On December 31, 2005, the Investment in Ryble Branch ledger account in the accounting records of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On December 31, 2005, the Investment in Ryble Branch ledger account in the accounting records of the home office of Yugo Company shows a debit balance of $55,500. You ascer- tain the following facts in analyzing this account: CHECK FIGURES a. Unadjusted balance, $49,680; d. Adjusted balances, $57,480. 1. On December 31, 2005, merchandise billed at $5,800 was in transit from the home office to the branch. The periodic inventory system is used by both the home office and the branch. 2. The branch had collected a home office trade account receivable of $560 on December 30, 2005; the home office was not notified. 3. On December 29, 2005, the home office had mailed a check for $2,000 to the branch, but the accountant for the home office had recorded the check as a debit to the Chari- table Contributions ledger account; the branch had not received the check as of Decem- ber 31, 2005. 4. Branch net income for December 2005 was recorded erroneously by the home office at $840 instead of $480 on December 31, 2005. The credit was recorded by the home office in the Income: Ryble Branch ledger account. 5. On December 28, 2005, the branch had returned supplies costing $220 to the home office; the home office had not recorded the receipt of the supplies. The home office records acquisitions of supplies in the Inventory of Supplies ledger account. Instructions a. Assuming that all other transactions and events have been recorded properly, prepare a working paper to compute the unadjusted balance of the Home Office ledger account in the accounting records of Yugo Company's Ryble Branch on December 31, 2005. b. Prepare journal entries for the home office of Yugo Company on December 31, 2005, to bring its accounting records up to date. Closing entries have not been made. c. Prepare journal entries for Ryble Branch of Yugo Company on December 31, 2005, to bring its accounting records up to date. d. Prepare a reconciliation on December 31, 2005, of the Investment in Ryble branch ledger account in the accounting records of the home office and the Home Office ac- count in the accounting records of Ryble Branch of Yugo Company. Use a single col- umn for each account and start with the unadjusted balances. On December 31, 2005, the Investment in Ryble Branch ledger account in the accounting records of the home office of Yugo Company shows a debit balance of $55,500. You ascer- tain the following facts in analyzing this account: CHECK FIGURES a. Unadjusted balance, $49,680; d. Adjusted balances, $57,480. 1. On December 31, 2005, merchandise billed at $5,800 was in transit from the home office to the branch. The periodic inventory system is used by both the home office and the branch. 2. The branch had collected a home office trade account receivable of $560 on December 30, 2005; the home office was not notified. 3. On December 29, 2005, the home office had mailed a check for $2,000 to the branch, but the accountant for the home office had recorded the check as a debit to the Chari- table Contributions ledger account; the branch had not received the check as of Decem- ber 31, 2005. 4. Branch net income for December 2005 was recorded erroneously by the home office at $840 instead of $480 on December 31, 2005. The credit was recorded by the home office in the Income: Ryble Branch ledger account. 5. On December 28, 2005, the branch had returned supplies costing $220 to the home office; the home office had not recorded the receipt of the supplies. The home office records acquisitions of supplies in the Inventory of Supplies ledger account. Instructions a. Assuming that all other transactions and events have been recorded properly, prepare a working paper to compute the unadjusted balance of the Home Office ledger account in the accounting records of Yugo Company's Ryble Branch on December 31, 2005. b. Prepare journal entries for the home office of Yugo Company on December 31, 2005, to bring its accounting records up to date. Closing entries have not been made. c. Prepare journal entries for Ryble Branch of Yugo Company on December 31, 2005, to bring its accounting records up to date. d. Prepare a reconciliation on December 31, 2005, of the Investment in Ryble branch ledger account in the accounting records of the home office and the Home Office ac- count in the accounting records of Ryble Branch of Yugo Company. Use a single col- umn for each account and start with the unadjusted balances.
Expert Answer:
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
What are your final recommendations, including what you would recommend regarding regular and special orders, the state bidding system, and overall control of the university materials-management...
-
1. The tryptophan (trp) operon is a continuous segment of the E. coli chromosome, containing five genes (blue) that encode the enzymes necessary for the stepwise synthesis of tryptophan. There are...
-
The cash ledger account of Real Company shows a debit balance of Br 10.592.66 on Dec. 31 year 5. The bank statement indicates a balance on deposit of Br 12.269 02 on Dec. 31 Receipts of Dec 31 in the...
-
List all paths from A to H. Which paths have the lowest weight? Which path has shortest length? Is the graph connected (strongly or weakly)? 3 12 15 18 F 10 5 19 B' H 10 6 5 3 22 E G
-
Nitrogen at 90 lbf/in 2, 260 F is in a 20 ft3 insulated tank connected to a pipe with a valve to a second insulated initially empty tank of volume 20 ft3. The valve is opened and the nitrogen fills...
-
Glen Corporation is owned 80% by Zigma Corporation and 20% by Ross Gibb, a Glen employee. A preliquidation balance sheet for Glen is presented below: View the balance sheet. View the additional...
-
Stability analysis with heat transfer. Set up the equations for steady state for the Bnard problem. Now perturb the temperature and use an energy equation to derive an equation for the temperature...
-
Discussion Problem: The Margo Manufacturing Company is performing an annual evaluation of one of its suppliers, the Mimi Company. Bo, purchasing manager of the Margo Manufacturing Company, has...
-
1. You need to modify an existing VHD file. Q: How do you proceed? 2. A web-based site is needed by all users on the company's network in order to perform research on the company's competitors. After...
-
Consider the following parlor game to be played between two players. Each player begins with three chips: one red, one white, and one blue. Each chip can be used only once. To begin, each player...
-
Find the voltage across the capacitor, v(t), as a function of time for the circuit shown in the figure below. The switches, SW1 and SW2, are both closed simultaneous at t=0. The voltage on the...
-
The most common way to acquire personal property is to produce it. (True/False)
-
Natasha signs a lease for an apartment, agreeing to make rental payments before the fifth of each month. The lease does not specify a termination date. This tenancy is a. a periodic tenancy. b. a...
-
The owner of a life estate has the same rights as a fee simple owner. (True/False)
-
If an object cannot be physically delivered, it cannot be a gift. (True/False)
-
A bailment includes a transfer of title. (True/False)
-
Question Refer to the figure showing the parabola given by f(x)=4- with 0x4. D is the point (x: 0) and DB is parallel to the y-axis, with B on the graph of f. (a) (b) 0 Write down the coordinates of...
-
The electric field due to a line charge is given by where l is a constant. Show that E is solenoidal. Show that it is also conservative. E =
-
What method is used for investments in equity securities when the investor has significant influence and typically 20% to 50% ownership? Briefly describe how dividends declared and received and share...
-
The Accounts Receivable balance and Allowance for Bad Debts for Signature Lamp Company at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Signature Lamp Company...
-
1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the...
-
A typical timber wolf has a mass of \(40 \mathrm{~kg}\), a typical jackrabbit a mass of \(2.5 \mathrm{~kg}\). Given the scaling law presented in the passage, we'd expect the specific metabolic rate...
-
A standard gold bar stored at Fort Knox, Kentucky, is 7.00 inches long, 3.63 inches wide, and 1.75 inches tall. Gold has a density of \(19,300 \mathrm{~kg} / \mathrm{m}^{3}\). What is the mass of...
-
A typical timber wolf has a mass of \(40 \mathrm{~kg}\), a typical jackrabbit a mass of \(2.5 \mathrm{~kg}\). Given the scaling law presented in the passage, we'd expect the wolf to use times more...
Study smarter with the SolutionInn App