HomeworkLib
Question

Branch 1 of Iloilo Company’s balances are as follows:

All sales, collections and 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 from the imprest fund and immediately reimbursed by the Home office and credited to the Home account. All expenses paid by the branch are recorded in the books of the branch.

Compute the balance of the Home office account in the books of branch on December 31, 20x8.

Accounts Inventory, 1/1/20x8 P 47,225 Imprest branch fund 3,500 Inventory, 12/31/20x8 18,000 Trade receivables, 1/1/20x8 50,0

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Computation of Collections:
Trade Receivables on 01/01/20x8 50000
Sales 105000
-Trade Receivables on 12/31/20x8 -83250
Total Cash collections from sales 71750
Computation of Balance of Home Office Account
Total Cash collections from sales Credit 71750
Merchandise from Home office Credit 47000
Cash Expenses Debit -73800
Balance of Home office account Credit 44950
0 2
Add a comment
Know the answer?
Add Answer to:
Branch 1 of Iloilo Company’s balances are as follows: All sales, collections and expenses are handled...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Jellyfish Branch of Aqua Company prepared and submitted trial balance as of December 31, 20x8 after its first year of op...

    Jellyfish Branch of Aqua Company prepared and submitted trial balance as of December 31, 20x8 after its first year of operation. Debit Credit Cash P 15,300 Accounts receivable 22,700 Shipments from home office 121,500 Home office current P 83,000 Sales 120,000 Expenses 43,500 P203,000 P203,000 Merchandise inventory end, P43,200; Shipments to the branch are billed at P135% of home office cost. The overstatement in the Branch inventory at December 31, 20x8 is Select one: a. P 11,700 b. P 11,200...

  • A list of account balances for Saint Lyonn Pastries follow: Revenue and Expenses January 1 inventories...

    A list of account balances for Saint Lyonn Pastries follow: Revenue and Expenses January 1 inventories Purchases of raw materials $171,000 Raw materials $38,000 Direct labor $205,000 Work in process $41,000 Indirect labor $35,000 Finished Goods $105,000 Factory Rent $84,500 Depreciation Expense - Factory Equipment $25,000 Insurance - factory $18,000 December 31 inventories Salesperson's salaries $92,000 Raw materials $47,000 Maintenance - Factory Equipment $14,000 Work in process $25,000 Administrative Office Wages $76,000 Finished goods $93,000 Miscellaneous Expenses - Factory $28,000...

  • Please note that Question a is ''by adopting the function of expense or “cost of sales”...

    Please note that Question a is ''by adopting the function of expense or “cost of sales” method in accordance with MFRS 101 Presentation of Financial Statements'' : Question 4 Below was extract from the books of Piko Sdn Bhd for the year ended 31 December 2019. RM 158,000 Retained profit 31 December 2018 Inventory 1 January 2019 Purchases 39,000 550,000 1,292,000 Sales Share capital 120,000 116,000 241,000 23,500 400,000 Distribution expenses Administration expenses Bad debts 6% bonds (redeemable in Year...

  • Benjie Ltd, whose head office is at Anyinam, operates a branch at Osino. All goods are...

    Benjie Ltd, whose head office is at Anyinam, operates a branch at Osino. All goods are purchased by head office and invoiced to and sold by the branch at cost plus thirty three and ON3 one third (33 1/3) percent. other than sales ledger kept at Osino, all transactions are recorded in the books at Anyinam. The following particulars are given of the transactions at the branch during the year ended 28 February 2014: Stock on hand, 1" March 2013,...

  • all the same question 1. Prepare a sales budget, including a schedule of expected cash collections...

    all the same question 1. Prepare a sales budget, including a schedule of expected cash collections 2. Prepare a direct materials budget, including a schedule of expected cash disbursements for purchases of materials 3. Prepare a cash budget 1 S & P Enterprises needs a cash budget for March. The following information is available. January February March 3 Data 4 Actual January and February and expected March sales: 5 Cash sales 6 Sales on account 7 Total Sales $ 1,600...

  • Accounts receivable are too high for Branch A in Exhibit 12.16. One sales analyst recommends giving...

    Accounts receivable are too high for Branch A in Exhibit 12.16. One sales analyst recommends giving credit and collection responsibilities to the sales force. Sales reps would be provided with delinquency objectives aimed at reducing accounts receivables by 20 percent. Those meeting their objectives would earn an additional 1 percent of sales for commission. Will this work? Another analyst contends that since the sales force has no training in credits and collections, accounts receivable should be excluded from ROAM calculations....

  • Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018...

    Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018 (Actual) $ 105,000 270,000 $ 375,000 December 2018 (Budgeted) $ 115,000 395,000 $ 510,000 January 2019 (Budgeted) $ 70,000 200,000 $ 270,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next...

  • Question 4 Below was extract from the books of Piko Sdn Bhd for the year ended...

    Question 4 Below was extract from the books of Piko Sdn Bhd for the year ended 31 December 2019. RM Retained profit 31 December 2018 158,000 Inventory 1 January 2019 39,000 Purchases 550,000 Sales 1,292,000 Share capital 120,000 Distribution expenses 116,000 241,000 23,500 400,000 Administration expenses Bad debts 6% bonds (redeemable in Year 2021) Trade receivables Trade payables Allowance for doubtful debts Interest paid on bonds 200,000 73,500 6,000 12,000 Bank 58,000 105,000 Dividends paid Plant and machinery at cost...

  • Dear Expert, If possible, please do in Excel format. Thanks a lot Question 4 Below was...

    Dear Expert, If possible, please do in Excel format. Thanks a lot Question 4 Below was extract from the books of Piko Sdn Bhd for the year ended 31 December 2019. RM 158,000 Retained profit 31 December 2018 Inventory 1 January 2019 Purchases 39,000 550,000 1,292,000 Sales Share capital 120,000 116,000 241,000 23,500 400,000 Distribution expenses Administration expenses Bad debts 6% bonds (redeemable in Year 2021) Trade receivables Trade payables Allowance for doubtful debts Interest paid on bonds Bank 200,000...

  • Sheila is a sole trader. She pays all the sales receipts into the business bank account....

    Sheila is a sole trader. She pays all the sales receipts into the business bank account. She provided her accountant with the following information for the year ended 31 December 2018 Bank account summary for the year ended 31 December 2018 DR Rent received   16 600   / Trade receivables 204 200 /   Cash sales   19 510 CR Balance b/d   6 520 / Trade payables    123 460 / General expenses    24 000 / Wages     31 560   / Motor vehicles   18 200 / Equipment  ...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT