Use the following information for items 9-11: 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) 9. Determine the net profit of the Cavite Branch for 2021. Debit P 5,040 Accounts Credit Cash Home Office Current . Purchases from outsiders Shipments from Home Office Accounts receivable P 21,000 25,000 56,216 15,360 Expenses. Interest expense. Gain on sale of equipment. Sales 7,500 684 8,800 80,000 P109.800 P109.800
Use the following information for items 9-11: 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) 9. Determine the net profit of the Cavite Branch for 2021. Debit P 5,040 Accounts Credit Cash Home Office Current . Purchases from outsiders Shipments from Home Office Accounts receivable P 21,000 25,000 56,216 15,360 Expenses. Interest expense. Gain on sale of equipment. Sales 7,500 684 8,800 80,000 P109.800 P109.800
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 33P
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