The Visayas Company operates a branch in Mindanao. Operating data from the home office and the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Visayas Company operates a branch in Mindanao. Operating data from the home office and the branch for 2013 are presented below: Sales Purchases Shipment to branch Shipment to home office Expenses Inventory, January 1: Home office Branch - Acquired from outsiders Acquired from home office billed price at 22% above cost Inventory, December 31: Home office Branch - Home office books 512,000 420,000 60,000 120,000 160,000 110,000 Acquired from outsiders Acquired from home office What is the combined comprehensive income (loss) of the home office and the branch? branch books 157,000 40,000 80,000 25,000 15,000 49,000 11,000 52,000 The Visayas Company operates a branch in Mindanao. Operating data from the home office and the branch for 2013 are presented below: Sales Purchases Shipment to branch Shipment to home office Expenses Inventory, January 1: Home office Branch - Acquired from outsiders Acquired from home office billed price at 22% above cost Inventory, December 31: Home office Branch - Home office books 512,000 420,000 60,000 120,000 160,000 110,000 Acquired from outsiders Acquired from home office What is the combined comprehensive income (loss) of the home office and the branch? branch books 157,000 40,000 80,000 25,000 15,000 49,000 11,000 52,000
Expert Answer:
Answer rating: 100% (QA)
To get the combined comprehensive income loss of the home office and the branch we need to consider ... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
ABC Co. operates a branch in Davao. There are shipments in transit from home office to the branch. The home office ships merchandise to the branch at 125% of cost in year 2021. Profit and loss data...
-
Read the case study and answer the question below with a one page response. What does a SWOT analysis reveal about the overall attractiveness of Under Armours situation? Founded in 1996 by former...
-
Gerald De Beer is a 38-year-old vibrant, outgoing young man who has been employed as a digital artist at Innovate Tech Solutions (Pty) Ltd ("Innovate Tech") since 1 May 2019. Details of Geralds...
-
An idealized ammeter is connected to a battery as shown in Fig. Find (a) The reading of the ammeter, (b) The current through the 4.00-Ω. Resistor, (c) The terminal voltage of the battery. v(V)...
-
When glucose (Problem) is treated with NaBH4, reaction occurs to yield sorbitol, a polyalcohol commonly used as a food additive. Show how this reductionoccurs. CH- NABHA -2 Sorbitol Glucose
-
Chris Nelson, the new assistant controller for Grand Company, is preparing for the firm's year-end closing procedures. On December 30, 2019, a memorandum from the controller directed Nelson to make a...
-
Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy. In addition, you learn that the company incurred utility costs...
-
CE ANOTHER The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a...
-
Using the following information on Rockboro Case please answer the following Question: What are the problems here, and what do you recommend and what are the implications of different payout levels...
-
One of the examples below fits the definition of investment used in this class. Which one is it ? Group of answer choices: purchasing stocks or bonds with the goal of making money purchasing...
-
Use the excel in the link to create a detailed scope of work of a three-storey residential building. Note: No need to fill the Quantity & Unit Cost. Please see attached link:...
-
4.0g bullet is fired from a 5.0kg gun with a speed of 600 m/sec. What is the speed of the recoil of the gun? What is the direction of the recoil?
-
1. Assume you are sourcing manager for Gap Inc. How would you rank the following regarding importance when determining a sourcing destination: Speed to market Sourcing cost Risk of non-compliance 2....
-
The total assets and total liabilities (in millions) of ABC Corporation and XYZ Corporation follow: ABC Assets Liabilities $64,028 28,172 XYZ $62,107 29,811 Determine the stockholders' equity of each...
-
4- A thin airfoil can be approximated as a flat plate. The airfoil is set at an angle of 10 to an airflow with a Mach number of 2, a temperature of -50 C, and a pressure of 50 kPa. Using linearized...
-
What are some of the factors most frequently included on employee performance appraisal forms? Why should most performance appraisal forms include space for supervisors to write comments about the...
-
The vapor pressure of the liquid NH, is measured at different temperatures. The following vapor pressure data are obtained. Temperature, K P, mmHg 217.1 223.4 234.7 588.1 Calculate the enthalpy of...
-
Vandiver Company had the following select transactions. Apr. 1, 2017 Accepted Goodwin Companys 12-month, 12% note in settlement of a $30,000 account receivable. July 1, 2017 Loaned $25,000 cash to...
-
What is the normal balance for each of the following accounts? (a) Accounts Receivable. (b) Cash. (c) Owners Drawing. (d) Accounts Payable. (e) Service Revenue. (f) Salaries Expense. (g) Owners...
-
The cash records of Dawes Company show the following four situations. 1. The June 30 bank reconciliation indicated that deposits in transit total $920. During July, the general ledger account Cash...
-
Consider the procedure of finding the best splitting rule for a categorical variable with \(k\) labels from Section 8.3.4. Show that one needs to consider \(2^{k}\) subsets of \(\{1, \ldots\),...
-
Using the program from Section 8.2.4, write a basic implementation of a decision tree for a binary classification problem. Implement the misclassification, Gini index, and entropy impurity criteria...
-
Reproduce Figure 8.6 using the following classification data. from sklearn.datasets import make_blobs X, y = make_blobs (n_samples-5000, n_features-10, centers=3, random_state=10, cluster_std=10)
Study smarter with the SolutionInn App