How much is the sales of branch to be included in the combined financial statements?2,333,3332,240,0002,800,0000How much is the cost of goods sold of the branch to be included in the combined financial statements?900,0001,200,0001,800,0001,500,000How much is the ending inventory of the branch to be included in the combined financial statements?1,000,000800,0001,250,0008333,333 The following information was taken from the records of a branch:Sales by branchBeginning inventoryBillings to branch by home officeOperating expenses2,800,0002,500,000400,000Ending inventory at billed price1,000,000The following information was taken from the records of the home office:Branch current account2,600,000Shipments to branchAllowance for markup - Unadjusted2,000,000500,000

Name: How much is the sales of branch to be included in the combined financi
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Description: How much is the sales of branch to be included in the combined financial statements?2,333,3332,240,0002,800,0000How much is the cost of goods sold of the branch to be included in the combined financial statements?900,0001,200,0001,800,0001,500,000How

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How much is the sales of branch to be included in the combined financial statements?

2,333,333

2,240,000

2,800,000

How much is the cost of goods sold of the branch to be included in the combined financial statements?

900,000

1,200,000

1,800,000

1,500,000

How much is the ending inventory of the branch to be included in the combined financial statements?

1,000,000

800,000

1,250,000

8333,333

The following information was taken from the records of a branch:
Sales by branch
Beginning inventory
Billings to branch by home office
Operating expenses
2,800,000
2,500,000
400,000
Ending inventory at billed price
1,000,000
The following information was taken from the records of the home office:
Branch current account
2,600,000
Shipments to branch
Allowance for markup - Unadjusted
2,000,000
500,000

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