Question. Paul Hewson Trading Co. has a branch in Quezon City. On December 31,2009, the Quezon City Branch account in the home office books showed a balanceof P383,655. The interoffice accounts were the same at the beginning of the year.For purposes of reconciling the reciprocal accounts, the following facts wereascertained: The home office inadvertently recorded a remittance for P4,800 from itsBacolod branch as remittance from its Quezon City branch. The branch failed to takeup a P850 debit memo from the home office representing the share of the branch inmarketing expenses. The home office credit memo representing a discount onmerchandise for P1,200 was not recorded by the branch. Advertising expense ofP1,225 charged by the home office was taken up twice by the branch. Freight chargeon merchandise made by the home office for P1,125 was recorded in the branchbooks as P1,215. Equipment costing the home office P2,500 was picked up by thebranch as P250. Compute the balance of unadjusted balance of the home officeaccount as of December 31, 2008.

Introduction: A home office is a space designated in a person's house for formal business duties.…

Answered: Question. Paul Hewson Trading Co. has a…

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter7: International Law

Section: Chapter Questions

Problem 4QAP

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Required: 1. Calculate the exchange gain or loss to be reported in 20X7. (Do not round intermediate calculations.) 2. Calculate the accounts receivable on the 31 December 20X7 statement of financial position. 3. Calculate the sales revenue to be recorded from the transactions listed above. Thumb up if you have the correct answer! Thanks
In the reconciliation of the investment in branch account and home office account, which of the following reconciling items will require debit to the reciprocal account in Pasay branch's books for adjustment? Collection by Home Office of Pasig branch's receivable O Collection by Panay branch of Pasay branch's receivable O Payment by Home Office of Pasay branch's payable Goods are in transit from Home Office to Branch at the end of the year
In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
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