Kindly answer in good accounting for. THANK YOU VERY MUCH! 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) 1. Determine the net profit of the Cavite Branch for 2021. 2. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. 3. Using the same information
Kindly answer in good accounting for. THANK YOU VERY MUCH!
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
1. Determine the net profit of the Cavite Branch for 2021.
2. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022.
3. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
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