How much is the sales of branch to be included in the combined financial statements?a. 2,240,000b. 0c. 2,333,333d. 2,800,000 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

A separate business unit located away or separately from the home office is defined as a branch. The…

Answered: How much is the sales of branch to be…

How much is the sales of branch to be included in the combined financial statements? a. 2,240,000 b. 0 c. 2,333,333 d. 2,800,000

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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Question

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

a. 2,240,000

b. 0

c. 2,333,333

d. 2,800,000

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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