FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A Co.'s Clark Branch submitted the following data for 2016, its first year of operation: Sales 203,500.00 Cr. Shipments from home office 186,120.00 Dr. Operating

image text in transcribed
image text in transcribed
A Co.'s Clark Branch submitted the following data for 2016, its first year of operation: Sales 203,500.00 Cr. Shipments from home office 186,120.00 Dr. Operating expenses 18,755.00 Dr. Home-office - current 48,125.00 Cr. Shipments to the branch are billed at cost. The December 31 inventory of the branch was P25,245. What is the correct balance on December 31, 2016 of the Branch Account - current as per home office books

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 1

Intermediate Accounting Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

12th Canadian edition

119-49633-5, 1119496497, 1119496330, 978-1119496496

More Books

Students also viewed these Accounting questions

Question

★★★★★
The Damon family owns a large grape vineyard in western New York along Lake Erie. The grapevines must be sprayed at the beginning of the growing season to protect against various insects and...

Answered: 1 week ago

Question

★★★★★
Southwest Airlines provides scheduled air transportation services in the United States. Like many airlines, Southwest leases many of its planes from Boeing Company. In its long-term debt disclosure...

Answered: 1 week ago

Question

★★★★★
2.55 A Recurring Illness Refer to Exercise 1.25 and data set EX0124. The lengths of time (in months) between the onset of a particular illness and its recurrence were recorded: a. Find the range. b....

Answered: 1 week ago

Question

★★★★★
The following accounts appear in the ledger of Tanaka Limited, which uses IFRS and has adopted the policy of classifying dividends paid as operating activities: Instructions Show how the information...

Answered: 1 week ago

Question

★★★★★
Chapter 6: Applying Excel 1 The Chapter 6 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text Chapter 6: Applying Excel: Excel Worksheet (Part 1 of 2)...

Answered: 1 week ago

Question

★★★★★
Eve agrees to sell her boutique to Shelley for $150,000. Shelley spends $60,000 on inventory and fixtures for the store, but then Eve repudiates the contract. Shelley is able to sell the inventory...

Answered: 1 week ago

Question

★★★★★
Why can the difference between expected and realized returns over the long run explain the "equity premium puzzle"?

Answered: 1 week ago

Question

★★★★★
Conrad sends his quality control manager to Mexico to ensure the quality of a new manufacturer is meeting specifications. Which risk is Conrad addressing? Question 20 options: Process risk Control...

Answered: 1 week ago

Question

★★★★★
Exercise 5-4 Allocation of Cost and Workpaper Entries at Date of Acquisition On January 1, 2012, Porter Company purchased an 80% interest in Salem Company for $260,000. On this date, Salem Company...

Answered: 1 week ago

Question

★★★★★
One World Not Three (OWNT) Relief Fund is an international nonprofit relief agency based in the United States. OWNT recently celebrated its tenth anniversary and is in the middle of trying to expand...

Answered: 1 week ago

Question

★★★★★
explain why U.S. presidents often favor a "lower dollar" over the course of their presidency. Explain the relationship between the relative value of the dollar and its relationship to U.S. exports...

Answered: 1 week ago

Question

★★★★★
The real cost of palm oil case study discussed how the unsustainable farming of palm in Borneo, Sumatra and lower China is perhaps the biggest threat to _____________________. Group of answer choices...

Answered: 1 week ago

Question

★★★★★
A stock just paid $2.9 dividend yesterday. The dividend is expected to grow at 2.9% per year thereafter. If the required rate of return of the stock is 9%, then using the dividend discount model, the...

Answered: 1 week ago

Question

★★★★★
10. What is meant by the fact that we are socialized into using linear causal thought patterns? Find two examples of this from your everyday life.

Answered: 1 week ago

Question

★★★★★
The senders expertise; certification, i.e. the senders educational background

Answered: 1 week ago

Question

★★★★★
Context, i.e. the context of the information presented and received

Answered: 1 week ago

Previous Question Next Question