A branchA. 90,000B. 134,400C. 104,400D. 90,500 A branch's trial balance at the en of a period is as follows:DRCRHome OfficeShipment from Home Office120,000120,000Cash41,900Accounts Receivable62,500Expenses8,100Sales112,500Ending Inventory30,000How much is the adjusted balance of the "Investment in Branch" account in the home office books?

A branch's trial balance at the en of a period is as follows: DR CR Home Office 120,000 Shipment from Home Office 120,000 Cash 41,900 Accounts Receivable 62,500 Expenses 8,100 Sales 112,500 Ending Inventory 30,000 How much is the adjusted balance of the "Investment in Branch" account in the home office books?

A branch's trial balance at the en of a period is as follows: DR CR Home Office 120,000 Shipment from Home Office 120,000 Cash 41,900 Accounts Receivable 62,500 Expenses 8,100 Sales 112,500 Ending Inventory 30,000 How much is the adjusted balance of the "Investment in Branch" account in the home office books?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...

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JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
Included in the accounting records of the home office and the only branch, respectively, of Hamad Company were the following ledger accounts for June 2020: Investment in Ali Branch Date Explanation Debit Credit Balance 2020 May 31 Balance 51,000 dr June 6 Shipment of merchandise 30,500 81,500 dr 20 Receipt of cash 11,500 70,000 dr 26…
Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022.
Sally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?
On December 31, 20x10, the Investment in Branch account in the home office’s books has a balance of P369,000. In analyzing the transactions involving the home office and the branch for December, the recipient of the transaction either was not yet notified or erroneously recoded the said transaction. A. A P17,000 remittance initiated on December 27, 20x10 was recorded twice in 20x10. B. A merchandise shipment of P21,000 on December 29, 20x10 was recorded at P12,000 on the same year. C. Advertising expense incurred amount to P9,000. 1/4 of the incurred amount was allocated on December 21, 20x10. Upon notification it was recorded in the amount of P22,500 on December 26, 20x10. D. Inventory costing P8,000 was returned on December 19, 20x10. The billing was at cost, it was still in transit by the end of the year. 3. Compute the amount of the Home Office Current account debited in the preparation of the combined statement of financial position as of December 31, 20x10.
Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: Using the same information above, determine the branch current account in the Home Office books on January 1, 2022 Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) QUESTION: Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022
. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
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A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at the beginning of the year was P24,000 and at the end of the year, the balance before adjustment was P264,000, and after the adjustment, the balance is P27,000. The reported net income of the branch was P800,000. How much is the adjusted branch net income? A. 1,037,000 B. 827,000 C. 1,040,000 D. 1,064,000
The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 P56,000 11/29 84,720 Two Co. 83,680 09/02 48,000 08/20 35,680 Three Corp. 122,400 12/08 80,000 10/25 42,400 Four Co. 180,560 11/17 92,560 10/09 88,000 Five Co. 126,400 12/12 76,800 12/02 49,600 Six, Inc. 69,600 09/12 69,600 Total P723,360 P723,360 The estimated bad debt rates below are based on the Corporation’s receivable collection experience. Age of accounts Rate 0 – 30 days 1% 31 – 60 days 1.5% 61 – 90 days 3% 91 – 120 days 10% Over 120 days 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 1. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
Use the following information for the next two questions:Shipments received from the home office are billed at 120% above cost. During theyear, the branch received shipments billed at ₱480,000 and returned damaged goodswith billed price of ₱96,000. The branch has an ending inventory of ₱120,000, at billedprice. The branch reported loss of ₱40,000 in its individual financial statements. Q1: How much is the balance of the “allowance for markup” account before year-end adjustments? Q2: How much is the true profit of the branch to be taken up in the home officebooks?Problem #10:The home office bills shipments of merchandise to its branch at a markup of 20% basedon cost. At the beginning of the period, the “Allowance for markup” account has a creditbalance of ₱8,000. During the period, the home office made shipments of goods worth₱960,000, at cost. The branch reported an ending inventory of ₱480,000, at billed price.How much is the realized mark-up?