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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.

FINANCIAL ACCOUNTING
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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*How much is the total assets in the combined statement of financial position? (Complete solution please)

 

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.
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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