What is the balance of the branch account as per home office books?
Q: On November 2, 2022, Swifty Company has cash sales of $6050 from merchandise having a cost of $3600.…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: trail balance not include O revenue. cost of goods sold. O Ending inventory. fright-in account.
A: I am answering the first 3 parts as per bartleby guidelines. Please re-submit the remaining…
Q: Arrow Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Arrow Manufacturing A Opening refund liability $400,000 B Less: Returns prior to 2021…
Q: On June 3, 2020, Nash Company sold to Ann Mount merchandise having a sales price of $7,200 (cost…
A: Journal entry is a process of recording the business transactions in the books of accounts for the…
Q: On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10,…
A: The 2/10 n/30 is a term that is used by the company to calculate the amount of the discount under…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021.…
A: A cash discount is a reduction in the price paid for a product or service if you pay with cash…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: The effects of each transaction which is recorded on the income statement have an impact on the net…
Q: JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home…
A: Net Income:- Net Income is defined as those income which shows the net earnings of a particular…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: A Journal entry is a primary entry that records the financial transaction initially. The…
Q: On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of…
A: FOB destination, freight prepaid indicates that the seller is responsible for the goods until they…
Q: E5-4 On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping…
A: Journal entries are prepared to record the financial and non-financial transactions of the business…
Q: Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c)…
A: Step 1 Discount is adjusted on the basis of credit terms and FOB shipping point all transportation…
Q: A select list of transactions of Namely Company are listed below: Date Transaction Description…
A: The journal entries are prepared to record day to day transactions of the business on regular basis.…
Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…
A: FOB Shipping Point Free on Board up to the shipping point is referred to as FOB Shipping Point.…
Q: On December 15, 2022, LYCHEE Company purchased goods costing ₱ 100,000. The terms were FOB shipping…
A: FOB SHIPPING POINTS In FOB Shipping Points, When the Goods are Shipped to the Buyer then Ownership…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Allowance for Doubtful Accounts - Allowance of doubtful accounts is the account used to make…
Q: The following are the selected transactions which were performed by a trading organization during…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: the Company and its branch on December 31, 2021. It is the company's policy to bill all branches for…
A: Merchandise inventory, which is frequently shortened to "inventory," is the phrase used to describe…
Q: On January 15, 2021, X Company bought merchandise from Y Company amounting to P30,000 (VAT…
A: The company makes cash sales and sales on account. The accounts receivable represents the amount due…
Q: On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of…
A: The term FOB shipping point refers to the free on board, which means that the sale completes when…
Q: A company purchased $11,600 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping…
A: DISCOUNT TERMThe 3/10 net 45 calculation is a way of providing cash discounts on purchases. This…
Q: Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2024, accounts…
A: Bad debt expense is a ledger used to record write offs made by the organization due to uncollectible…
Q: On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment…
A: Cost of goods sold is the cost of units sold during the period. It is calculated as the beginning…
Q: Swifty Industries purchased $10,600 of merchandise on February 1, 2025, subject to a trade discount…
A: Perpetual inventory systems is one of the commonly used terms in business and accounting/accountancy…
Q: On July 2, 2021, Windsor Company sold to Sue Black merchandise having a sales price of $11,100 (cost…
A: Journal entries are the entries to be recorded in the accounting books of the business for all the…
Q: On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company, FOB shipping point,…
A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…
Q: ount. On June 20, it returned $2,400 of that merchandise. On June 24, it paid the balance owed for…
A: FOB shipping point is an agreement between the seller and the buyer that the risk of damage is on…
Q: On October 9, 2020, Steven Company purchased $4,500 of product on account from Bryant Company on…
A: JOURNAL ENTRIES FOR STEVEN COMPANY:
Q: Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021 Payment was made…
A: Present value is the current value of the future cash flow. It can be determined by discounting the…
Q: Vanessa company purchased P15,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB…
A: Credit terms 3/10, n/45 means that 3% discount will be allowed if amount will be paid on 10 days,…
Q: transactions were carried out in the Bank of Jordan and Gulf / Irbid branch on 1/5/2020. The Bank…
A: Journal entries refer to the process of systematic documentation of the financial transactions of a…
Q: On June 30, 2021, Alpha Co.'s Mega branch showed a Home Office account balance of $2,735 and the…
A: Account reconciliation is the process of matching the balance of account in the books of different…
Q: ergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Date Account's title and explanation Debit ($) Credit ($) Feb. 28 Notes Receivable 20,000…
Q: Ali Co. purchased $2,600 of merchandise from Murad Co. on April 10 with terms 2/10, n/30. On April…
A: The question is multiple choice question Required Choose the Correct Option.
On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the
year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and
P45,000 respectively. Freight was paid by the home office worth P1,500 included in
the cost of merchandise. The home office also incurred P5,700 expenses of which 30
percent was allocated to the branch. On December 31, 2020, the branch incurred a
loss of P4,000.
What is the balance of the branch account as per home office books?
*Please answer in good Acctg form. Thanks!
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- (ADOPTED) Newton General Merchandise had the following transactions in March 2021:March 2Purchased merchandise amounting to Php 36,000. Terms: 2/10, n/30 FOB shipping point. Paid the freight bill amounting to Php 4,000.March 5Returned Php 3,000 of the merchandise purchased on March 2 because they were defective.March 8Sold merchandise on account for Php 10,000. Terms 3/15, n/30. The cost of the merchandise sold was Php 6,000.March 10Paid the purchase made on March 2 less the return and the discount.March 12Received Php 2,000 of the merchandise sold on March 8. The cost of the merchandise returned was Php 1,200.March 22Received cash from the March 8 customer in full settlement of his account less the return and the discount.REQUIRED:Prepare the appropriate journal entries for both periodic and perpetual inventory systems.On August 1, 2019, GREEN CO, a home office established two branches: ORANGE branch and APRICOT branch. GREEN, transferred P280,000 worth of cash and P1,225,000 worth of merchandise to its ORANGE branch. On August 15, the head office instructed ORANGE to transfer three-fourths of the merchandise and cash received to APRICOT branch. In addition, on October 6, 2019, shipments from the main office received by ORANGE branch amounting to P437,500 and freight, collect amounting to P22,750. Three-fifths of the said shipments were sold by ORANGE branch to customers. On November 9, 2019, upon instruction of the home office, ORANGE branch transferred to APRICOT half of the remaining immediate prior month shipments from GREEN. The receiving branch paid additional freight in the amount of P8,750. Had the merchandise been shipped from GREEN directly to APRICOT, only P6,650 worth of freight would have been incurred. Compute the balance of the Investment in APRICOT branch account in the separate…6. Celeste Company provided the following transactions, among others, for the current year. 1 Sold merchandise to XYZ Company for P500,000, terms 2/10, n/30. 2 the above account to Solid Finance under the following agreement June 1 Commission based on gross amount 5%. Hold back based on gross amount 25%. 9 Granted XYZ Company a credit allowance of P50,000 for damage in the shipment. 11 XYZ Company paid in full its account to Solid Finance. 15. Final settlement was made with Solid Finance. How much was the total amount received from the factoring? а. 500,000 b. 350,000 c. 416,000 d. 375,000
- On October 1, Ace Company purchased P6,000 worth of goods on terms of 2/10, n/30. Freight of P500 was prepaid by the seller under the term FOB Shipping Point, goods worth P1,000 were returned and the account was paid on October 10. The net cost of purchases was1. The home office transfers inventory worth P600,000 to Branch#1. Freight paid by the home office is P40,000. Later on, the home office instructs Branch#1 to transfer the merchandise to Branch#2. Branch#1 pays freight of P12,000. If the merchandise had been shipped from home office to Branch#2, freight cost would have been P56,000. Entries to record the transactions described includes an entry to record difference (variance) on freight in the home office book in the amount of:2. On June 1, 2023, The Capitol Inc. established an agency in District 12, sending samples costing P4,200,000 which are useful until May 31, 2024 and have a salvage value of P840,000. A working fund of P3,412,500 is to be maintained using imprest basis. During 2023, the agency submitted to the home office sales order amounting to P35,437,500. Sales per invoice were P27,562,500 which were duly approved by the home office. Collections during the year amounted to P14,700,000 net of 2% sales discount. The cost of…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?
- Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances 32,000 20,000 480,000 5,000 Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp 15,000 30,000 Other Operating Expenses Freight-Out 9,000 Interest Expense 2,000 Loss on Sale of Truck 5,000 What is the operating income for the period? OA. $1,146,000 OB. $1,167,000 OC. $1,156,000 O D. $1,176,000 $8,000 50,000 10,000 cr $ 4,000 3,000 1,000 1,850,000 1,000Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $10,000 and accepted a 6%, 7-month note. 6% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,520, and accepted a noninterest-bearing note for which $8,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $5,500 with terms 3/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $3,700. Evergreen reduced the customer’s receivable balance by $5,500, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $55,000 to a factor without recourse. The…5. Crest Corporation established its Poblacion branch in 2019. Merchandise costing P120,000 is shipped to this branch. During the initial year, the home office acquires an equipment for P80,000 to be carried in the branch books, and the branch maintains physical possession and use. The equipment has a useful life of 4 years. The branch sells 60 percent of the inventory for P100,800 on account and subsequently collected half of the amount. The branch remits 80 percent in cash to the Home Office. What is the correct Home Office account balance on the records of the branch? *
- A company purchased $8, 200 of merchandise on June 15th with terms of 3/10, n/45. on June 20, it returned $410 of that merchandise. on June 24th it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid ok june 24th is a) 8, 200 b) 7, 790 c) 7,556 d) 7,597 e) 7, 954Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,200, and accepted a noninterest-bearing note for which $8,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $50,000 to a factor without recourse. The factor…Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2024, the following transactions related to receivables occurred: February 28 Sold merchandise to Lennox, Incorporated, for $24,000 and accepted a 8%, 7-month note. 8% is an appropriate rate for this type of note. March 31 Sold merchandise to Maddox Company that had a fair value of $20, 240, and accepted a noninterest-bearing note for which S 22,000 payment is due on March 31, 2025. April 3 Sold merchandise to Carr Company for $20,000 with terms 210/, n30/. Evergreen uses the gross method to account for cash discounts. April 11 Collected the entire amount due from Carr Company April 17 A customer returned merchandise costing $4,500. Evergreen reduced the customer's receivable balance by $6,300, the sales price of the merchandise. Sales retums are recorded by the company as they occur. April 30 Transferred receivables of $63,000 to a factor without recourse. The factor…
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)