How much is the true profit of the branch?
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How much is the true profit of the branch?
A. 1,266,667
B. 1,250,000
C. 1,200,000
D. 1,400,000
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- 5. Shipments of inventory to the branch may be billed at other than cost. When billing prices are above cost, the unrealized mark-up is initially recorded by the home office a, in an "allowance" account. b. as a credit to investment in branch account. c. as an addition to the cost of "shipments to branch." d. a and cThe home office ships merchandise to its branch above cost. What journal entry should the home office make to record the transfer of merchandise?* A. (Dr) Investment in Branch (Cr) Shipment to Branch B. (Dr) Shipment to Branch (Cr) Investment in Branch C. (Dr) Investment in Branch (Cr) Shipment to Branch (Cr) Allowance for overvaluation of inventory D. (Dr) Shipment from home office (Cr) Home officeThe home office ships merchandise to its branch above cost. What journal entry should the home office make to record the transfer of merchandise?* 2 points (Dr) Investment in Branch (Cr) Shipment to Branch (Dr) Shipment to Branch (Cr) Investment in Branch (Dr) Investment in Branch (Cr) Shipment to Branch (Cr) Allowance for overvaluation of inventory (Dr) Shipment from home office (Cr) Home office
- the home office records inventory shipments to the branch by debiting the "shipments to branch account" a. true b. falseS1: When inventory is received from the home office, a branch increases itshome office account. S2: Reciprocal home office and branch accounts areeliminated when home office and branch financial statements are combined for external reporting. A. Only S1 is correct.B. Only S2 is correct.C. Both statements are incorrect.D. Both statements are correct.Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
- Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
- 2. The entry to record the return of $25 of inventory to a supplier under the perpetual inventory system is recorded with a debit to accounts payable and a credit to purchase discounts. Opurchase returns and allowances and a credit to accounts payable. Oaccounts payable and a credit to inventory. Oinventory and a credit to accounts payable.S1: The “Shipment to Branch” account is added to the home office’s purchaseaccount in determining home office cost of goods sold. S2: When performing the end-of-the-period reconciliation between the Home Office account on the branch’s books and the Branch Account on the home office’s books, shipments in transit from the branch back to the home office will be treated as an addition to the home office’s Branch Account. A. Both statements are correct.B. Only S2 is correct.C. Only S1 is correct.D. Both statements are incorrect.From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references. Accounts Receivable Subsidiary Ledger Henry Co. Lincoln Co. Now post to the partial general ledger. Use transaction dates as posting references. Partial General Ledger Accounts Receivable 112 Merchandise Inventory 142 Sales 411 Cost of Goods Sold 505