The choices are 100K, 48K, (48K) and (52K) How much is the net adjustmentto the "Investment in branch"account? increase (decrease)ABASE HUMILIATE Co. is currently preparing its combined financial statements for the yearended December 31, 20x1. As of this date, the "Investment in branch" account has a balance ofP380,000 while the "Home office" account has a balance of P528,000. The following information hasbeen gathered:(a) The home office allocated unpaid utilities expenses amounting to P40,000 to the branch which thebranch did not record in full. Instead, the branch sent a wrong adjusting memo to the home officereducing the charge by P10,000 and setting up a liability for the remaining amount.(b) The home office erroneously credited the branch for a return of shipment of merchandise worthP100,000. The branch did not make any return of merchandise.(c) The branch mistakenly received a copy of the home office correcting entry for item (b) above datedJanuary 3, 20x2 and entered a credit in favor of the home office on December 31, 20x1.(d) The branch mistakenly sent the home office a debit memo amounting to P12,000 for an apparentremittance of collections which did not happen. The home office did not record the debit memo.100,00048,000(48,000)(52,000)

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Answered: How much is the net adjustment the…

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Accounting

How much is the net adjustment the “Investment in branch" count? increase (decrease)

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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FV(Quar.) = $100(1.03)20 = $
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