What is the correct home office account balance on records

Assignment Help Accounting Basics
Reference no: EM132788044

Problem 1: Lakas, Inc., starts a branch operation to sell ore of its merchandise. Inventory costing P60,000 is shipped to this branchat a billed price of P90,000, During the initial year, the home office pays PI7, 000 in expenses for the branch. The branch sells 80 percent of the inventory that it received for P110,000 and it remits P70,000 in cash to the home office. What is the correct Home Office account balance on the records of the branch? Closing entries have not been made.

A P 7,000

B. P 37,000

C. P75,000

D. P147.000

Reference no: EM132788044

Questions Cloud

How many rolls of gauze bandages should be ordered : How many rolls of gauze bandages should be ordered for this period? A hospital orders surgical supplies using a fixed order interval system.
What should the unit sales price be : Filling the order will require spending an additional $4200 for shipping. If Sheffield wants to break even on the order, what should the unit sales price be
Define what type of yoga is being referenced : A contemporary debate growing among scholars today revolves around the incredible growth of Yoga within the United States. The issue of the debate as defined.
Find the velocities of blue and red cars : Two cars move with constant velocities. At t = 0, a blue car is at xBo= 20 m. After t = 4 s in the blue car time frame of reference, a red car located
What is the correct home office account balance on records : Received for P110,000 and it remits P70,000 in cash to the home office. What is the correct Home Office account balance on the records of the branch?
Can social media constitute a risk to our national security : We have agreed that the concept of globalization has provided both benefits and risks to the world of nations. Module 2 identifies a number.
Compute the total amount related to research and development : Compute the total amount related to research and development to be presented in the 2020 Statement of Comprehensive Income
Determine the acceleration of the parcel : An 85.0 kg parcel is placed on a ramp inclined at 49.0° from the horizontal. µs = 0.700 and µk = 0.450
Calculate the average current in the light bulb : In a simple DC circuit, a battery is wired to a light bulb. Both the physical circuit and its diagrammatic representation are shown above.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd