Corp. consigned 50 handcrafted benches to Disco Co. Heavy Metal’s cost was $ 350 per bench. Total freight costs were $ 700, which were paid by Disco. On August 1, Heavy Metal received a cheque for $ 14,100 from Disco which included the following information:
Number of units sold:..............................20
Expenses deducted:
Freight:..........................................................
Commission (20\% of sales price) ...............?
Advertising..................................................
Delivery.......................................................
-The inventory of benches will be reported on whose statement of financial position and at what amount?
Undisclosed Principal
A person who remains unknown to a third party while being represented by an agent in a transaction or agreement.
Disclosed Principal
A principal whose identity is known to the third party at the time a contract is entered into by the agent on behalf of the principal.
Partially Disclosed Principal
A principal whose identity is unknown by a third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
Nonperformance
The failure to fulfill a contractual obligation or carry out an agreement as specified.
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