What is the correct balance on December 31, 2021 of the Branch Current account per home office books?
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Q: : Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch…
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Cebu branch of Nimbus Company submitted the following data for 2021, its first year of operation:
Sales 203, 500
Shipments from home office 186, 120
Operating expenses 18, 755
Home Office Current 48. 125
Shipments to the branch are billed at cost. The December 31 inventory of the branch was P25, 245.
What is the correct balance on December 31, 2021 of the Branch Current account per home office books?
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- Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.Sally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?Apple 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: Debit P 5,040 Accounts Credit Cash Home Office Current P 21,000 25.000 Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. 56,216 15,360 7,500 684 Gain on sale of equipment. Sales 8,800 80.000 P109.800 P109.800 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.
- Apple 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: Debit P 5,040 Accounts Credit Cash Home Office Current P 21,000 25.000 Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. 56,216 15,360 7,500 684 Gain on sale of equipment. Sales 8,800 80.000 P109.800 P109.800 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.: 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) Debit P 5,040 Accounts Credit Cash Home Office Current P 21,000 25.000 Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. 56,216 15,360 7,500 684 Gain on sale of equipment. Sales 8,800 80.000 P109.800 P109.800 10. Using the same informalion above, determine the branch current account in the Horne Office books on January 1, 2022.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: Using the same information above, determine the branch current account in the Home Office books on January 1, 2022 Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
- 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) QUESTION: Determine the branch current account in the Home Office books on January 1, 2022.Goods costing $20,000 are purchased on account on April 1, 2021, with credit terms 2/10 n/30. On April 3, a $4,000 credit was received from the supplier for goods returned. Give the journal entry on April 9, 2021, to record the payment of the balance due within the discount period. When do companies normally post to the subsidiary ledger accounts the general ledger control accounts? Describe the relationship between the control account and subsidiary ledger accounts.The following transaction relate to the month of June 2020 and is taken from the books of Magnificent Ltd. Balances on customers' accounts, June 1: Dr. 83,160 Cr. 1,200 Balances on suppliers' accounts, June 1: 54,040 Sales (including cash sales of $20,000) 113,900 Credit purchases 52,760 Set-off between customers' and suppliers' accounts 1,500 Cash purchases 13,000 Payment to credit suppliers 50,520 Discounts received 1,180 Provision for doubtful debts (June 30) 1,900 Returns to credit suppliers 1,240 Interest on overdue receiveables 90 Returns from credit customers 2,440 Cash and cheques received from credit customers (in full settlement of balances amounting to $83,300) 82,000 Bad debts written off 900 Customer's cheque dishonoured 250 Debit balances on suppliers' accounts, June 30 460 Credit balances on customers' accounts, June 30 240 a) Prepare the following: i. The sales ledger control account ii. The purchases ledger control account b) State TWO reasons why a firm would maintain…
- Tarkington Freight Service provides delivery of merchandise to retail grocery stores in the Northeast. At the beginning of 2019, the following account balances were available: a. Tarkington performed deliveries for customers, all on credit, for $2,256,700. Tarkington also made cash deliveries for $686,838.b. There remains $286,172 of accounts receivable to be collected at December 31, 2019. c. Tarkington purchased advertising of $138,100 during 2019 and debited the amount to prepaidadvertising.d. Supplies of $27,200 were purchased on credit and debited to the supplies account.e. Accounts payable at the beginning of 2019 were paid early in 2019. There remains $5,600 ofaccounts payable unpaid at year end.f. Wages payable at the beginning of 2019 were paid early in 2019. Wages were earned andpaid during 2019 in the amount of $666,142.g. During the year, Trish Hurd, a principal stockholder,…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) Accounts Debit P 5,040 Credit Cash Home Office Current P 21,000 Purchases from outsiders. 25,000 56,216 15,360 7,500 684 Shipments from Home Office. Accounts receivable Expenses .. Interest expense.. Gain on sale of equipment. 8,800 80,000 P109.800 Sales.. P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022.Cebu Branch submitted the following data to its home office in Manila for 2021, its first year of operation: Sales P2,300,000; Shipments from Home Office P1,850,000; Operating expenses P235.000; Home Office Current P480,000. Shipments to the branch are billed at cost. The December 31 inventory of the branch was P255,500. What was the balance of the Investment in Branch account on December 31, 2021 on the home office books?
