please answer it with a solution.REQUIRED: COMPUTE THE TOTAL INCREASE OR (DECREASE) FOR THE HOME OFFICE ACCOUNT BALANCES ON DECEMBER 31, 2021 Selected balances from ABC Co's Branch A and Branch B are:A BranchB BranchBeginning InventoryPetty Cash FundEnding InventoryAccounts Receivable, Beginning19,20021,0002,00019,00055,0001,50012,000Shipment from Home OfficeAccounts Receivable, EndCash CollectionsSalesCash Expenses43,50047,00053,30070,00080,00061,00070,00085,000100,00014,30021,000All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sentdirectly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed bythe Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in thebooks of the branch. Compute the TOTAL increase or (decrease) for the Home Office account balances onDecember 31, 2021.

In order to calculate the total increase or decrease for home account balances, we need to prepare…

Selected balances from ABC Co's Branch A and Branch B are: A Branch B Branch 21,000 Beginning Inventory Petty Cash Fund Ending Inventory Accounts Receivable, Beginning Shipment from Home Office Accounts Receivable, End Cash Collections Sales Cash Expenses 19,200 1,500 2,000 12,000 19,000 55,000 43,500 47,000 61,000 53,300 70,000 85,000 70,000 80,000 100,000 14,300 21,000 All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the TOTAL increase or (decrease) for the Home Office account balances on December 31, 2021.

Selected balances from ABC Co's Branch A and Branch B are: A Branch B Branch 21,000 Beginning Inventory Petty Cash Fund Ending Inventory Accounts Receivable, Beginning Shipment from Home Office Accounts Receivable, End Cash Collections Sales Cash Expenses 19,200 1,500 2,000 12,000 19,000 55,000 43,500 47,000 61,000 53,300 70,000 85,000 70,000 80,000 100,000 14,300 21,000 All sales, collections, and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home Office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home Office and credited to the Home Office account. All expenses paid by the branch are recorded in the books of the branch. Compute the TOTAL increase or (decrease) for the Home Office account balances on December 31, 2021.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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