User Account

All Pages

How much is the excess freight cost to be credited

Assignment Help Accounting Basics
Reference no: EM132947819

Problem 1 - ROLAND company maintains branches that market the products it produces. Merchandise is billed to the branches at cost, with the branches paying the freight charges from the Home office to the branch. On May 27, LANDERZ-branch ships a portion of its merchandise to ROBINSON-branch upon authorization by Home Office. ROBINSON-branch, upon receiving the merchandise, pays freight charges of P1,875 on the shipment from LANDERZ-branch. If the shipment had been made from the Home office directly to ROBINSON-branch, the freight cost to ROBINSON-branch would have been P4,000.

Q1-How much is the excess freight cost to be credited in the books of Home Office?

Q2-How much is the ROBINSON-branch current in the books of the Home Office?

Q3-Upon receipt of shipment by ROBINSON-branch, freight in is debited in the amount of? Q4-Home office current is debited by LANDERZ-branch by how much?

Problem 2 - XYZ Appliance Company operates a branch in Quezon City. The following are transactions between the home office and branch for the current year.

a. The home office sends P200,000 cash to the branch.

b. Shipments to branch are billed at cost of P78,750.

c. The Home Office pays branch expense of P3,500.

d. Home office expense of 3,375 are paid by the branch.

e. The branch returned merchandise costing P10,000 to the home office.

f. Home office acquires branch furniture for P20,500 cash. The said fixed asset is carried on Branch Books.

g. The annual depreciation on the branch furniture is 5%.

h. The branch sends a P15,000 cash remittance to home office.

Q1-What is the adjusted balance of Branch Current account in the Home Office Books?

Q2-What is the adjusted Home Office Current account in the Home Office Books?

Reference no: EM132947819

Questions Cloud

Explain what is a core competency : Explain what is a core competency and provide examples
What is the net asset value per share of the fund : This mutual fund has sold a total of 20 million of its own shares to customers. What is the net asset value per share of the fund
What is meant by the problem-solving approach : What is meant by the problem-solving approach/planned change process in Social Work and what are the different stages involved in the problem-solving approach/p
Global citizen in personal and professional life : Identify one's roles and responsibilities as a global citizen in personal and professional life.
How much is the excess freight cost to be credited : ROLAND company maintains branches that market the products it produces. How much is the excess freight cost to be credited
What rate has your capital grown : On the advice of your broker 15 years ago, you invested in a $6 stock that is now selling for $30. At what rate has your capital grown?
Think about the tactical plan : Think about the tactical plan for expanding by exporting the product to the EU. Provide at least five points and cite the answer.
What are the characteristics of effective goals : What are the characteristics of effective goals?
Implementing log sheet via online : Your supervisor has requested that you research recent innovations from the last 2-3 years to see which could be useful for your department or unit. I picked a

Reviews

Write a Review

Accounting Basics Questions & Answers

  Pe firms outperforming u s based

What might contribute to non-U.S.-based PE firms outperforming U.S.-based PE firms on average?

  Compute return on assets at year-end

In January 2004, the Status Quo Company was formed. Compute return on assets at year-end for 2004, 2006, 2009, 2011, and 2013

  Determine how much of this amount should be distributed

The company liquidates, and $18,000 becomes available to the partners. Who gets the $18,000? Determine how much of this amount should be distributed

  Prepare in good form a Statement of Net Position

Accounts receivable $354,000. Prepare, in good form, a Statement of Net Position for Southern State University as of June 30, 2015

  Discuss the corporate culture of the banks

Discuss the corporate culture of the banks and other financial services entities as highlighted in Wishart & Wardrop (2018)

  Compute for the initial measurement of the receivable

Compute for the initial measurement of the receivable? An entity sells goods for ?150,000 to a customer who was granted a special credit period of 1 year.

  How much is the carrying amount of the investment property

Marigold Company completed the construction of a building at the end of 2019 for a total cost of P40,000,000. How much is the carrying amount of the investment

  Would selling the stock or selling the life insurance policy

Considering only the tax effects, would selling the stock or selling the life insurance policy result in more beneficial tax treatment

  Which the partner who should first receive cash

Which the partner who should first receive cash under an installment distribution plan is the partner who?Has the smallest profit and loss percentage

  Discuss different types of cash flow as operating activities

Discuss and provide examples of different types of cash flows as operating, investing, and financing activities. The response must be typed.

  Prepare the company direct materials budget

Prepare the company's direct materials budget and schedule of expected cash disbursements for purchases of materials for the upcoming fiscal year

  How are the costs treated for tax purposes

Company A is an independent producer and has incurred $2,000,000 in exploratory dry hole costs in 2019. How are these costs treated for tax purposes?

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