4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as follows: (see image below) Determine the Branch December 31, 2021 Inventory at cost. Home OfficeBranchSalesP 256,000P 78,500Purchases from outsiders210,00020,000Shipments to branch:Cost to home officeBilling price to branchExpensesInventories, January 1, 2008:Home office acquired from outsiders, at costBranch:Acquired from outsiders, at costAcquired from home office, at billed price(which averaged 22 % above cost)30,00040,00012,50060,00080,0007,50024,500Inventories, December 31, 2008:Home Office, acquired from outsiders, at costBranch:55,000Acquired from outsiders, at costAcquired from home office, at 2008 billedprice5,50026,000

Name: 4. ABC Company operates a branch. Operating data for the home office a
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Description: 4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as follows: (see image below) Determine the Branch December 31, 2021 Inventory at cost. Home OfficeBranchSalesP 256,000P 78,500Purchases from outsiders21

Branch and Head office concept comes in to existence where company is running from more than one…

Answered: 4. ABC Company operates a branch.…

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4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as follows: (see image below) Determine the Branch December 31, 2021 Inventory at cost.

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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Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
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