The trial balances of INTERIM MPORARY CO.'s home office and branch are shown below: INTERIM TEMPORARY Co. Trial balance December 31, 20x1 Home office Dr. (Cr.) Branch Dr. (Cr.) Cash 4,400,000 1,668,000 Accounts receivable 720,000 400,000 2,600,000 Inventory, beg. Shipments from home office Purchases 920,000 288,000 88,000 160,000 72,000 Freight-in Shipments to branch (920,000) 3,308,000 Investment in branch 1,600,000 (160,000) 200,000 Equipment 2,880,000 (288,000) 360,000 Accumulated depreciation - equipment Furniture Accumulated depreciation - furniture Accounts payable Accrued expenses Share capital (36,000) (288,000) (180,000) (8,000,000) (2,000,000) (20,000) (160,000) (100,000) Share premium Retained earnings - beg. (824,800) (3,308,000) (3,600,000) (2,000,000) 272,000 Home office Sales 672,000 Depreciation expense Utilities expense 72,000 40,000 General overhead expense 28,800 16,000 Various operating expenses 720,000 400,000 Totals The home office and the branch have ending inventories of P1,080,000 and P600,000, respectively.
The trial balances of INTERIM MPORARY CO.'s home office and branch are shown below: INTERIM TEMPORARY Co. Trial balance December 31, 20x1 Home office Dr. (Cr.) Branch Dr. (Cr.) Cash 4,400,000 1,668,000 Accounts receivable 720,000 400,000 2,600,000 Inventory, beg. Shipments from home office Purchases 920,000 288,000 88,000 160,000 72,000 Freight-in Shipments to branch (920,000) 3,308,000 Investment in branch 1,600,000 (160,000) 200,000 Equipment 2,880,000 (288,000) 360,000 Accumulated depreciation - equipment Furniture Accumulated depreciation - furniture Accounts payable Accrued expenses Share capital (36,000) (288,000) (180,000) (8,000,000) (2,000,000) (20,000) (160,000) (100,000) Share premium Retained earnings - beg. (824,800) (3,308,000) (3,600,000) (2,000,000) 272,000 Home office Sales 672,000 Depreciation expense Utilities expense 72,000 40,000 General overhead expense 28,800 16,000 Various operating expenses 720,000 400,000 Totals The home office and the branch have ending inventories of P1,080,000 and P600,000, respectively.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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*How much is the total assets in the combined
Transcribed Image Text:The trial balances of INTERIM TEMPORARY Co.'s home office and branch are shown below:
INTERIM TEMPORARY Co.
Trial balance
December 31, 20x1
Home office
Dr. (Cr.)
4,400,000
Branch
Dr. (Cr.)
1,668,000
Cash
Accounts receivable
720,000
400,000
Inventory, beg.
Shipments from home office
Purchases
2,600,000
920,000
288,000
160,000
88,000
72,000
Freight-in
Shipments to branch
(920,000)
3,308,000
Investment in branch
Equipment
Accumulated depreciation - equipment
2,880,000
(288,000)
1,600,000
(160,000)
Furniture
360,000
200,000
(36,000)
(288,000)
Accumulated depreciation - furniture
(20,000)
(160,000)
(100,000)
Accounts payable
Accrued expenses
(180,000)
Share capital
(8,000,000)
Share premium
(2,000,000)
(824,800)
Retained earnings - beg.
Home office
(3,308,000)
(3,600,000) (2,000,000)
Sales
Depreciation expense
672,000
272,000
Utilities expense
General overhead expense
Various operating expenses
72,000
40,000
28,800
720,000
16,000
400,000
Totals
The home office and the branch have ending inventories of P1,080,000 and P600,000, respectively.
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