Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow: DEF Corp. B Branch Sales (550,000) (310,000) Purchases Expenses Beg. Inventory Branch Current 380,000 50,000 104,000 58,100 46,000 116,600 23,100 Shipment from Home Office 209,000 Freight in 15,000 11,000 Home Office Current (106,600) Shipment to branch Branch merchandise markup (200,000) (22,000) As of December 31, 2021, a shipment with a billing price of P11,000 was in transit to the branch. Freight cost, is always 5% of the billing price. Merchandise on hand at year-end were: at home office, P64,000 at cost; at branch
Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow: DEF Corp. B Branch Sales (550,000) (310,000) Purchases Expenses Beg. Inventory Branch Current 380,000 50,000 104,000 58,100 46,000 116,600 23,100 Shipment from Home Office 209,000 Freight in 15,000 11,000 Home Office Current (106,600) Shipment to branch Branch merchandise markup (200,000) (22,000) As of December 31, 2021, a shipment with a billing price of P11,000 was in transit to the branch. Freight cost, is always 5% of the billing price. Merchandise on hand at year-end were: at home office, P64,000 at cost; at branch
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...
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REQUIRED: COMPUTE THE COMBINED NET INCOME FOR 2021.
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