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12. On January 1, 2016, the Samwise Inc. established a sales agency in Pasay City. The following information is made available to you: The main office sent samples of its merchandise amounting to P16,800 and a working fund amounting to P120,000 was established. The samples sent were intended to last until June 30, 2016. During the first 3 months of operations, the agency transmitted to the home office sale of goods totaling P950,000, but the home office was not able to fill-up 25% of the said transmitted sales orders. Collections from customers amounted to P147,882, net of 2% sales discount. Payments made by the agency during the first 3 months of operations were as follows: annual rent of P128,000, advertising expense worth P10,500 and utilities amounting to P6,200. The agency also purchased an equipment worth P20,000. The equipment has a useful life of 5 years. The gross profit rate for agency orders is 20% of sales. What is the net income of the agency for the quarter ended March 31, 2016? A. P81,382 B. P81,442 C. P117,007 D. P133,807 13. Pippin Inc.'s home office ships and bills merchandise to its branches at cost. The branches carry their own accounts receivables and make their own collections. The branches also pay their own expenses. On January 1, 2015, the home office established its Las Pinas branch. The transactions for 2015 are summarized in the following trial balance of Las Pinas branch: Debit Credit Cash P5,950 Manila Home Co. Current P45,000 Shipments from Manila Home Co. 60,000 Accounts Receivable 31,250 Expenses 4,050 Sales (all charge sales) 56.250 Total P101,250 P101,250 4 The branch's gross profit ratio is 25% of cost. All cash on hand by the branch is remitted to the home office at year end. On the year-end balance sheet, the "Branch Current" account in the home office books should be carried at: A. P49,063 B. P46,250 C. P106,250 D. P55,010 14. Selected balances from Frodo Company's branch in Zamboanga for the period ended December 31, 2015 are as follows: Accounts receivable, January 1, 2015 P 55,000 Accounts receivable, December 31, 2015 70,000 Shipments from home office 61,000 Cash collections for the year 85,000 Operating expenses paid 21,000 Inventory, January 1, 2015 21,000 All sales, collections, expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch and immediately reimbursed by the Home Office and credited to the "Home Office - Current" account. The net increase in the home office account for the period is P13,000. All expenses paid by the branch are recorded in the books of the branch. The branch did not purchase inventory from third parties. How much is the ending balance of inventory? A. P19,000 B. P31,500 C. P21,000 D. PO