Tugas09
Comparative trial balances of the home office and the two branches of Toller
Corporation at December 31, 20X2 were as follows:
Homer Home
Hampton
Norfolk
Office
Branch
Branch
Debits
Cash
$
Accounts Receivables-net
5,000
$
15,000
$
22,000
80,000
30,000
40,000
Inventories
150,000
60,000
48,000
Roca branch
170,000
-
-
Lane branch
165,000
-
-
Plant asset (net)
730,000
250,000
200,000
Purchases
900,000
-
-
-
300,000
240,000
300,000
75,000
50,000
$ 2,500,000
$730,000
$ 600,000
Shipment from home office
Expenses
Total debits
Credits
Accounts payable
100,000
$ 45,000
80,000
15,000
5,000
Loading in branch inventories
108,000
-
-
Capital stock, $10 par
500,000
-
-
Retained earnings
262,000
-
-
-
170,000
165,000
1,000,000
500,000
400,000
450,000
-
-
$ 2,500,000
$ 730,000
$ 600,000
Other liabilities
Home office
Sales
Shipments to branches
Total credits
$
Additional information
Home office and branch inventories at December 31, 20X2 were:
$
30,000
Home office at cost
$120,000
Roca branch at billing prices
72,000
Lane branch at billing prices
96,000
All branch shipments are billed at 120% of home office cost
Required
1. Compute the beginning inventory of Toller Corporation dated December 31,
20X1.
2. Compute the ending inventory of Toller Corporation at December 31, 20X2.
3. Prepare journal entries to close the books of the Roca branch and the Lane branch
at December 31, 20X2.
4. Prepare journal entries to adjust and close the books of the home office at
December 31, 20X2.
5. Prepare an income statement for the home office of Toller Corporation for the
year ended December 31, 20X2 (not a combined income statement).