POR operates a branch in Baguio City. The following information are provided for 2021: Home Office Branch Inventories, Beg 85,000 Branch (acquired from outsiders) 9,500 Branch (acquired from Home office) billed price 20% above cost 42,000 Inventories, End 65,000 Branch (acquired from outsiders) 6,500 Branch (acquired from Home office) acquired at 2021, billed price 30,000 Sales 365,000 174,500 Shipment to branch 90,000 Purchase from outsiders 220,000 35,000 Advertising Expenses 13,700 2,500 Salaries Expense 25,000 9,500 Rent Expense 10,000 2,000 Miscellaneous Expense 3,300 500 Shipment from Home Office 112,500 REQUIREMENT:Compute the combined net income.

POR operates a branch in Baguio City. The following information are provided for 2021: Home Office Branch Inventories, Beg 85,000 Branch (acquired from outsiders) 9,500 Branch (acquired from Home office) billed price 20% above cost 42,000 Inventories, End 65,000 Branch (acquired from outsiders) 6,500 Branch (acquired from Home office) acquired at 2021, billed price 30,000 Sales 365,000 174,500 Shipment to branch 90,000 Purchase from outsiders 220,000 35,000 Advertising Expenses 13,700 2,500 Salaries Expense 25,000 9,500 Rent Expense 10,000 2,000 Miscellaneous Expense 3,300 500 Shipment from Home Office 112,500 REQUIREMENT:Compute the combined net income.

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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E55.
Journalize the transaction in the books of Home Office, Branch 1, and Branch 2.
purchased, but do not earn additional loyalty points made by redeeming loyalty points. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2024, the company redeemed 11,400 points and sold additional product of $142,500, so it recorded of revenue of $153,900. The aggregate stand-alone selling price of the purchased products is $153,900. Seventy percent of sales were cash sales, and the remainder were credit sales. Required: 1. & 2. Prepare Supply Club's journal entry to record July and August sales. During August, customers redeem loyalty points on $68,400 of merchandise. Sixty-five percent of those sales were for cash, and the remainder were credit sales. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.