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How much is the net income of the branch presented

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Reference no: EM132758877

Question - The following records were taken from the books of the TIWALALANG Company and its branch on December 31, 2016:

 

HO Books

Branch Books

Sales

920,000

2,000,000

Shipments to branch

1,200,000

 

Beginning inventory

192,000

128,000

Purchases

1,880,000

480,000

Shipments from home office

 

1,500,000

Allowance for overvaluation

316,000

 

Ending inventory

224,000

165,600

Expenses

243,000

138,000

Required -

1. How much is the net income of the branch presented in the combined financial statements?

2. How much is the combined net income?

3. How much is the ending balance of Allowance for overvaluation of branch inventory account?

Reference no: EM132758877

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