How much is the sales of branch to be included in the combined financial statements?a. 2,333,333b. 2,800,000c. 2,240,000d. 0 How much is the cost of goods sold of the branch to be included in the combined financial statements?a. 1,800,000b. 900,000c. 1,200,000d. 1,500,000 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:2,600,0002,000,000500,000Branch current accountShipments to branchAllowance for markup - Unadjusted

Combined Financial Statement:-It is a financial report in which both parent and subsidiary company's…

How much is the sales of branch to be included in the combined financial statements? a. 2,333,333 b. 2,800,000 c. 2,240,000 d. 0 How much is the cost of goods sold of the branch to be included in the combined financial statements? a. 1,800,000 b. 900,000 c. 1,200,000 d. 1,500,000

How much is the sales of branch to be included in the combined financial statements? a. 2,333,333 b. 2,800,000 c. 2,240,000 d. 0 How much is the cost of goods sold of the branch to be included in the combined financial statements? a. 1,800,000 b. 900,000 c. 1,200,000 d. 1,500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What revenue amount must one customer generate before it must be identified as a major customer?

A: To determine the revenue amount that must be generated by a customer to be identified as a major…

Q: Merchandise purchased fo Freight In... Freight Out.. Purchased returns..

A: Before calculating the inventoriable costs,for better understanding,firstly we need to understand…

Q: From these results of operations, determine the cost of goods manufactured of XY Co. Finished goods…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: Exercise 3: The following information is given for Erwin Company for 19X6: net sales $52,000, net…

A: Introduction:- Net sales is the sum of gross sales minus its sales returns, allowances, and any…

Q: How much will be the cost per kilo of A if the freight share is base on invoice price FREIGHT IN…

A: Note: It is given that, freight cost will be allocated on the basis of Invoice price. So, we use the…

Q: 14. An entity has the following information relating to its biological assets during the year,…

A: cost to sell are the incremental cost incurred directly attributable to the disposal of the asset.

Q: Use the following to answer questions 34 – 39 - ST reports the following income statement results:…

A: As requested to answer the number 39 so we are answering only 39.

Q: How much is the sales of branch to be included in the combined financial statements? a. 2,240,000…

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

Q: 2022 Sales revenue $500,000 Cost of goods sold Gross profit Operating expenses 400,000 ? Wages…

A: Formula: Gross profit = sales revenue - cost of goods sold

Q: How much is the sales of branch to be included in the combined financial statements? 2,333,333…

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

Q: Warner Co. is a manufacturer of wagons. How much will the company report as cost of goods sold on…

A: Cost of goods sold budget shows the expenses incurred for producing a product. Cost of goods sold is…

Q: The "Cost of goods sold" account is associated with which of the following major categories? O…

A: The direct cost which is expended for the production of the goods is known as COGS. It includes…

Q: , B, and C formed a joint operation. The following were taken from the joint operation's books:…

A: Joint operation: Joint operation can be defined as the agreement between the parties in which the…

Q: What is the cost of goods sold? O A. $751,700 OB. $364,500 O C. $455,400 O D. $520,600

A: Definition: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a…

Q: Numbers 15, 16 & 17 Pilipinas Shell Petroleum is employing normal costing for its job orders. The…

A: Overhead means the cost incurred indirect in factory for the production of goods. Predetermined…

Q: If sales revenues are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000…

A: In order to determine the gross profit, the cost of goods sold are required to be deducted from the…

Q: Computation of net income: Net sales 680,400 Less: cost of goods sold (327,600) Gross profit…

A: As requested to Solve Part B so we are answering only Part B.

Q: Sales Cost of goods sold General and administrative expense Depreciation expense Interest expense…

A: Income statement is prepared to ascertain the net income (or net loss) made by the business during…

Q: If cost of goods sold is Rs. 25,00,000, closing stock is Rs. 2,00,000, and opening stock Rs.…

A: The cost of production is computed using the following formula: - Cost of Production = Closing…

Q: JO What is the cost of goodš sold 10r a. 960,000 b. 880,000 c. 980,000 d. 950,000 What is the…

A: 3) Cost of Goods Sold of June Therefore, Option C is the Correct answer i.e. 980,000

Q: Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400…

A: Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends…

Q: 3 4 Sales Revenue 5 Sales Revenue 6 7 8 9 10 11 5 12 Gross Profit 13 16 17 14 Operating Activities…

A: Current ratio is the measure or ratio which is used to determine the liquidity position of an…

Q: Walang Kayo Company provided the following data: 12/31/2019 P 600,000 4,000,000 2,400,000 1,200,000…

A: As per Accrual concept every income and expense should be recognise in the books of accounts as and…

Q: Use the following to answer questions 30 – 35 Find the missing amounts: Case 1 Case 2 Case 3 Net…

A: Ans. 30. $ 362,900 31. $ 24,600 32. $ 444,000 33. $ 89,800 34. $ 1,110,000 35. $ 361, 500

Q: . Compute the commission and net proceeds for the sale on consignment. Gross Sales $42,800…

A: In this question, we are required to determine the commission and the net proceeds.

Q: Francis Company 900,000.00 pr 580,000.00 10,000.00 82,000.00 150,000.00 65,000.00 780,000.00…

A: The ratio analysis helps to analyse the financial statements of the business. Assets turnover is…

Q: ibuted merchandise costing P1,600. Freigh purchases amounting to P400 using the c expenses of P800…

A: Since you have asked two different questions under a single question. As per protocol we provide you…

Q: 6. What would the amount of cost of sales be in the following scenario? Purchases returns, R8 000;…

A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…

Q: For each company, calculate these values: (Round return on assets and profit margin to 1 decimal…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of the…

Q: Given the information below, what is the profit percent? Round your answer to two decimal places…

A: Given: Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570…

Q: Calculate the missing amounts. a b d e Net sales Cost of goods sold Gross profit from sales…

A: An income statement is a financial report that summarizes a company's revenues and expenses over a…

Q: Total Goods Available for Sale = Beg. Inventory + Net Purchases + ___________ Gross Profit…

A: Goods available for sale is the term that indicates the value of goods that are finished and ready…

Q: Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%)…

A: Profit MarginProfit margin is a metric used to assess a company's profitability; it shows the…

Q: Refer to the information provided in Table Table $Billions Durable goods 600 Nonresidential…

A: Exports means the goods sold to rest of the world and imports means the goods purchased from the…

Q: ABC, wholesaler, incurred the following costs: Purchase abroad ($ 1= P 50) $ 10,000 P 50,000 Import…

A: Cost of Inventory Purchased: As a result, the processes required to determine the quantity of…

Q: Sale Purchases Gross Profit Selling Expense Admin cost Operating Profit a) What is the difference…

A: Sure! Here's an overview of the calculations and concepts:a) Markup vs. Margin: Markup is the amount…

Q: On May 1, 2021, AAA and BBB formed a joint operation to acquire and sell a special type of…

A: Joint venture means where two or more persons comes together to do some business and share profit as…

Q: Multiple choice 1. What is the Income from operation A. 20,000 B. 55,000 C. 60,000 D. 190,000 2.…

Q: , What is the total amount of purchases up to April 30? 1 760 000

A: When the business organization needs to goods from the wholesaler or the manufacturing unit for the…

Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

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

a. 2,333,333

b. 2,800,000

c. 2,240,000

d. 0

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

a. 1,800,000

b. 900,000

c. 1,200,000

d. 1,500,000

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:
2,600,000
2,000,000
500,000
Branch current account
Shipments to branch
Allowance for markup - Unadjusted

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

sh16 Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15, n/45. The cost of the goods sold was $14,693. Abbey Co. issued a credit memo for $4,100 for merchandise returned that originally cost $1,189. What is the amount of gross profit earned by Abbey Co. on these transactions? a.$13,504 b.$19,816 c.$16,396 d.$4,100
NEED ANSWER ASAP Q: USING THE BALANCE SHEET PROVIDED, WHAT IS THE AVERAGE FINISHED GOODS INVENTORY? EXPLAIN
1
i need Part B solution Part A here solution Computation of net income: Net sales 680,400 Less: cost of goods sold (327,600) Gross profit 352,800 Less: administrative expense (126,000) Less: selling expense (100,800) Operational income 126,000 Discontinued operations (loss before income tax) (50,400) Income before tax 75,600 Less: income tax (30%) (22,680) Net income 52,920 Hence, net income for 2022 is calculated as €52,920.
H-4
Need Help with this Question
Income Statement for Bearcat Hathaway, 2022 Sales Less Cost of Goods Sold Gross Profit Less General & Administrative Expenses $10,000,000 $2,470,732 $7,529,268 $1,438,438 $2,656,922 $3,433,908 $924,283 $2,509,625 $527,021 $1,982,604 $312,519 Less Depreciation Earnings Before Interest and Taxes Less Interest Paid Taxable Income (or Earnings Before Taxes) Less Taxes (21% Tax Rate) Net Income Dividends Calculate the operating cash flow. $6,090,830 $1,304,007 $3,433,908 $5,563,809 O $1,982,604
Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********
[231] Use the following data: Net sales $2,708,000 Beginning total assets $713,000 Asset turnover 4 What is the ending total asset balance? a. $577,000 b. $713,000 c. $641,000 d. $677,000
Using the direct method compute World Wide Corps; Cash Payments to Suppliers Cash Payments for Operating Expenses See attached for Inputs
Q31 Each and every individual item in this method is recorded in balance sheet in ________ method taking in to consideration the ________ index according to the cost of replacing all the assets and liabilities rather than original cost. a. Historical cost ; General price index b. Current purchasing; General price index c. Replacement cost ; Specific price index d. Replacement cost ; General price index