Royal collage Advance Financial Accounting Assignment Assume MT


Royal collage Advance Financial Accounting Assignment Assume MT Company bills merchandise to Mercator Branch above Home Office cost and that Mercator Branch maintains complete accounting records and prepares financial statements. Both the Home Office and the branch use the perpetual inventory system. Equipment used at the branch is carried in the Home Office accounting records. Certain expenses, such as advertising and insurance, incurred by the Home Office on behalf of the branch, are billed to the branch. (start-up costs are disregarded): The following transactions pertain to a branch’s first month’s operations and the year-end Trial Balance of both Home office and branch is presented below 1. The home office sent $9,000 cash to a branch. 2. The home office shipped inventory costing $40,000 to the branch; at a markup of 50% above Home Office cost 3. Branch inventory purchases from outside vendors totaled $30,000. 4. Branch sales on account were $80,000. 5. The home office allocated $2,000 in adverting expense to the branch 6. Branch collection on accounts receivable were $45,000. 7. Branch operating expenses of $14,000 were incurred, none of which were paid at month-end. 8. The branch remitted $17,000 to the home office. 9. The branch’s ending inventory

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