Profit and loss data for A Company and its branch for 2018 + follows: Home office Branch Sales 365,000 90,000 220,000 13,700 35,000 10,000 300 174,500 Shipment to branch Purchases from outsiders 35,000 2,500 9,500 2,000 500 Advertising expense Salaries and commissions Rent expense Miscellaneous expense Shipment from home office Inventories, January 1 Inventories, 1/1, from outsider Inventories, 1/1, from HO which is billed 20% above cost Inventories, 12/31 Inventories, 12/31 from outsider Inventories, 12/31 from H0 at billed price 112,500 + 85,000 9,500 42,000 65,000 6,000 30,000 The branch inventorytt on December 31, 2018 is? b. The combined net income of HO and the branch on December 31, 2018 is?

Profit and loss data for A Company and its branch for 2018 + follows: Home office Branch Sales 365,000 90,000 220,000 13,700 35,000 10,000 300 174,500 Shipment to branch Purchases from outsiders 35,000 2,500 9,500 2,000 500 Advertising expense Salaries and commissions Rent expense Miscellaneous expense Shipment from home office Inventories, January 1 Inventories, 1/1, from outsider Inventories, 1/1, from HO which is billed 20% above cost Inventories, 12/31 Inventories, 12/31 from outsider Inventories, 12/31 from H0 at billed price 112,500 + 85,000 9,500 42,000 65,000 6,000 30,000 The branch inventorytt on December 31, 2018 is? b. The combined net income of HO and the branch on December 31, 2018 is?

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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