Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) 9. Determine the net profit of the Cavite Branch for 2021. Credit Debit P 5,040 Accounts Cash Home Office Current P 21,000 Purchases from outsiders Shipments from Home Office. Accounts receivable .. Expenses Interest expense.. Gain on sale of equipment. Sales.. 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800

Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In each case, identify whether the item would appear on the balance sheet or income statement. Income tax expense. (a) Inventory. (b) Accounts payable. (c) Retained earnings. (d) * Equipment. (e) Sales revenue. (f) Cost of goods sold. (g) Common stock. (h) Accounts receivable. (i) Interest expense. (j)

Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) 9. Determine the net profit of the Cavite Branch for 2021. *

[The following information applies to the questions displayed below.] Wawa Food Markets is a convenience store chain located primarily in the Northeast. The company sells gas, candy bars, drinks, and other grocery- related items. St. Jude Medical Incorporated sells medical devices related to cardiovascular needs. Suppose a local Wawa Food Market and St. Jude sales office report the following amounts in the same year (company names are disguised): Company 1 $400,000 Company 2 $400,000 Net sales Cost of goods sold 180,000 330,000 Gross profit $220,000 $ 70,000 Average inventory $ 40,000 $ 30,000 6. Required: 1. For Company 1 and Company 2, calculate the inventory turnover ratio. Inventory Turnover Ratio Company 1 Company 2 II

One of our client companies, EA Community Laundry Chain, asked us for a consultation on their company's operations. Based on the accounting information provided by them, please use your professional knowledge to assist them in the preparation of five financial statement based on the information below (Income statement, financial position statement, retained earnings statement, comprehensive income statement, cash flow statement). Sales revenue: $555,080- Inventory: $102,000- Cost of goods sold: $210,000+ Bonds payable: $78,000– Financing Costs: $10,000- Notes payable (due in 5 months): $24,400- Selling and administrative expenses: $75,000 Buildings: $80,400< Share capital: $60,000+ Gain on sale of plant assets: $45,000+ Accumulated depreciation-equipment: $10,000- Unrealized gain on non-trading securities: $15,000 # Prepaid advertising: $5,000- Loss on discontinued operations: $20,000+ Supplies: $1860- Dividends declared and paid: $50,400** Taxes payable: $3000€ Allocation to…

Cintas designs, manufactures, and implements corporate identity uniform programs that it rents or sells to customers throughout the United States and Canada. The company’s stock is traded on the NASDAQ and has provided investors with significant returns over the past few years. Selected information from the company’s balance sheet follows. For 2012, the company reported sales revenue of $3,707,900 and cost of goods sold of $1,517,415.

Quasar, Inc. sells clothing, accessories, and personal care products for men and women through its retail stores. Quasar reported the following data for two recent years:      Year 2    Year 1 Sales $1,904,205 $1,877,925     Accounts receivable 175,200 $167,900     Assume that accounts receivable were $189,800 at the beginning of Year 1. a.  Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Year 2: fill in the blank 1 Year 1: fill in the blank 2 b.  Compute the days' sales in receivables for Year 2 and Year 1. Round interim calculations and final answers to one decimal place. Use 365 days per year in your calculations. Year 2: fill in the blank 3 days Year 1: fill in the blank 4 days c.  The change in accounts receivable turnover from year 1 to year 2 indicates a(n) ______  in the efficiency of collecting accounts receivable and is a(n) ______ change. The change in the days' sales in receivables indicates a(n) ______…

Let's Work It Out operates several retail stores that specialize in products for a healthy lifestyle. Some of its financial information is shown below for its fiscal year ended March 31, 2019. Cost of Goods Sold $73,300 Depreciation Expense - Store Equipment $5,160 Gain on Sale of Equipment $4,300 Insurance Expense $10,700 Interest Expense $1,160 Office Salaries Expense Office Supplies Expense $39,100 $3,000 Sales Discounts $2,800 Sales Returns and Allowances $5,500 Sales Revenue $193.300 Sales Salaries Expense $39.000 Utilities Expense - Office $2,400 Utilities Expense - Retail $5,700 Required Create a multi-step income statement. Do not enter dollar signs or commas in the input boxes. Enter all accounts under the appropriate section in alphabetical order. Do not use negative signs.

Main Corporation has operated a branch in Cavite for one year. Shipments are billed to the branch at cost. The branch carries its own accounts receivable, makes its own collections, and pays its own expenses. The branch reported an inventory on December 31, 2021: Outsiders, P3,391; Home office, P7,625 The transactions for the year are given effect to in the trial balance below: (see image) QUESTION: Determine the net profit of the Cavite Branch for 2021.