What is the correct home office account balance on records

Assignment Help Accounting Basics
Reference no: EM132744644

Problem 1: Lakas, Inc., starts a branch operation to sell ore of its merchandise. Inventory costing P60,000 is shipped to this branchat a billed price of P90,000, During the initial year, the home office pays PI7, 000 in expenses for the branch. The branch sells 80 percent of the inventory that it received for P110,000 and it remits P70,000 in cash to the home office. What is the correct Home Office account balance on the records of the branch? Closing entries have not been made.

A. P 7,000

B. P 37,000

C. P75,000

D. P147.000

Reference no: EM132744644

Questions Cloud

What the total research and development costs charge : Equipment acquired for use in various research, What the total research and development costs charge in Sponge's 20x1 statement of profit or loss should be
Calculate the total non-controlling interest : Give a NCI Memorandum Account to calculate the total non-controlling interest in consolidated profit after tax for the year ended 31 December 2016
Health care law and policy : From the first e-Activity, analyze the Affordable Health Care Act, and determine the fundamental influence that such reform has exerted on the social,
Health bureaucracy : Analyze the branches of government of your state with respect to the extent that each branch is associated with health care
What is the correct home office account balance on records : What is the correct Home Office account balance on the records of the branch? Lakas, Inc., starts a branch operation to sell ore of its merchandise.
Impacted organizational communication : Analyze how the use of technology has impacted organizational communication both positively and negatively
What is the appropriate cost of goods sold figure : P110,000 and remits P70,000 in cash to the home office. On Lamp's financial statements for this period, what is the appropriate cost of goods sold figure
What is the correct home office account balance : Received for P110,000 and it remits P70,000 in cash to the home office. What is the correct Home Office account balance on the records of the branch?
Explain the concepts of privatization and contracting out : Explain the concepts of privatization and contracting out. What are the advantages and disadvantages of contracting out?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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