How much is the balance of the Malibu branch account

Assignment Help Accounting Basics
Reference no: EM132608248

Question - On September 1, 2019, Dubai Malls Main Office established three branches: Venice, Malibu and Melbourne branches.

The home office transferred 480,000 worth of cash and 2,100,000 worth of inventory to its Venice branch. The home office transfers merchandise to its branch at a mark-up of 25% above cost.

The home office instructed Venice to transfer 75% of the goods and cash received to Malibu.

In addition, on October 1, 2019, shipments from home office were received by Venice amounting to 750,000 at cost and the branch paid freight costs amounting to 39,000.

60% of the said shipments were sold to outsiders.

On November 1, 2019, Venice transferred 50% of the remaining October shipments from Melbourne to Malibu, with Malibu branch paying freight costs of 15,000.

Had the merchandise been shipped from Melbourne to Malibu branch, only 11,400 worth of freight would have been incurred.

Required - How much is the balance of the Malibu branch account on the Home Office books?

Reference no: EM132608248

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Appropriate basis of overhead application

What would be the more appropriate basis of overhead application: printing press machine hours or direct labor hours? Given the choice of driver, are there any implications to consider for under or over applied overhead?

  Prepare the journal entries to record the pension expense

Prepare the journal entries to record the pension expense and the company's funding of the pension plan for both years

  Explain main differences between common and preferred stock

Preferred stock: 7%, par value $100 per share, 100,000 shares. Please explain the main differences between common and preferred stock

  What is the planned annual operating income at a selling

what is the planned annual operating income at a selling price of 12 per unit when the total manufactoring costs are 6

  Prepare a forecasted income statement for apple for years

prepare a forecasted income statement for apple for years 2014 - 2018. use the apple 10-k as of september 28 2013 as

  Prepare the journal entries for randa to record the loan

Prepare the journal entries for Randa to record the loan on January 1, 2011, and the four payments from December 31, 2011, through December 31, 2014.

  Governmental accounting standard board

Before the establishment of the Governmental Accounting Standard Board,which organization developed GAAP for governments?

  Amount receive from the bond issuance

TMC issued $50 million of its 12% bonds on April 1, 2011, at 98 plus accrued interest. The bonds are dated January 1, 2011, and mature on December 31, 2030. Interest is payable semiannually on June 30 and December 31. What amount did TMC receive f..

  What are the various internal control procedures

What are the various internal control procedures with respect to cash receipts and payments? What is internal control and how can it protect a company's assets

  Prepare all necessary journal entries for the year ended

On March 31, 2020, JEL sold this piece of equipment for $22,000 cash. Prepare all necessary journal entries for the year ended December 31, 2020

  What is christine office in the home deduction

Christine is employed full time as an accountant for a national hardware chain. What is Christine's office in the home deduction

  What is cassy tax refund or tax liability

Cassy reports a gross tax liability of $1,110. What is Cassy's tax refund or tax liability due after applying the credits

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd