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Question - A home office ships inventory to its branch at 125% of cost. The deferred profit account balance at the beginning of the year was P20,000. During the year, the branch was billed P350,000 for inventory transfers from home office. At year-end, the branch's statement of financial position shows P80,000 of inventory on hand that was acquired from the home office.
Required -
(1) Determine the amount of the branch's beginning inventory (as shown in its prior year-end financial statement).
(2) Calculate the year-end adjustment to the Deferred Profit account and show the adjusting journal entry.
Research projects. Total costs spend in 2006 were Php 1,500,000. Of the total actual cost incurred in 2006, how much should be recognized outright as an expense
waldum company purchased packaging equipment on january 5 2012 for 135000. the equipment was expected to have a useful
Why would we require stricter reporting in government? Why would they limit the audience in this way? Why would the audience not care about profit, loss.
Kate Greenway Corporation, having recently issued a $20 million, 15-year bond issue, is committed to make annual sinking fund deposits of $620,000. The deposits are made on the last day of each year and yield a return of 10%. Will the fund at the ..
Prism Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Prism's chemical pesticides.
The franchisee's credit rating indicates that it can borrow money at `4% for a loan of this type. What is the cost of the franchise acquired on July 1, 2020?
You are given the following facts about a one-shareholder S corporation, and you are asked to prepare the shareholder's ending stock basis.
Prepare a pension plan worksheet that includes the calculation of Carpenter's pension expense for 2019 and 2020
B&B Lumber reports gross sales of $120,000. If sales returns and allowances are $11,000 and sales discounts are $2,500, what are the net sales
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It is always a good idea to verify amounts in the general ledger just to be sure there are no problems. Compute ending A/R balance and any shortage or overage.
Prepare the consolidated financial statements of Berry Ltd and its controlled entity for the reporting period ending 30 June 2020
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