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The following is the income statement of Manila Branch of Good Governance Company for the six months period ending June 30, 2022 Sales. „P 620,000 Cost of sales: Shipments from home office. Furchases.. Total. Inventory, June 30, 2018: From Home Office.. „P 550,000 50,000 P600,000 P 75,000 10,000 515,000 P 105,000 85,000 20,000 From purchases.. 85,000 Gross marqgin.. Expenses. Net income for the month. The Home Office ships merchandise to and bills the Branch Office at 125% of cost. The rent of the Branch office for six months at a monthly rate of P1,000 was paid by the home office, which is not yet recorded by the Branch. The Home Office net profit from its Branch Office in Manila for the six (6) months ending June 30, 2022 is:

The following is the income statement of Manila Branch of Good Governance Company for the six months period ending June 30, 2022 Sales. „P 620,000 Cost of sales: Shipments from home office. Furchases.. Total. Inventory, June 30, 2018: From Home Office.. „P 550,000 50,000 P600,000 P 75,000 10,000 515,000 P 105,000 85,000 20,000 From purchases.. 85,000 Gross marqgin.. Expenses. Net income for the month. The Home Office ships merchandise to and bills the Branch Office at 125% of cost. The rent of the Branch office for six months at a monthly rate of P1,000 was paid by the home office, which is not yet recorded by the Branch. The Home Office net profit from its Branch Office in Manila for the six (6) months ending June 30, 2022 is:

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 8PEB: Financial statement data for years ending December 31 for Tango Company follow: a. Determine the...
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The following is the income statement of Manila Branch of Good Governance Company for the six months period ending June 30, 2022 Sales. „P 620,000 Cost of sales: Shipments from home office. Furchases.. Total. Inventory, June 30, 2018: From Home Office.. „P 550,000 50,000 P600,000 P 75,000 10,000 515,000 P 105,000 85,000 20,000 From purchases.. 85,000 Gross marqgin.. Expenses. Net income for the month. The Home Office ships merchandise to and bills the Branch Office at 125% of cost. The rent of the Branch office for six months at a monthly rate of P1,000 was paid by the home office, which is not yet recorded by the Branch. The Home Office net profit from its Branch Office in Manila for the six (6) months ending June 30, 2022 is:
Transcribed Image Text:The following is the income statement of Manila Branch of Good Governance Company for the six months period ending June 30, 2022 Sales. „P 620,000 Cost of sales: Shipments from home office. Furchases.. Total. Inventory, June 30, 2018: From Home Office.. „P 550,000 50,000 P600,000 P 75,000 10,000 515,000 P 105,000 85,000 20,000 From purchases.. 85,000 Gross marqgin.. Expenses. Net income for the month. The Home Office ships merchandise to and bills the Branch Office at 125% of cost. The rent of the Branch office for six months at a monthly rate of P1,000 was paid by the home office, which is not yet recorded by the Branch. The Home Office net profit from its Branch Office in Manila for the six (6) months ending June 30, 2022 is:
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