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 Accounts Receivable Less: Allowance for Bad Debts Merchandise Inventory Prepaid Expenses Equipment Less: Accumulated Depreciation Total Assets Accounts Payable Accrued Expenses Home Office Total Liabilities and Home Office P122,000 8,500 38,500 27,000 P35,000 113,500 165,000 3,500 7. Cash remittances to home office, #150,000. 8. Expenses paid 124,000. 11,500. P328,500 20,000 6,000 302,500 P328,500 Branch transaction during 2014 are summarized as follows: 1. Sales on Account, P400,000. 2. Purchase on account, $105,000. 3. Goods received from home office, billing at cost, P200,000. 4. Collections on account, P380,000. 5. Payments on account, P101,000 6. Bad Accounts written-off, P6,000. 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, #6,000 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? 00101