The following are taken from the records of San Agustin Lumberand Supplies forthe year endedDecember 2019.The business owneremployed you as its bookkeeperin its first year of operations. You are now toprepare the Statement of Comprehensive Income. Accordingly, 30% of the rent, salaries, depreciation,and utilities expenses pertain to the sales office while the rest to the corporate office.Advertising Expense|Depreciation ExpensesFreight-InFreight-outInsurance ExpenseInventory, January 1, 2019Inventory, December 31, 2019PurchasesPurchases DiscountPurchases Returns and AllowanceRent ExpenseSalaries ExpenseSalesSales discount25,000.002,500.005,000.003,500.005,000.00235,600.00125,000.00275,000.003,500.004,550.0035,000.0050,000.00725,000.0015,250.0010,250.007,500.00Sales Returns and AllowancesUtilities Expense

Statement of comprehensive income is one of the financial statement for business, which shows all…

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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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The Hardville Corporation has the following account balances (in millions): E (Click the icon to view the account balances.) Prepare a statement of comprehensive income and a supporting schedule of cost of goods manufactured for the year ended December 31, 2019. Indirect manufacturing costs: Depreciation-plant, building, and equipment 97 Indirect manufacturing labour 79 Miscellaneous plant overhead 39 Account balances Plant supervisory salaries 7 Plant utilities 39 Plant supplies used 11 272 For Specific Date For Year 2019 Direct materials, January 1, 2019 $ 12 Purchases of direct materials $ 338 Add: Manufacturing costs incurred during 2019 Work in process, January 1, 2019 11 Direct manufacturing labour 102 Beginning work-in-process inventory, Jan 1, 2019 11 Finished goods, January 1, 2019 89 Depreciation-plant, building, and equipment 97 Deduct: Total manufacturing costs to account for Plant supervisory salaries 7 Direct materials, December 31, 2019 22 Miscellaneous plant overhead 39…
Show the solution in good accounting form Mary Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?
Kindly answer in good accounting form. Thank you!Chester Corporation established its Poblacion branch in 2019.Merchandise costing P120,000 is shipped to this branch. During the initialyear, the home office acquires an equipment for P80,000 to be carried inthe branch books, and the branch maintains physical possession and use.The equipment has a useful life of 4 years. The branch sells 60 percent ofthe inventory for P100,800 on account and subsequently collected half ofthe amount. The branch remits 80 percent in cash to the Home Office.What is the correct Home Office account balance on the records of thebranch?
Statsen Company, which prepares financial reports at the end of the calendar year, established a branch on July 1, 2020. The following transactions occurred during the formation of the branch and its first six months of operations, ending December 31, 2020. 1. The Home Office sent $35,000 cash to the branch to begin operations. 2. The Home Office shipped inventory to the branch. Intercompany billings totaled $75,000, which was the Home Office's cost. 3. The branch acquired merchandise display equipment which cost $15,000 on July 1, 2020. (Assume that branch fixed assets are carried on the home office books). 4. The branch purchased inventory costing $53,750 from outside vendors on account. 5. The branch had credit sales of $106,250 and cash sales of $43,750. Requirements: 1. Prepare journal entries in the books of the home office and in the books of the branch office for the above transaction
The following are the balances of the liability accounts of ABC Company as of December 31,2021:Accounts payable - P 1,000,000(recognized for purchase of inventories, including a debit balance in the suppliers account of P 150,000) The following are not yet reflected in the balance of accounts payable above:- Upon receipt of the goods on January 1,2022 costing P 175,000, the accounting staff of ABC Company recorded the purchase in the accounts. It was determined that the goods were shipped Shipping point on December 31,2021.-Goods with invoice cost of P 255,000 which were shipped FOB Destination on December 31,2021 from a vendor were lost in transit. On January 2, 2022, vendor filed a claim against the shipping company.Notes payable - P 1,500,000, composed of the following: - 10% , P 750,000 interest bearing note , issuance date: Jan.1,2019 ; due: December 31,2023 ( interest is payable annually) - 12%,P 750,000, interest bearing note , issuance date: Jan.1,2020 ; due: December 31,2024…
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On February 15, 2021 Parker Company sells 1,000 books at $10 each on account to Nobes Companywith terms 4/10, n/60. Nobes applies net cost method for purchases and pays this amount March 1, 2021.Make journal entries for Nobes, February 15, and March 1 st .
The following are extracted from the books and records of ABC Corp. And its branch. The balances are at December 31, 2021, the third year of the corporation existence. BRANCH BOOKS HOME OFFICE BOOKS Allowance for Overvaluation Sales Expenses Shipment from Home Office 72,500 600,000 200,000 444,000 The branch acquires all of it merchandise from the Home Office. The inventories of the Branch at bilied prices are as follows: January 1, 2021, P47,717.18 and December 31, 2021, P84,000. How much is the adjusted branch profit?
The following information are extracted from the books and records ofthe Company and its branch. The balances are at December 31,2021, the third year ofthe corporation's existence. (see image below). The branch acquires all of its merchandise from the home office. The inventories of the branch at billed prices on January 1, 2021 is P 90,000 and on December 31, 2021 is P100,800. Determine a. The percentage of profit on cost that the home office uses to bill merchandise shipped to branch and b. The balance of the Shipments to Branch account before the books are closed Home Office Books Sales Expenses Shipments from home office Allowance for overvaluation of branch inventory Branch Books P 720,000 240,000 432,000 P 87,000
Case From the following particulars of Al Zahra LLC for the year 2019, Al Zahra LLC. sold goods to General Trading Company on 1st Jan 2019 RO 20000, in that 25% of cash received immediately. The credit term was terms as 3/10 net 30, from the amount due on credit 50% was paid by General Trading Company on 18th January 2019 and the remaining amount was paid on 30th January, 2019. On 4th January, 2019, Goods sold to Mr. Ali on credit for RO 12000 was uncollectible because of his sudden death. Goods sold to Mr. Ahmed on credit on 5th March, 2019 for RO 6000 through credit card was received after one month ie: on 7th April, 2019, for that interest was @ 5%. Amount collected from current years sales was RO 150000 From the year 2019 Al Zahra LLC started to use Allowance Method for writing off the un collectables and the total credit sales during the year 2019 was RO 180000the estimated amount of allowance for uncollectible was @ 10% The actual uncollectible amount during the year 2019…
XYZ Co. is an HST registrant and started business on Feb 1, 2021. In February, they purchased $100,000 of inventory, had sales of $125,000, and purchased $30,000 of equipment. All purchases and sales were subject to 15% HST. How much HST is owed/owing (refund) for February? Prepare the journal entries to record the transactions for February. Please do in EXCEL with clear format
the Company and its branch. The balances are at December 31,2021, the third year of the corporation's existence. (see image below). The branch acquires all of its merchandise from the home office. The inventories of the branch at billed prices on January 1, 2021 is P 90,0o00 and on December 31, 2021 is P100,800. Determine a. The percentage of profit on cost that the home office uses to bill merchandise shipped to branch and b. The balance of the Shipments to Branch account before the books are closed * Home Office Books Branch Books P 720,000 240,000 Sales Expenses Shipments from home office Allowance for overvaluation of branch inventory 432,000 P 87,000

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