User Account

All Pages

Compute the unadjusted balance of the inv in branch account

Assignment Help Financial Accounting
Reference no: EM132998789

A reconciliation of the Inv. In Branch account in the head office of PRTC Company and the Home Office account carried on the books of its CDO branch showed the following discrepancies at December 31, 2019.

  1. Collection of branch account receivable by the home office, P800. The branch was not notified.
  2. Shipment in transit to branch on December 31, 2019, P3,200.
  3. Acquisition of furniture by the branch, P1,200. The furniture account is to be maintained on the home office books. The home office had not been notified of the acquisition.
  4. Return of excess merchandise by the branch but not received yet by the home office, P1,500.
  5. Cash remittance by the branch on December 31, 2019, P500. This was still in transit
  6. The Home Office account on the branch books has a credit balance of P44,000 at December 31, 2019.

Problem 1: COMPUTE: (1) the unadjusted balance of the Inv. in Branch account on the home office books at December 31, 2019; (2) the adjusted balance of the reciprocal accounts on December 31, 2019.

a. (1) 50,100; (2) 46,000
b. (1) 49,600; (2) 46,400
c. (1)P49,600; (2) P47,200
d. (1) 47,400; (2) 40,000

Reference no: EM132998789

Questions Cloud

Prepare financial statements for the business for the month : Analyze the above transactions and record them in the accounting records of AH Consultancy Services and Prepare financial statements for the business
Calculate the gross profit for a company : Calculate the gross profit for a company which has $1 million in sales; $640,000 in cost of goods sold; sales/general/administrative (SG&A) expenses of $150,000
Which represents items that are usually converted to cash : Cash flow statements are generally organized into major sections. Which represents items that are usually converted to cash within a year?
Make a tabular analysis of the august transactions : Prepare a tabular analysis of the August transactions beginning with July 31 balances. Prepare an income statement for August.
Compute the unadjusted balance of the inv in branch account : COMPUTE the unadjusted balance of the Inv. in Branch account on the home office books at December 31, 2019; the adjusted balance
What is the reconciled amount of the home office : A P9,600 shipment charged by HOME OFFICE to STA. What is the reconciled amount of the HOME OFFICE and STA. CLARA BRANCH's reciprocal accounts?
Draw the timeline and set out the cash inflow : Draw the timeline and set out the cash inflow, cash outflow and net cashflow for each year. Bulla Dairy Foods is considering buying a new production line.
Describe three process structures in services in production : Describe and highlight the differences among the three process structures in services in production and operations management. (Front office, Hybrid office)
What risks are the transferring to the employee : When an employer switches from a Defined Benefit Plan (DB) to a Defined Contribution Plan (DC), what risk(s) are they transferring to the employee?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is adjusted gross income in 2018

Thelma works at a liquor store in 2018 and makes $44,000. She also has dividend income of $12,000 and interest income of $1,000.

  Estimate the expected long-run dividend growth rate

Estimate the expected long-run dividend growth rate if an investor expects to earn the average historic return of 8.2%

  Decide to merge their proprietorships into partnerships

Penner and torres decide to merge their proprietorships into partnerships called pent or company. the balance sheet of torees co. shows accounts receivable $16,000 less : allowance for doubtful accounts 1,200 14,800 equitment 20,000 less:accumulated ..

  What is likely to occur to its eps

If the company borrows just enough to repurchase 2 million shares of stock at the prevailing market price, what is likely to occur to its EPS?

  Which is not a quasi contract

Which is not a quasi contract? Reimbursement of persons paying money by another, in payment of which he is interested. / Responsibility of finder of goods

  Be sure to label your graph carefully and accurately

Graph the consumer’s Price consumption curve for prices, PX = $1, PX =$ 2, and PX = $3. Be sure to label your graph carefully and accurately

  What are the negative aspects to such a shift

What are the positive aspects to shifting to equities during higher interest periods on bond issues? What are the negative aspects to such a shift?

  Which investment should be chosen

The net present worth of each investment for a MARR = 12%. The equivalent uniform annual profit of each investment for a MARR = 12%. Which investment should be chosen?

  Which material cost flow accounting system allows

Which material cost flow accounting (MCFA) system allows a business to? have real-time information about how much inventory is available for sale.

  Which capital structure recommend giving finance manager

If both capital structures have WACC 12,5%, which capital structure you recommend giving that the finance manager is risk seeker (taker)? why?

  Explain the number obtained by using the goal seek function

Explain the number (time) obtained by using the "Goal Seek" function. Carefully arrange the text, data tables, and chart to print correctly (use Print Preview).

  Build a single-workbook spreadsheet model

Build a single-workbook spreadsheet model that can simulate and forecast the share prices. The model should provide a recommendation to share traders whether

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd