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: Accounts Credit Debit P 5,040 Cash . Home Office Current. P 21,000 Purchases from outsiders. 25,000 56,216 15,360 7.500 684 Shipments from Home Office. Accounts receivable.. Expenses.. Interest expense. Gain on sale of equipment. Sales. 8,800 80,000 P109.800 P109.800

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: Accounts Credit Debit P 5,040 Cash . Home Office Current. P 21,000 Purchases from outsiders. 25,000 56,216 15,360 7.500 684 Shipments from Home Office. Accounts receivable.. Expenses.. Interest expense. Gain on sale of equipment. Sales. 8,800 80,000 P109.800 P109.800

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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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: Using the same information above, determine the branch current account in the Home Office books on January 1, 2022 Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
: 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) Debit P 5,040 Accounts Credit Cash Home Office Current P 21,000 25.000 Purchases from outsiders Shipments from Home Office Accounts receivable Expenses...... Interest expense. 56,216 15,360 7,500 684 Gain on sale of equipment. Sales 8,800 80.000 P109.800 P109.800 10. Using the same informalion above, determine the branch current account in the Horne Office books on January 1, 2022.
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…
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. * 4 points Debit P 5,040 Accounts Credit Cash... Home Office Current ... Purchases from outsiders .. Shipments from Home Office. Accounts receivable .. Expenses.... Interest expense. Gain on sale of equipment.. Sales .... P 21,000 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800
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. 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.
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
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 Debit P 5,040 Credit Cash P 21,000 Home Office Current . Purchases from outsiders . 25,000 56,216 15,360 7,500 684 Shipments from Home Office. Accounts receivable Expenses.. Interest expense. Gain on sale of equipment. Sales.. 8,800 80,000 P109.800 P109.800
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. 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022. Present solution in good accounting form.
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) QUESTION: Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022
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) Accounts Debit P 5,040 Credit Cash Home Office Current P 21,000 Purchases from outsiders. 25,000 56,216 15,360 7,500 684 Shipments from Home Office. Accounts receivable Expenses .. Interest expense.. Gain on sale of equipment. 8,800 80,000 P109.800 Sales.. P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022.
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. Credit Debit P 5,040 Accounts 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
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) QUESTION: Determine the net profit of the Cavite Branch for 2021.