Answered: Maria Corporation has a branch in…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 84PSA

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Kindly answer in good accounting form. thank you!

Maria Corporation has a branch in Caloocan. During 2021, the home

office shipped to the branch supplies costing P156,000 at a billed price of

30% above cost. The inventories of supplies at the branch were as follows:

January 1, 2021 P110,000; December 31, 2021 128,000. On December 31,

2021, the home office holds inventories of P112,800 which includes

P11,500 held on consignment and which excludes P5,000 inventories out

on consignment.

How much is the inventories in a combined balanced

sheet as of December 31, 2021?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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