Reference no: EM132943235
Victor Company operates a branch in Cebu. Selected accounts were taken from December 31 books of the current year. Financial statements of Victor and its branch are as follows as of 12/31:
Home Office Branch
SALES 6,900,000 3,765,000
Shipment to Branch 1,750,000
Shipment from Home Office 2,187,500
Inventory, Jan. 1 800,000 120,000
Inventory, Jan. 31 640,000 250,000
Purchases 6,800,000 1,000,000
Allo. for overvaluation of inventory 452,500
Expenses 356,000 250,000
The ending Inventory of the branch on hand includes 120,000 from the home office.
How much is the true income of the branch?
How much is the consolidated net income?
How much is the consolidated inventory at 12/31?
|
Find how much of deferred revenue be reported in may
: The total franchise fees agreed upon is $11,900,000, How much of the deferred revenue should be reported in the May 1, 2010 financial statements of JFC Inc.?
|
|
How much of net income should recognized for main corp inc
: Main Corporation, Inc. started work, Estimated cost to complete $2,720,000. How much of net income or loss should have been recognized in 2009?
|
|
How much of contract was recognized last year for inc
: How much of this contract was recognized last year? It has consistently used the percentage of completion method of recognizing income.
|
|
What is the importance of the job ticket
: What is the importance of the job ticket? Illustrate the flow of this document and its information from inception to impact on the financial statements
|
|
How much is the true income of the branch
: How much is the true income of the branch? How much is the consolidated net income? How much is the consolidated inventory at 12/31?
|
|
What is reported on the balance sheet at december
: What is reported on the balance sheet at December 31, 2019 (in US dollars)
|
|
Prepare intra-group adjusting journal entries
: During the year ending 30th June, 2019, Brown Limited sold inventory worth $50,000 to White Limited. Prepare intra-group adjusting journal entries
|
|
What is number of shares to be used in computing basic eps
: Distributed a 10% stock dividend on 6/30 Additional shares issued 9/30 113,000. What is number of shares to be used in computing basic EPS
|
|
How much is the profit or loss for the year respectively
: How much is the profit (loss) for the year 2021, 2022 & 2023, respectively? On January 1, 2021 a contractor enters into a construction contract.
|