How much is the total profit in the combined statement of profit or loss? (Complete solution please) The trial balances of INTERIM TEMPORARY Co.'s home office and branch are shown below:INTERIM TEMPORARY Co.Trial balanceDecember 31, 20x1Home officeDr. (Cr.)4,400,000BranchDr. (Cr.)1,668,000CashAccounts receivable720,000400,000Inventory, beg.Shipments from home officePurchases2,600,000920,000288,000160,00088,00072,000Freight-inShipments to branch(920,000)3,308,000Investment in branchEquipmentAccumulated depreciation - equipment2,880,000(288,000)1,600,000(160,000)Furniture360,000200,000(36,000)(288,000)Accumulated depreciation - furniture(20,000)(160,000)(100,000)Accounts payableAccrued 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)SalesDepreciation expense672,000272,000Utilities expenseGeneral overhead expenseVarious operating expenses72,00040,00028,800720,00016,000400,000TotalsThe home office and the branch have ending inventories of P1,080,000 and P600,000, respectively.

Financial Statement:- These are statements prepared at the end of the financial year to know the…

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.) Branch Dr. (Cr.) 1,668,000 Cash 4,400,000 Accounts receivable 720,000 400,000 Inventory, beg. Shipments from home office Purchases 2,600,000 920,000 160,000 Freight-in Shipments to branch 288,000 88,000 (920,000) 72,000 Investment in branch 3,308,000 Equipment 2,880,000 1,600,000 (288,000) (160,000) 200,000 Accumulated depreciation - equipment Furniture 360,000 Accumulated depreciation - furniture Accounts payable Accrued expenses Share capital (36,000) (288,000) (180,000) (8,000,000) (2,000,000) (824,800) (20,000) (160,000) (100,000) Share premium Retained earnings - beg. Home office (3,308,000) (3,600,000) (2,000,000) 272,000 Sales Depreciation expense 672,000 72,000 40,000 Utilities expense General overhead expense Various operating expenses Totals 28,800 16,000 720,000 400,000 The home office and the branch have ending inventories of P1,080,000 and P600,000, respective

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.) Branch Dr. (Cr.) 1,668,000 Cash 4,400,000 Accounts receivable 720,000 400,000 Inventory, beg. Shipments from home office Purchases 2,600,000 920,000 160,000 Freight-in Shipments to branch 288,000 88,000 (920,000) 72,000 Investment in branch 3,308,000 Equipment 2,880,000 1,600,000 (288,000) (160,000) 200,000 Accumulated depreciation - equipment Furniture 360,000 Accumulated depreciation - furniture Accounts payable Accrued expenses Share capital (36,000) (288,000) (180,000) (8,000,000) (2,000,000) (824,800) (20,000) (160,000) (100,000) Share premium Retained earnings - beg. Home office (3,308,000) (3,600,000) (2,000,000) 272,000 Sales Depreciation expense 672,000 72,000 40,000 Utilities expense General overhead expense Various operating expenses Totals 28,800 16,000 720,000 400,000 The home office and the branch have ending inventories of P1,080,000 and P600,000, respective

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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