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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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PLEASE ANSWER NUMBER 11 only
Use the following information for items 9-11: Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) 9. Determine the net profit of the Cavite Branch for 2021. * Accounts Credit Debit P 5,040 Cash Home Office Current. P 21,000 Purchases from outsiders . Shipments from Home Office Accounts receivable Expenses . Interest expense. Gain on sale of equipment. Sales . 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * Your answer 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022. Your answer
Transcribed Image Text:Use the following information for items 9-11: Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) 9. Determine the net profit of the Cavite Branch for 2021. * Accounts Credit Debit P 5,040 Cash Home Office Current. P 21,000 Purchases from outsiders . Shipments from Home Office Accounts receivable Expenses . Interest expense. Gain on sale of equipment. Sales . 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * Your answer 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022. Your answer
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