Problem IV Victor Company operates a branch in Cebu. Selected accounts were taken from December 31 books of the aurrent year. Financial statements of Victor and its branch are as follows: Branch Home Office 6,900,000 1,750,000 3,765,000 Sales Shipment to Branch Shipment from Home Office Inventory, Jan. 1 Inventory, Jan. 31 Purchases Allo. for overvaluation of inventory Expenses 800,000 640,000 6,800,000 452,500 356,000 2,187,500 120,000 250,000 1,000,000 250,000 1. The net income reported by the branch 2. Overstatement of branch cost of sales as far as home office is concerned

Problem IV Victor Company operates a branch in Cebu. Selected accounts were taken from December 31 books of the aurrent year. Financial statements of Victor and its branch are as follows: Branch Home Office 6,900,000 1,750,000 3,765,000 Sales Shipment to Branch Shipment from Home Office Inventory, Jan. 1 Inventory, Jan. 31 Purchases Allo. for overvaluation of inventory Expenses 800,000 640,000 6,800,000 452,500 356,000 2,187,500 120,000 250,000 1,000,000 250,000 1. The net income reported by the branch 2. Overstatement of branch cost of sales as far as home office is concerned

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section: Chapter Questions

Problem 1MP

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