Gerald Inc. of Session opens a sales agency in Julia and a working fund of ₱100,000 is established on imprest basis. The first payment from the fund is ₱5,000 for rent of the store space. What is the entry in the books of the home office to record the payment of rent by the agency?
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Gerald Inc. of Session opens a sales agency in Julia and a working fund of ₱100,000 is
established on imprest basis. The first payment from the fund is ₱5,000 for rent of the
store space. What is the entry in the books of the home office to record the payment of
rent by the agency?
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- On November 1, 2021, Jonas Company established an agency in Laguna sending its merchandise samples costing P31, 500 and a working fund of P18, 000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P128, 760 of which 50% was collected. A home office disbursement chargeable to the agency is the procurement of office furniture costing P50, 000 which is to be depreciated at 24% per year. The agency paid expenses of P7, 630 and received replenishment from the home office. On November 30, 2021, the agency samples were valued at P20, 150. The gross profit on goods shipped averages 33 1/3% of cost. How much is the net income of the agency for the month of November 2021? a. 25, 752 b, None of the above c. 6, 772 d. 12, 210 e. 5, 772On February 14, 2020, Gerald Company established a sales agency in Secret Place.Upon establishment of the sales agency, the home office sent samples costing ₱8,000and a working fund of ₱3,000 to be maintained on the imprest basis. During the sixmonths period, the sales agency reported to the home office sales orders. These werebilled at ₱70,000 of which of ₱40,000 was collected. The sales agency paid expenses of₱5,800 but was reimbursed by the home office.On August 15, 2020, the sales agency samples were valued at ₱2,000. It was estimatedthat the gross profit on goods shipped to fill sales order averaged 40% of cost.The cost of sales of the sales agency for the six months period is:CD Company established an agency in Cebu City sending its merchandise samples costing P90,000 and a working fund of P50,000 to be maintained on an imprest balance on April 15, 2020. During the month of April, the agency transmitted to the home office sales orders costing P468,750. However, the home office was able to fill-up only 80% of the orders. Total cash of P250,000 was collected from the customers. A home office disbursement chargeable to the sales agency includes the acquisition of equipment for Cebu agency, P180,000 to be depreciated at 10% per annum. The agency paid expenses of P43,700 and received replenishment thereof from the home office. The agency samples are good for one year only. It was estimated that the gross profit on goods shipped to agency averages 25% How much is the net income (loss) of the agency? A.44,800B.76,800C.80,550D.45,550
- shak City creates a new internal service fund. To get the internal service fund started, the City's general fund loans $100,000 to the newly created internal service fund. What journal entry will be recorded in the general fund as a result of the transaction? None of these Debit cash $100,000; credit due to internal service fund $100,000 Debit due from internal service fund $100,000; credit cash $100,000 Debit transfers in/out $100,000; credit cash $100,000 Debit cash $100,000; credit transfers in/out $100,000GHI Company established a sales agency in a different location. Upon theestablishment of the sales agency, the home office sent merchandise samples costing P10,000 and a cash working fund of P50,000 to be maintained on the imprest basis. During the month of June, the sales agency reported to the home office sales orders. These were billed at P170,000, of which half was collected. The sales agency paid expenses of P45,800 but was reimbursed by the home office. At the end of the month there was no samples left. It was estimated that the gross profit on goods shipped to fill sales agency sales orders averaged 60% of sales. What is the net income of the sales agency for the current month?Lance is entering an invoice for a new item of equipment in the accounts. The invoice shows the following costs: Water treatment equipment $39,800 Delivery $1,100 Maintenance charge $3,980 Sales tax $7,854 Invoice total $52,734 Lance is registered for sales tax. What is the total value of capital expenditure on the invoice?
- The government makes appropriations of RO 150,000 to Muscat School for the month of January 2019. During the month the following transactions occurred:Salary paid RO 35,000Purchase orders were placed for office supplies RO 49,000Office supplies were received with a voucher for RO 45,000An amount of RO 15,000 was transferred to Debt service fund.The unreserved fund balance at the end of the period is:The budget officer of the Department of Social Welfare and Development (DSWD) was granted a cash advance in the amount of P15,000. He is to attend a seminar in the Department of Budget and Management (DBM) head office. Accordingly, the obligation incurred for this purpose was appropriately recorded in the Registry of Allocation, Obligation, and Disbursement – Maintenance and Other Operating Expenses (RAOD-MOOE) in the amount of P15,000. After that seminar, the budget officer liquidated his cash advance by preparing the Liquidation Report form and reported total expenses related to that official travel in the amount of 12,300.Required: Give the necessary entries to be made by the DSWD for the above scenario.The government makes appropriations of RO 200,000 to Sohar School for the month of January 2019. During the month the following transactions occurred: Salary paid RO 50,000 Purchase orders were placed for office supplies RO 72,000 Office supplies were received with a voucher for RO 60,000 An amount of RO 25,000 was transferred to Debt service fund. The unreserved fund balance at the end of the period is: a. 90,000 b. 150,000 c. 78,000 d. 65,000
- The Philippine Institute of Civil Engineers desires to award a P3,600 scholarship annually to deserving students for as longas its scholarship fund shall last. The fund was started on July 1, 1977 by a donor in the amount of P18,000. The PICE invested this sum at that time at 8% per annum and plans on adding P600 each year to the fund from its dues starting July 1, 1978, for as long as awards are made.2. For how many years starting July 1, 1978, can the scholarship be awarded? 3. What will be the balance in the fund after the last award is made?Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Ministry of Tourism makes an appropriation of RO 450,000 for the development of tourist places. The financial transactions during the year, Salary paid to employees RO 50,000. An order is placed for purchasing some equipment for RO 200,000 The amount was transferred to debt service fund RO 6,000. Which one of the following is unreserved fund balance? a. RO 206,000 b. RO 194,000 c. None of the options d. RO 450,000