Reference no: EM133005218
Question - Liberty Company operates two stores - the home office and the Bulacan Branch. On Dec. 31, 2019, the Bulacan branch account has a balance of P340,000. On this same date, the home office account shows a balance of P319,000.
Both stores use a standard 120% markup on cost. However, Liberty's home office ships merchandise to Bulacan branch at cost. Bulacan's ending inventory includes P20,000 of merchandise received from home office.
Bulacan remitted P15,000 to the home office on Dec. 30, 2019. However, the check was received by HO until Jan. 5, 2020. The home office allocated P5,000 general expenses to the branch, but this expense allocation had not been recorded by the branch at year end.
Bulacan branch paid P2,000 for advertising "after Christmas" sales that were to be allocated equally between the two stores. The home office has not recorded its share of this expense.
What the adjusted balance of the home office and branch account?
A. P324,000
B. P325,000
C. P314,000
D. P319,000
|
What is the probability that the stock returns are greater
: The standard deviation of the annual return was 19%. What is the probability that the stock returns are greater than 17%
|
|
Determine the amount they pay in six months
: i. If the firm chooses not to hedge their euro payable, determine the amount they pay in six months?
|
|
How much money does he need to have
: If his retirement annuity earns 3.8% compounded quarterly, how much money does he need to have in his RRSP when he retires
|
|
What was cooper adjusted basis for like-kind property
: To even up the exchange, Dane also gave Cooper $30,000 in cash. What was Cooper's adjusted basis for like-kind property received
|
|
What the adjusted balance of the home office
: The home office allocated P5,000 general expenses to the branch, What the adjusted balance of the home office and branch account
|
|
Determine dollar amount of cost of goods manufactured
: During FY 2020 Annapolis Manufacturing had total manufacturing costs are $500,000. Determine dollar amount of Cost of Goods Manufactured
|
|
Compute the applied variable overhead rate per hour
: During the year, Mediamet produced 120,600 units, worked 361,800 direct labor hours, Compute the applied variable overhead rate per hour
|
|
Prepare cash budget for the two months ending march
: Assuming that the cash balance at 31/01/2019 is $8,000; prepare cash budget for the two months ending March 31, 2019
|
|
Explain how an individual can become a fund manager
: Explain how an individual can become a Fund Manager.
|