The home office ships merchandise to the branch at 50 percent above cost. On its books the branch shows a beginning inventory of home office merchandise amounting to 15,000 and shipments from home office of 110,000. Its ending inventory of home office merchandise is 5,000. What amount should the home office adjust the allowance for overvaluation of branch inventory account. A. 62,500 B. 55,000 C. 60,000 D. 40,000

Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales…

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: A home office ships merchandise to the branch at 30% above cost.  The allowance for overvaluation at…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: e balance is P

A: Introduction Net Income: Total revenue less all other expenditures and costs (including any other…

Q: Branch: - Inventory costing P51,600 was sent to the branch by the home office on December 31, 20…

A: Investment is the amount which is spent by the producer for the purchase of those goods which…

Q: ABC Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: 21. The home office ships merchandise to the branch at 50% above cost. On its books the branch shows…

A: The amount of adjustment for allowance is calculated by deducting cost from the billed amount.

Q: ABC Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: The term resources refer to both raw materials used in manufacturing and completed goods that are…

Q: Win Company has a branch in JAA City. JAA receives all its merchandise from Win at 25% above cost…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: A home office ships inventory to its branch at 125% of cost.  The required balance of the Deferred…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: COST OF GOODS SOLD= OPENING INVENTORY+PURCHASES-PURCHASE RETURNS-PURCHASE DISCOUNTS-FREIGHT…

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…

A: Cost of goods sold is an expense account, which will be reported on the income statement.

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: The Ang KonTi Manufacturing Co. of Quezon City opened a branch at Davao City on January 1, 1988, to…

A: under periodic inventory method, closing inventory are valued at invoice price-margin

Q: Miss Granny branch of SG Company is billed for merchandise by the home office at 20% above cost. The…

A: Branch offices are offices that run according to the instruction given by head office. They used to…

Q: Assume Anderson’s General Store bought, on credit, a truckload of merchandise from…

A: Purchase discount = (Purchases - Purchase return) x discount rate = ($23,000 - $1,200) x 2% = $436

Q: Use the following information for the next two questions: ABC Co. bills its branch for merchandise…

A: Branches are working for the home office as an agent. all the resources are provided by the home…

Q: Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of…

A: Under periodic inventory system, stock taking is conducted at regular intervals only.

Q: /30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14.…

A: Hi student, Since there are multiple questions, we will answer only first question.

Q: The home office ships merchandise to the branch at 50 percent above cost. On its books the branch…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: How much is the Inventory on January 1 of the Branch that came from the Home Office?

A: In case of group entities usually they sell the products to their group with margin. In case of…

Q: The following information pertains to the Leonor's School Chairs: Transportation In 172,000…

A: Cost of goods sold means actual cost of goods that is being sold to the customers. It includes…

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: The ending inventory is calculated as difference between units available for sale and units sold.

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: Ending inventory units are calculated as difference between units available for sale and units sold.…

Q: 1. Home office bills its branch for merchandise shipments at 25% above cost. The following are some…

A: Goods in transit mean goods sent by the home office but not received by the branch. Ending inventory…

Q: Fearless Company began operations at the beginning of current year. The following information is…

A: The accounts receivables are the accounts made by credit sales to customers.

Q: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. Sales…

A:

Q: Selected information from the trial balances for the home office and the branch of Lalay Company at…

A: Here Student asked for Multi sub part question we will solve first three sub part question for you.…

Q: Description   The following information is available for Inverness Ltd.’s second year in business:…

A: Accounts Receivables are those persons to whom business has made credit sales on account and amount…

Q: The home office sells merchandise to its branch at 120% of cost. The branch was established several…

A: Lets understand the basics. When home office shipped goods to branch office which exceeds its cost…

Q: t the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of…

A: The question is based on the concept of Cost Accounting.

Q: .recorde Purchased $4,800 of merchandise inventory on credit from Magic Company, v .terms 3/10,…

A: General journal is the one which reports all the transactions in relation to the beginning stock as…

Q: Selected information from the trial balances for the home office and the branch of Lalay Company at…

A: *As per the guideline if question are interlinked, only 3 subparts are need to be answered…

Q: Ginebra Corporation operates a branch in Cebu City to which it bills merchandise at an arbitary…

A: Computation of Net Income Particulars Home Office Branch Elimination Total Note No. Sales…

Q: The following information are extracted from the books and records of MNO and its branch. The…

A: In accounting the process of maintaining separate accounts for branches of an entity. In branch…

Q: Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: Cost of Goods sold (COGS) is the value of goods sold in a particular period of time, In this. we…

Q: Entity A bills its branch for merchandise shipments 25% of sale. As of cut-off date, December 31,…

A: Over-Valuation:-When the budgeted estimation is more than the actual expenses or value incurred,…

Q: Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: Cost of goods sold (COGS) is the value of goods that is sold in a particular period of time. In this…

Q: Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: The cost of goods sold to be reported by the branch for March is P460,750.

Q: Selected information from the trial balances for the home office and the branch of Lalay Company at…

A: Allowance for overvaluation account shows the profit on unrealized inventory. Hence the unrealized…

Q: The home office ships merchandise to the branch at 25 percent above cost. At what amount should the…

A: Solution: When Home office ships merchandise to Branch, Branch will debit inventory and credit home…

Q: Assume Bela Donna's General Store bought, on credit, a truckload of merchandise from American…

A: Journal Entry for recording transactions: Date  Account title and explanation Debit Credit a.…

Q: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,…

A: Formula: Net purchases = Purchases - Purchase returns + Freight - Purchase discount

Q: ABC Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…

A: INTRODUCTION: Net income, often known as net profit, is a computation that determines how much total…

Q: Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost…

A: Whenever a physical inventory counting is performed, a periodic inventory system just maintains the…

Q: On December 3, 2009, the home office of Jimin Company recorded a shipment of merchandise to its…

A: Journalizing- Journalizing is the process by which businesses record their transactions in a…