Income Statement for Branch For Month Ended x4 Sales P 20000 Cost

Income statement for branch for month ended x4 sales

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Income Statement for Branch For Month Ended December 31, 20x4 Sales .............................................................................................................. ............................. P 20,000 Cost of goods sold: Merchandise inventory, December 1 ................................................ P 14,400 Purchases .............................................................................................. 4,100
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Shipments from home office ............................................................... 10,200 Merchandise available for sale .......................................................... P 28,700 Less: Merchandise Inventory, December 31 ..................................... 14,600 Cost of goods sold ....................................................................................................... 14,100 Gross profit .............................................................................................................. ................... P 5,900 Operating expenses: Advertising expense ............................................................................. P 2,800 Salaries and commissions expense ..................................................... 2,350 Store supplies expense ......................................................................... 280 Miscellaneous selling expense ............................................................ 1,050 Rent expense ........................................................................................ 1,500 Depreciation expense – furniture and fixtures .................................. 36 Miscellaneous general expense ......................................................... 905 Total operating expenses .......................................................................................... 8,921 Net loss ................................................................................................................. ..................... P 3,021 SPENCER CO.
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Balance Sheet for Home Office December 31, 20x4 Assets Liabilities and Stockholder’s Equity_______ Cash ..................................................... P10,350 Liabilities Cash in transit ..................................... 1,500 Accounts payable ................ P 35,400 Accounts receivable ........................ 26,200 Accrued expenses ............... 260 P 35,660 Merchandise inventory ..................... 24,200 Stockholders’ Equity Store supplies ...................................... 380 Capital Stock ......................... P 65,000 Prepaid expenses ............................... 350 Less deficit .............................. 4,476 60,524 Furniture and fixtures .............. P 8,500 Less: Accumulated depreciation .............. 2, 585 5,915 Branch ..................................... P29,239 Less: Unrealized intercompany inventory profit ............ 1,950 27,289 Total liabilities and ________ Total assets ........................................ P 96,184 stockholder’s equity ............................... P 96,184 SPENCER CO. Income Statement for Home Office For Month Ended December 31, 20x4 Sales .............................................................................................................. ............................. P 44,850 Cost of goods sold: Merchandise inventory, December 1 ................................................ P 31,500
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Purchases .............................................................................................. 27,600 Merchandise available for sale .......................................................... P 59,100 Less: Shipments to branch ................................................................... 8,500 Merchandise available for own sales ................................................ P 50,600 Less: Merchandise Inventory, December 31 ..................................... 24,200 Cost of goods sold .......................................................................................... 26,400 Gross profit .............................................................................................................. ................... P 18,450 Operating expenses: Advertising expense ............................................................................. P 2,850 Salaries and commissions expense ..................................................... 4,250 Store supplies expense ......................................................................... 560 Miscellaneous selling expense ............................................................ 1,850 Rent expense ........................................................................................ 2,700 Depreciation expense – furniture and fixtures .................................. 85 Miscellaneous general expense ......................................................... 2,510 Total operating expenses ............................................................................. 14,805
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Net income from own operations ......................................................................................... P 3,645 Less: Branch net loss ................................................................................................................ 1,271 Total income ........................................................................................................... ................. P 2,374 2. Refer to Word Document Worksheet 3, Combined Statements SPENCER CO. Combined Balance Sheet for Home Office and Branch December 31, 20x4 Assets Liabilities and Stockholders’ Equity Cash ………………………………. P 14,500 Liabilities Accounts Receivable ………… 39,050 Accounts Payable ……….. P39,600 Merchandise Inv ………………. 36,850 Accrued Expenses ………. 365 P 39,965 Store Supplies ………………….. 680 Stockholders’ Equity Prepaid Expenses …………….. 470 Capital Stock ……………… P65,000 Furniture & Fixtures ……… P12,100 Less deficit …………………. 4,476 60,524 Less accumulated Depreciation …... 3,161 8,939 Total assets ……………………… P100,489 Total liabilities and SHEquity P100,489
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SPENCER CO. Combined Income Statement for Home Office and Branch For Month Ended December 31, 20x4 Sales ……………………………………………………………………………… ………………………… P64,850 Cost of goods sold: Merchandise Inventory, December 1 …………………………………… P43,900 Purchases ……………………………………………………………………… 31,700 Merchandise available for sale …………………………………………… P75,600 Less merchandise inventory, December 31 …………………………….
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