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

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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

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