Advanced Accounting 2 - Guerrero, Peralta (Solution Manual 2013)

SOLUTIONS MANUAL > Advanced Accounting 2 - Guerrero, Peralta (Solution Manual 2013)

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Our Lady of Fatima University CBA 3RD YEAR CHAPTER 12 MULTIPLE CHOICE 12-1: d. This is recorded when the working fund is replenished. 12-2: c. Sales Cost of goods sold: Purchases P800,000 Merchandise inventory, end 180,000 Gross profit Expenses Net income (loss) b Sales Cost of ...[Show More]

Our Lady of Fatima University
CBA 3RD YEAR

CHAPTER 12
MULTIPLE CHOICE
12-1: d. This is recorded when the working fund is replenished.
12-2: c.

Sales Cost of goods sold: Purchases	P800,000
Merchandise inventory, end	180,000
Gross profit Expenses Net income (loss) b Sales Cost of goods sold (P70,000 / 140%) Gross profit Less: Samples (P8,000 – P6,000)	P 2,000
Expenses	2,800
Net income a Sales Cost of goods sold Gross profit Expenses (P9,000 + P4,500) Net income a a c a Shipment of merchandise to home office Equipment sent to home office Expenses assigned to branch by the home office Cash remittance to home office Home office account balance

P 700,000
620,000
P 80,000
198,000
P (118,000)
12-3: P 70,000
50,000
P 20,000
4,800
P 15,200
12-4: P 100,000
72,000
P 28,000
13,500
P 14,500
12-5: 12-6: 12-7: 12-8 P 80,000
50,000
8,000
(40,000)
P 98,000
2

12-9: d 12-10: a Home Office account balance before closing, Dec. 32, 1008	P 35,000
Net income (loss) Sales	P147,000
Cost of cost goods sold Shipment to branch	P135,000
Inventory, 12/31	18,500	116,500
Gross profit	P 30,500
Expenses	13,500	17,000
Home Office account balance (Investment in Branch account balance)	P 52,000

Shipment to Branch account has no beginning balance, because this was closed at the end
of 2008.

12-11:	b	Jan. 1, 2008	Jan. 1, 2009
Petty cash fund	P 6,000	P 6,000
Accounts receivable	86,000	98,000
Inventory	74,000	82,000
Home Office account balance	P166,000	P186,000
12-12:	d (Branch Books)	(Home Office Books)
Home Office Investment in Branch
Unadjusted balances, Dec. 31	P 21,320	P 38,600
Remittance in transit	(10,400)
Shipment in transit	7,280
Cash collections of home office	( 400)

Adjusted balances, Dec. 31 P 28,200 P 28,200
12-13: a
Unadjusted balance – Investment in Branch account, 12/31 P430,000
Charge for advances by president (5,500)
Erroneous entry for merchandise allowance ( 600)
Share in advertising expense (9,000)
Unadjusted balance – Home Office account, 12/31 P414,900

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Category:	SOLUTIONS MANUAL
Number of pages:	170
Language:	English
Last updated:	4 months ago
Downloads:	0
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SOLUTIONS MANUAL > Advanced Accounting 2 - Guerrero, Peralta (Solution Manual 2013)

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