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    Triple J Wholesale Company Work Sheet for Combined Financial Statements For the Year Ended December 31, 2008 Debits Cash Accounts Receivable inventory Plant Assets, net Branch Purchases Shipments from Home Office Expenses Income Tax Trial Balance Home Office Branch 36,000 8,000 35,000 12,000 70,000 15,000 90,000 20,000 Accounts Payable Accrued Expense income Tax Payable Home office Ordinary Share Capital Retained Earnings Income Statement Debit Credit 49,000 45,000 74,500 94,000 Credits

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    Triple J Wholesale Company Work Sheet for Combined Financial Statements For the Year Ended December 31, 2008 Debits Cash Accounts Receivable inventory Plant Assets, net Branch Purchases Shipments from Home Office Expenses Income Tax Trial Balance Home Office Branch 36,000 8,000 35,000 12,000 70,000 15,000 90,000 20,000 Accounts Payable Accrued Expense income Tax Payable Home office Ordinary Share Capital Retained Earnings Income Statement Debit Credit 49,000 45,000 74,500 94,000 Credits

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    31 visualizzazioni3 pagine

    Chapter 9 Aa 1 Sola

    Caricato da

    rheixzyl130
    Triple J Wholesale Company Work Sheet for Combined Financial Statements For the Year Ended December 31, 2008 Debits Cash Accounts Receivable inventory Plant Assets, net Branch Purchases Shipments from Home Office Expenses Income Tax Trial Balance Home Office Branch 36,000 8,000 35,000 12,000 70,000 15,000 90,000 20,000 Accounts Payable Accrued Expense income Tax Payable Home office Ordinary Share Capital Retained Earnings Income Statement Debit Credit 49,000 45,000 74,500 94,000 Credits

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    AA1-Chapter 9 (2008 edition)

    page1

    Problem 9 8
    Triple J Wholesale Company
    Work Sheet for Combined Financial Statements
    For the Year Ended December 31, 2008

    Debits
    Cash
    Accounts Receivable
    Inventory
    Plant Assets, net
    Branch

    Purchases
    Shipments from Home Office
    Expenses
    Income Tax

    Trial Balance
    Home Office
    Branch
    36,000
    8,000
    35,000
    12,000
    70,000
    15,000
    90,000
    20,000

    290,000
    44,000

    24,000
    45,000
    16,000

    585,000

    120,000

    Accounts Payable
    Accrued Expenses
    Income Tax Payable
    Home Office

    36,000
    14,000

    13,500
    2,500

    Ordinary Share Capital


    Retained Earnings

    50,000
    45,000

    Adjustments and
    Eliminations
    Debit
    Credit
    (c ) 5,000
    (b) 2,000
    (f) 2,500
    (a) 4,000
    (a) 4,000
    (c ) 5,000
    (g) 11,000

    Income Statement
    Debit
    Credit

    82,500

    74,500

    Balance Sheet
    Debit
    Credit
    49,000
    45,000
    74,500
    94,000

    314,000
    (e) 3,000
    (d) 1,000
    (i) 36,400

    (h) 48,000
    61,000
    36,400

    Credits

    Sales

    9,000

    440,000
    585,000

    (b) 2,000
    (g) 11,000
    (f)

    95,000
    120,000

    P55,000
    19,500
    P74,500

    (i) 36,400
    (d) 1,000
    (e) 3,000

    50,000
    42,500

    2,500

    (h) 48,000
    112,900

    Net income

    Inventory, beg:
    Home Office
    Branch P2,000 + P21,000/120%

    49,500
    16,500
    36,400

    Inventory, end:
    Home Office
    Branch

    112,900

    493,900
    67,600
    561,500

    P70,000
    12,500
    P82,50

    487,000
    561,500
    561,500

    262,500

    67,600
    262,500

    AA1-Chapter 9 (2008 edition)

    page2

    Problem 9 9
    Triple M Company
    Work Sheet for Combined Financial Statements
    For the Year Ended December 31, 2008
    Debits
    Cash

    Trial Balance
    HO
    Branch
    17,000
    200

    Inventory
    Sundry Assets
    Investment in Branch

    23,000
    200,000
    60,000

    Purchases
    Shipment from Home Office
    Freight-in from Home Office
    Sundry Expenses
    Income Tax

    190,000

    Credits
    Sundry Liabilities
    Income Tax Payable
    Ordinary Share Capital
    Retained Earnings
    Home Office Equity
    Sales
    Shipments to Branch
    Allowance for Markup in BI

    11,550
    48,450

    Adjustments and
    Eliminations
    Debit
    Credit
    a. 1,700
    b. 1,800
    e. 1,000

    Cost of Goods Sold


    Debit
    Credit

    33,550

    Income Statement
    Debit
    Credit

    44,770

    Combined
    Balance Sheet
    Debit
    Cred8t
    20,700
    44,770
    248,450

    a. 1,700
    g. 58,300
    190,000

    42,000

    105,000
    5,500
    24,300

    532,000

    195,000

    35,000

    3,500

    c. 5,000
    d.
    250

    f. 110,000
    5,750

    h. 15,460

    15,460
    66,300
    d.
    250
    h. 15,460

    38,750
    15,460
    200,000
    31,000

    200,000
    31,000
    51,500
    155,000
    110,000
    1,000
    532,000

    g. 58,300

    b. 1,800
    c. 5,000

    140,000

    195,000

    295,000
    f. 110,000
    e. 1,000
    193,510

    193,510

    229,300

    Cost of Goods Sold


    229,300

    44,770
    184,530
    229,300

    Net income

    Merchandise inventory, end:


    Home office
    Branch [((P15,400 / 110%) + (P15,400 x 5%)] = P14,000 + P770

    184,530
    266,290
    28,710
    295,000

    P30,000
    14,770

    295,000
    295,000

    313,920

    28,710
    313,920

    AA1-Chapter 9 (2008 edition)

    page3

    Total

    P44,770

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