Reference no: EM132757239
At December 31, 2020, the following information has been collected by Home Company's office and branch for reconciling the branch and home office accounts. The home office's branch account balance at December 31, 2020 is P628,000:
a) On December 30, 2020, the branch sent a check for P47,000 to the home office to settle its account. The branch debited accounts payable. The check was recorded twice by the home office amounting to P4,700, one on December 31, 2020 and another on January 4, 2021.
b) On December 27, 2020 the branch returned P32,000 of limited-edition merchandise to the home office for the January introductory sale. The home office debited the investment in branch account when the merchandise was received on December 30, 2020.
c) The home office allocated two-fifths of its general expenses to the branch. The branch had entered an amount equal to three-fifths by mistake at year-end. The home office recorded in its books general expenses amounting to P27,000.
d) Branch store insurance premium P9,750 were paid by the home office. The branch recorded the amount of P7,590.
e) A furniture costing the home office P17,000 was picked up by the branch as P1,700.
f) Meals and representation of P12,000 charged by the home office were taken twice by the branch in the amount of P1,200.
g) Freight charged on merchandise made by the home office for P5,830 was recorded in the branch books as P8,350.
h) Home office credit memo representing a discount on merchandise for P5,900 was recorded twice by the branch.
i) The home office failed to take up a P7,000 debit memo from the branch representing the defective merchandise returned by the branch.
j) Home office erroneously recorded branch's credit memo at P45,625. The branch collected from the customers of the home office amounting to P54,265.
Problem 1: The unadjusted balance of the home office account in the books of the branch at December 31, 2020 is
|
Find and solve the copy department costs allocated to sales
: Copies were made during the year, 2,511,750 for sales and 2,534,250 for administration, calculate the copy department costs allocated to sales
|
|
How do calculate the new pe ratio of the company
: Solve the new PE ratio of the company. Pacific Energy Company has a new project that will generate additional earnings of $100,000 each year in perpetuity.
|
|
Make a customer profitability statement
: Make a customer profitability statement that shows the contribution and operating profit from each customer and each customer channel
|
|
What structural approaches ali and amira employ to resolve
: What structural approaches can Ali and Amira employ to resolve the conflict and minimize the resistance to the proposed change in organizational structure?
|
|
Find what the unadjusted balance of the home office account
: On December 30, 2020, the branch sent a check, Find what the unadjusted balance of the home office account in the books of the branch at December 31, 2020 is
|
|
What working capital at december was
: Accounting Policies, Changes in Estimates and Errors, Assume the same facts as above. Working capital at December 31, 20x0, was
|
|
Compute how much carrying amount of equipment on dec
: Entity A uses the straight line method of depreciation. How much is the carrying amount of the equipment on December 31, 20x3?
|
|
Which batch size would minimize inventory
: Kinga Doll Company manufactures eight versions of its popular girl doll, Shari. The company operates on a 40-hour work week. The eight versions differ in doll.
|
|
What rate of return of the cd current offering is
: A 90 days Certificate of Deposit for P500 000 at 6 per cent matures in 83 days. It is currently trading at P490 000. Rate of return of this CD current offering
|