User Account

All Pages

Which of the statements is wrong

Assignment Help Accounting Basics
Reference no: EM132683555

Problem 1: The home office in Mandaluyong shipped merchandise costing P21,690 to Caloocan branch and paid for the freight charges of P3,980. Caloocan branch was subsequently instructed to transfer the merchandise to Manila Branch wherein Manila branch paid for P1,250 freight. If the shipment was made directly from Mandaluyong to Manila, the freight cost would have been P5,500. As a result of the interbranch transfer of merchandise, which of the following statements is wrong?

Option 1: The Caloocan branch will debit the amount of P25,670 to Home Office Current account

Option 2: The Home Office will debit excess freight of P270

Option 3: The Manila branch will credit the amount of P25,940 to Home Office Current account

Option 4: The Manila branch will debit freight-in amounting toP5,500

Reference no: EM132683555

Questions Cloud

Net advantage of implementing proposed discount policy : What is the net advantage (disadvantage) of implementing the proposed discount policy?
Strategic controls and financial controls : Compare and contrast strategic controls and financial controls. Provide specific examples of how each may be used to best serve a corporation.
Describe the forensic process used to allow bypassing : You need to bypass security on a phone to gather evidence. Describe the forensic process used to allow bypassing user the PIN or other forms of security.
Critical approaches of nonverbal communication : What are the main concepts and critical approaches of nonverbal communication?
Which of the statements is wrong : Manila, the freight cost would have been P5,500. As a result of the interbranch transfer of merchandise, which of the following statements is wrong?
Draft contract between the owner and the builder : Draft contract between the Owner and the builder for The Construction of A House and Write definition and type of contacts and what the contract
Journalize the entries to record the transactions : The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year
Determine the effectiveness of leadership : A manager's decision-making ability will determine the effectiveness of their leadership. what are some of the factors that influence a leader's decision-making
What would you consider as you plan your physical design : As the modern database grows bigger and bigger, many organizations are moving away from a relational store and looking towards NoSQL design.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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