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Compute the balance of the Home Office account

Compute the balance of the Home Office account

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. Use Selected balances from Company's Branch A and B are as follows: (see image below) All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the balance of the Home Office account on January 1, 2021 in the books of a. Branch A and b. Branch B * Branch A Branch B Inventory, Jan. 1, 2021. Imprest Branch Fund... Inventory, Dec. 31, 2021.. A/Receivable, Jan. 1, 2021.. Merchandise from Home Office.. P21,000 P19,000 2,000 19,000 1,500 55,000 61,000 12,000 43,500 47,000 A/Receivable, Dec. 31, 2021. Cash Collections.... Sales..... 70,000 85,000 100,000 21,000 53,500 70,000 80,000 Cash Expenses. 14,300
Transcribed Image Text:4. Use Selected balances from Company's Branch A and B are as follows: (see image below) All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the balance of the Home Office account on January 1, 2021 in the books of a. Branch A and b. Branch B * Branch A Branch B Inventory, Jan. 1, 2021. Imprest Branch Fund... Inventory, Dec. 31, 2021.. A/Receivable, Jan. 1, 2021.. Merchandise from Home Office.. P21,000 P19,000 2,000 19,000 1,500 55,000 61,000 12,000 43,500 47,000 A/Receivable, Dec. 31, 2021. Cash Collections.... Sales..... 70,000 85,000 100,000 21,000 53,500 70,000 80,000 Cash Expenses. 14,300
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