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Help me with this I swear to give helpful rating just explain very well. Problem: The Wesley Company of Baguio City operates a branch in

Help me with this I swear to give helpful rating just explain very well.

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Problem: The Wesley Company of Baguio City operates a branch in Dagupan City. A branch balance sheet on December 31, 2013 showed the following balances: Cash P35,000 Accounts Receivable P122,000 Less: Allowance for Bad Debts 8,500 113,500 Merchandise Inventory 165,000 Prepaid Expenses 3,500 Equipment 38,500 Less: Accumulated Depreciation 27,000 11,500 Total Assets P328 500 Accounts Payable 20,000 Accrued Expenses 6,000 Home Office 302,500 Total Liabilities and Home Office P328 500 Branch transaction during 2014 are summarized as follows: 1. Sales on Account, $400,000. 2. Purchase on account, #105,000. 3. Goods received from home office, billing at cost, #200,000. 4. Collections on account, P380,000. 5. Payments on account, P101,000 6. Bad Accounts written-off, P6,000. 7. Cash remittances to home office, P150,000. 8. Expenses paid $124,000. 9. Expenses paid by home office and charged to branch, P8,000. 10. Year-end adjusting data: Merchandise on hand, P194,000 Prepaid expenses, December 31, P4,500 Accrued Expenses, December, P4,000 Receivables estimated to be uncollectible, December 31, P8,000. Depreciation for 2014, P6,000 Questions/Requirements: 1. How much is the cash account balance as of December 31, 2014? 2. How much is the accounts receivable, net account balance as of December 31, 2014? 3. How much is the merchandise inventory account balance as of December 31, 2014? 4. How much is the prepaid expenses account balance as of December 31, 2014? 5. How much is the equipment account balance as of December 31, 2014? 6. How much is the accounts payable account balance as of December 31, 2014? 7. How much is the accrued expenses account balance as of December 31, 2014? 8. How much is the home office account balance as of December 31, 2014? 9. How much is the sales for the year ended December 31, 2014? 10. How much is the cost of sales for the year ended December 31, 2014? 11. How much is the operating expenses for the year ended December 31, 2014? 12. How much is the net income/(net loss) for the year ended December 31, 2014? 13. Prepare necessary journal entries in book of Home office. 14. Prepare necessary journal entries in book of Branch

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