3-2 Explain the procedure for incorporation of branch balance in head office books? 3-3 Solve: Cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
3-2 Explain the procedure for incorporation of branch balance in head office books? 3-3 Solve: Cash Notes receivable Trade accounts receivable (net) Inventories Investment in branch. Furniture and equipment (net) Trade accounts payable Common stock, $2 par Retained earnings, Dec. 31, 2004 Dividends declared Home office Sales Cost of goods sold Operating expenses Totals SOLIS COMPANY Adjusted Trial Balances December 31, 2005 Home Office Branch Dr (Cr) $ 46,000 7,000 80,400 95,800 82,700 48,100 (41,000) (200,000) (25,000) 30,000 (394,000) 200,500 69,500 $-0- Dr (Cr) $ 14,600 37,300 24,200 (82,700) (101,100) 85,800 21,900 $-0- The physical inventories on December 31, 2005, were in agreement with the perpetual inventory records of the home office and the branch. Instructions a. Prepare a four-column working paper for combined financial statements of the home office and branch of Solis Company for the year ended December 31, 2005. b. Prepare closing entries on December 31, 2005, in the accounting records of the branch of Solis Company. c. Prepare adjusting and closing entries pertaining to branch operations on December 31, 2005, in the accounting records of the home office of Solis Company. 3-2 Explain the procedure for incorporation of branch balance in head office books? 3-3 Solve: Cash Notes receivable Trade accounts receivable (net) Inventories Investment in branch. Furniture and equipment (net) Trade accounts payable Common stock, $2 par Retained earnings, Dec. 31, 2004 Dividends declared Home office Sales Cost of goods sold Operating expenses Totals SOLIS COMPANY Adjusted Trial Balances December 31, 2005 Home Office Branch Dr (Cr) $ 46,000 7,000 80,400 95,800 82,700 48,100 (41,000) (200,000) (25,000) 30,000 (394,000) 200,500 69,500 $-0- Dr (Cr) $ 14,600 37,300 24,200 (82,700) (101,100) 85,800 21,900 $-0- The physical inventories on December 31, 2005, were in agreement with the perpetual inventory records of the home office and the branch. Instructions a. Prepare a four-column working paper for combined financial statements of the home office and branch of Solis Company for the year ended December 31, 2005. b. Prepare closing entries on December 31, 2005, in the accounting records of the branch of Solis Company. c. Prepare adjusting and closing entries pertaining to branch operations on December 31, 2005, in the accounting records of the home office of Solis Company.
Expert Answer:
Answer rating: 100% (QA)
a Sales Cost of Goods Sold SOLIS COMPANY Working Paper for Combined Financial Statements of Home Off... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0133451863
12th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
Posted Date:
Students also viewed these accounting questions
-
Suppose that nominal GDP was $9500000.00 in 2005 in Fairfax County Virginia. In 2015, nominal GDP was $11500000.00 in Fairfax County Virginia. The price level rose 2.00% between 2005 and 2015, and...
-
LearnCo LearnCo manufactures and sells one product, an abacus for classroom use, with two models, the Basic model and the Deluxe model, The company began operations on January 1, 20Y1, and is...
-
Suppose you are buying a car of $26000. The dealer offers that you pay a down payment of $4000 now. Then you will pay the balance with equal monthly payments for 42 months with 6% APR compounded...
-
The adjusted trial balances of Rosa Corporation at August 31, 2014, and August 31, 2013, include these amounts (in millions): Rosa completed these transactions (in millions) during the year ended...
-
Suppose an economy has a national debt of $10 billion, and the average interest rate on this debt is currently 3%. Its GDP is $20 billion. Suppose that next year one of two events occurs: (1) GDP and...
-
Calet plc pays corporation tax at 19 per cent and has the following capital structure: Ordinary shares: 1,000,000 ordinary shares of nominal value 25p per share and market value of 79p per share. A...
-
There are many national paralegal associations. Determine whether California has its own paralegal association.
-
Avery, Inc., manufactures two component parts for the television industry: Tvez. Annual production and sales of 50,000 units at a selling price of $48.72 per unit. Premia. Annual production and...
-
Where is the comparative balance sheet? I need an Excel copy with the answers Diaz Manufacturing Company, a fictional Houston - based provider of petroleum and industrial equipment and services...
-
The Fashion Rack is a retail merchandising business that sells brand-name clothing at discount prices. The firm is owned and managed by Teresa Lojay, who started the business on April 1, 20X1. This...
-
Explain the Role of George Washington in the French and Indian war in detail.
-
Calculate the Debye length for a \(0.1-\mathrm{M}\) solution of a univalent \((1,1)\) electrolyte, i.e., one with single-charged cations and single-charged anions, in water. If the surface has a...
-
Extend the analysis of a system for transport in a charged membrane to the case of a mixture of two electrolyte salts with a common anion (a mixture of \(\mathrm{NaCl}\) and \(\mathrm{KCl}\), for...
-
Consider a charged membrane of thickness \(100 \mu \mathrm{m}\) with concentrations of \(1 \mathrm{M} \mathrm{HCl}\) on one side and \(0.1 \mathrm{M} \mathrm{HCl}\) on the other side. The membrane...
-
Find the flow rate for an electro-osmotic flow in a tube of diameter \(5 \mu \mathrm{m}\) and length \(10 \mathrm{~cm}\) filled with an aqueous solution. The applied potential is \(1 \mathrm{kV}\)....
-
Analyze the problem of electro-osmotic flow with an additional imposed pressure gradient. Show that the volumetric flow rate can be expressed as \[Q=L_{11} \Delta \phi+L_{12} \Delta P\] where...
-
A company invests a total of $30,000 of surplus funds at two annual rates of interest: 4% and 6 %. It wishes an annual yield of no less than 6 %. What is the least amount of money that the company...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
On July 1, 2014, Duchy County receives a $500,000 contribution from the local chapter of Homeless No More. A trust agreement specifying that the income from the contribution be distributed each May...
-
Distinguish between measurement and denomination in a particular currency.
-
Jax, Kya, and Bud, who share partnership profits 50 percent, 30 percent, and 20 percent, respectively, decide to liquidate their partnership. They need the cash from the partnership as soon as...
-
A scientist wants to determine whether people who live in places with high levels of air pollution get more colds than people in areas with little air pollution. Do you think it is possible to design...
-
Draw a simple random sample of eight animals from the list of 40 animals in the table. Exercises 2124 refer to the population of animals in the following table. The population is divided into four...
-
In the 1936 presidential election, Republican candidate Alf Landon challenged President Franklin Roosevelt. The Literary Digest magazine conducted a poll in which they mailed questionnaires to more...
Study smarter with the SolutionInn App