Question: Answer this accounting question. HOME OFFICE and BRANCH Problem Solving Problem 1: Selected information from selected trial balances of the HO and the branch of

Answer this accounting question.

HOME OFFICE and BRANCH Problem Solving Problem 1: Selected information from selected trial balances of the HO and the branch of ABC Company on December 31, 2023 is provided. The branch acquires from the HO and outside suppliers. Home Office Branch Sales P60,000 P30,000 Shipments to Branch 8,000 Allowance for overvaluation Of branch inventory 3,600 Shipments from Home Office 10,000 Purchases (outsiders) 35,000 5,500 Merchandise inventory, 12/01/2023 20,000 15,000 Expenses 14,000 6,000 Additional information: Merchandise inventory, December 31, 2023: Home Office P20,000 Branch (P7,500 from HO and P2,500 from outsiders) 10,000 1. What is the billing rate of home office to branch for merchandise shipment? 2. How much of the December 1 inventory of the branch represent purchases from outsiders and goods shipped from HO? 3. What is the net income reported by the branch? 4. What is the combined net income for home office and branch operations? A.G.ESPULONG, CPA PrE7: Accounting for Business Combination

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