journal entries in the books
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Statsen Company, which prepares financial reports at the end of the calendar year, established a branch on July 1, 2020. The following transactions occurred during the formation of the branch and its first six months of operations, ending December 31, 2020.
1. The Home Office sent $35,000 cash to the branch to begin operations.
2. The Home Office shipped inventory to the branch. Intercompany billings totaled $75,000, which was the Home Office's cost.
3. The branch acquired merchandise display equipment which cost $15,000 on July 1, 2020. (Assume that branch fixed assets are carried on the home office books).
4. The branch purchased inventory costing $53,750 from outside vendors on account.
5. The branch had credit sales of $106,250 and cash sales of $43,750.
Requirements:
1. Prepare
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- Cebu Branch submitted the following data to its home office in Manila for 2021, its first year of operation: Sales P2,300,000; Shipments from Home Office P1,850,000; Operating expenses P235.000; Home Office Current P480,000. Shipments to the branch are billed at cost. The December 31 inventory of the branch was P255,500. What was the balance of the Investment in Branch account on December 31, 2021 on the home office books?Sally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?Alpha Corp. has a branch in Pasig City established on May 31, 2021. During 2021, the home office shipped merchandise to the branch at billed value of 125,000 which was 25% above cost. At the end of the year, the branch reported sales of 200,000, operating expenses of 95,000, and a net income from its operation of 15,000. What is the branch's true net income?
- Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31. January 15 Purchased and paid for merchandise. The invoice amount was $15,200; assume a perpetual inventory system. April 1 Borrowed $774,000 from Summit Bank for general use; signed a 10-month, 9% annual interest-bearing note for the money. June 14 Received a $24,000 customer deposit for services to be performed in the future. July 15 Performed $3,450 of the services paid for on June 14. December 12 Received electric bill for $26,160. Vigeland plans to pay the bill in early January. December 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). Required: Prepare journal entries for each of these transactions. Prepare the adjusting entries required on December 31.The Company has a single branch in Southwest. On March 1, 2020, the home office accounting records included an Allowance for Overvaluation of Inventories: Southwest Branch ledger account with a credit balance of $32,000. During March, the following transactions occurred: On March 4, the home office shipped merchandise costing $66,000 to the Southwest Branch and billed it at a price representing a 40% markup on the billed price.On March 8, the branch sold 70% of the merchandise received from the home office on march 4 for $90,000 cash.On March 15, the branch sold 20% of the merchandise received from the home office on march 4 to Hope company for $30,000 on credit.On March 22, the home office informed the branch that it had collected 50% of the amount owed by Hope company.On March 28, the branch paid operating expenses of $10,000 cash.On March 29, Hope company paid the remaining amount due to Southwest branch,On March 30, the home office allocated operating expenses of $4,000 to the…Integrity Co. just opened a branch in Baguio City this December 2021. Summary of transactions for the first month of operations follows: 1. Baguio Branch received P20,000 cash from home office to start its operations. 2. Home Office shipped merchandise to the Branch costing P100,000, of which 25% have not yet received by the Branch. 3. Branch purchases from other suppliers amounted to P89,250. 4. Branch sales for the month amounted to P245,000 5. Home Office debit memo for P3,500 representing the Branch's share on advertising expenses was recorded only by the Branch on the 3rd day of January 2022. 6. Branch operating expenses of P61,250 were paid by the Home Office. 7. Branch remitted P40,000 to the Home Office but the Home Office bookkeeper recorded it only in the month of January 2022. 8. The merchandise inventory on hand of the Branch is: From outsiders, P20,000 From Home Office, P30,000 What is the unadjusted balance of the Investment in Branch account, before Net income at…
- Habiba Company has a single branch in Southwest. On March 1, 2020, the home office accounting records included an Allowance for Overvaluation of Inventories: Southwest Branch ledger account with a credit balance of $32,000. During March, the following transactions occurred: On March 4, the home office shipped merchandise costing $66,000 to the Southwest Branch and billed it at a price representing a 40% markup on the billed price. On March 8, the branch sold 70% of the merchandise received from the home office on march 4 for $90,000 cash. On March 15, the branch sold 20% of the merchandise received from the home office on march 4 to Hope company for $30,000 on credit. On March 22, the home office informed the branch that it had collected 50% of the amount owed by Hope company. On March 28, the branch paid operating expenses of $10,000 cash. On March 29, Hope company paid the remaining amount due to Southwest branch, On March 30, the home office allocated operating expenses of $4,000…Bea Corp. has a branch in Divisoria established on May 31, 2022. During 2022, the home office shipped merchandise costing P110,000 to the branch, billed at 110% of cost. At the end of the year, the branch reported sales of P200,000, operating expenses of P80,000, and a net income from its operation of P10,000. Determine the true net income of the branch.The Armami Corp. established a branch store in Ortigas on June 30, 2020. The branch is to receive substantially all merchandise for sale from the home office. During the remainder of 2020, shipments to the branch amounted to 240,000 that included a 20% mark-up on cost. The branch purchased 180,000 additional merchandise for cash and reported unsold merchandise for 145,000. The branch made sales of 420,000, paid expenses of 105,000 and remitted to the home office all sales proceeds. The allowance for overvaluation of branch inventory account on the home office books showed a balance of 22,500 after adjustment. Required: I. The branch ending inventory that represented purchase from outsiders II. The branch net income as far as the home office is concerned
- The following transactions pertain to a branch’s first month’s operations:a. The home office sent P9,000 cash to the branch.b. The home office shipped inventory costing P40,000 to the branch; the intercompany billing was for P50,000.c. Branch inventory purchases from outside vendors totaled P30,000.d. Branch sales on account were P80,000.e. The home office allocated P2,000 in advertising expense to the branch.f. Branch collections on accounts receivable were P45,000.g. Branch operating expenses of P14,000 were incurred, none of which were paid at month-end.h. The branch remitted P17,000 to the home office.i. The branch’s ending inventory (as reported in its balance sheet) is composed of:Acquired from outside vendors P12,000Acquired from home office (at billing price) 20,000Requirements:a. Prepare journal entries in the books of Home Office and Branch.b. Prepare branch’s income statement for its first month’s operationJack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $600,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $75,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months’ fees in advance, amounting to $24,000. Dec. 31 Determined salary and wages of $40,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. For each item, indicate whether the debt-to-assets ratio is increased or decreased or there…Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $672,000 from Commerce Bank after signing a 12-month, 9.00 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $27,000. December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 31 Adjusted the accounts at year-end, relating to security service. Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. 2. For each item, indicate whether the debt-to-assets ratio is…
