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Questions -
Q1. The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?
Q2. On January 01, 2020, Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of the merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?
Provide the appropriate accounting entries to record i) the issue of the convertible notes; ii) the payment of interest on 30th June 2024
A bond with a face value of $10,000 is issued at a discount of $800 on January 1, 2014. The face rate of interest on the bond is 7%.
The financial statements of PLC Pte Ltd had been completed but not yet released to shareholders. Explain the accounting treatment by PLC Pte Ltd
gain sharingsakura snack company manufacturers a line of snack foods such as cheese crackers granola bars and cookies.
SP starts its construction project in Cyberjaya at the beginning of year 2017. Briefly explain the accounting treatment for the retirement of the bonds
Lime Corporation participated in a simultaneous investing and financing transaction where it acquired a building costing $50,000 by issuing common stock.
Draft a single accounting memo discussing the accounting treatment of each of the five line items on the invoice. Specifically, should the cost be expensed as incurred or capitalized?
The following data were gathered to use in reconciling the bank account of Azalea Company: What is the adjusted balance on the bank reconciliation
how much depreciation expense would Brix report for this machine in 2014
Journalize the march transactions. Post the march journal entries to the ledger. Prepare a trial balance at March.31.
No salary accrual was made for December 30-31, 20X4. In its 20X4 income statement, what amount should Dana report as officers' compensation expense
Northrop Supply Company received a 30-day, 6% note for $40,000, dated September 23 from a customer on account.
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