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Question 10 1 pts On June 1, 2020, Makati Company established a sales agency in Fairview, Quezon City. Upon the establishment of the sales agency, the Makati office sent merchandise samples costing P8,000 and a cash working fund of P3,000 to be maintained on the imprest basis. During the month of June, the sales agency. During the month of June, the sales agency reported to the home office sales orders. These were billed at P70,000 of which P40,000 was collected. The sales agency paid expenses of P2,800 but was reimbursed by the home office. On June 30, 2020, the sales agency samples were valued at P62000. It was estimated that the gross profit on goods shipped to fill agency sales orders averaged 40% of cost. What is the net income of the sales agency for the month ended June 30, 2020? P10,000 P23,200 P15,200 OP10,400 BI Question 11 1 pts The following information will be used for the next three questions PBB corporation has operated a branch in Kuwait 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 transactions for the year are given effect to in the trial balance below: Accounts Debit Credit Cash P4,200 Home Office Current P17.500 Shipments from Home Office 67.680 Accounts receivable 12.800 Expenses 6,820 Sales ---- 74.000 T Total DOLL RAO BLIROS I W More Accounts receivable 12,800 Expenses 6,820 Sales 74.000 Total P91.500 P91.500 The branch reported an inventory on December 31, 2020 of P9.180. The net profit of Kuwait Branch for 2020 was: P67.180 P8.680 P7.480 P9.180 More Question 12 1 pts The following information will be used for the next three questions PBB corporation has operated a branch in Kuwait 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. transactions for the year are given effect to in the trial balance below: Theo Accounts Debit Credit Cash P4,200 Home Office Current P17.500 Shipments from Home Office 67.680 Accounts receivable 12,800 6.820 More Accounts receivable 12,800 Expenses 6.820 Sales 74,000 Total P91.500 P91.500 The branch reported an inventory on December 31, 2020 of P9.180. On January 1, 2021, the Branch current account in the Home Office books should have a balance of: P26,180 P27.980 P67,680 P26,680 More Question 13 1 pts The following information will be used for the next three questions PBB corporation has operated a branch in Kuwait 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 transactions for the year are given effect to in the trial balance below: Accounts Debit Credit Cash P4,200 Home Office Current P17,500 Shipments from Home Office 67.680 Accounts receivable 12,800 Expenses 6.820 Accounts receivable 12,800 Expenses 6,820 Sales 74.000 Total P91.500 P91.500 The branch reported an inventory on December 31, 2020 of P9,180. On January 1, 2021, the Shipments to Branch account in the Home Office should have an opening balance of: OP17.500 P26,180 Zero P67,680 Question 14 1 pts The following information will be used for the next two questions Zhongli Trading Corp. operates a branch in Dagupan City. At the close of business on December 31, 2019. Liyue Branch account in the home office books showed a debit balance of P225,770. The interoffice accounts were in agreement at the beginning of the year. For purposes of reconciling the interoffice accounts, the following facts were ascertained: Office equipment costing the home office P3,500 was picked up by the branch as P350. Insurance premium of P675 charged by the home office wa taken up twice by the branch. Freight charges on merchandise made by the home office for P1.125 were recorded in the branch books as P1.215. Home office credit memo representing a discount on merchandise for P800 was not recorded by the branch. The branch failed to take up a P700 debit memo from the home office representing the share of the branch in advertising. The home office inadvertently recorded a remittance for P3,000 from . BI N . . Office equipment costing the home office P3,500 was picked up by the branch as P350. Insurance premium of P675 charged by the home office was taken up twice by the branch Freight charges on merchandise made by the home office for P1,125 were recorded in the branch books as P1,215. Home office credit memo representing a discount on merchandise for P800 was not recorded by the branch. The branch failed to take up a P700 debit memo from the home office representing the share of the branch in advertising. The home office inadvertently recorded a remittance for P3,000 from the Monstadt branch as a remittance from its Liyue branch. How much is the adjusted balance of the Liyue Branch Current account? P228,485 w P228.770 P226,485 P225.770 Previous Next > LL N Question 15 1 pts The following information will be used for the next two questions Zhongli Trading Corp. operates a branch in Dagupan City. At the close of business on December 31, 2019. Liyue Branch account in the home office books showed a debit balance of P225.770. The interoffice accounts were in agreement at the beginning of the year. For purposes of reconciling the interoffice accounts, the following facts were ascertained: Office equipment costing the home office P3,500 was picked up by the branch as P350. Insurance premium of P675 charged by the home office was taken up twice by the branch. Freight charges on merchandise made by the home office for P1,125 were recorded in the branch books as P1,215. Home office credit memo representing a discount on merchandise for P800 was not recorded by the branch. The branch failed to take up a P700 debit memo from the home office representing the share of the branch in advertising. The home office inadvertently recorded a remittance for P3.000 from the Monstadt branch as a remittance from its Liyue branch. How much is the unadjusted balance of the Home Office account in Liyue's books? w N . . Office equipment costing the home office P3,500 was picked up by the branch as P350. Insurance premium of P675 charged by the home office was taken up twice by the branch. Freight charges on merchandise made by the home office for P1,125 were recorded in the branch books as P1,215. Home office credit memo representing a discount on merchandise for P800 was not recorded by the branch. The branch failed to take up a P700 debit memo from the home office representing the share of the branch in advertising. The home office inadvertently recorded a remittance for P3,000 from the Monstadt branch as a remittance from its Liyue branch. How much is the unadjusted balance of the Home Office account in Liyue's books? . . P228,485 P226,770 P226.485 P225.770 BE V