CHAPTER 13.doc

CHAPTER 13 MULTIPLE CHOICES - COMPUTATIONAL 13-1:

c

13-2:

a Goods available for sale: At billed price (P30,000 + P180,000) At cost (P210,000 / 120%) Balance of Allowance for Overvaluation account before adjustment

13-3:

b Inter-company inventory profit (IIP) before closing Less: IIP from shipment from home office Billed price Cost (P300,000 / 125%) IIP from beginning inventory at billed price Divided by Cost of branch’s beginning inventory

13-4:

P300,000 240,000

Billed Price P15,000 110,000

% 150% 150%

Cost P10,000 73,333

5,000

150%

3,333

60,000 P 6,000 ÷ 25% P 24,000

Overvaluation P 5,000 36,667 41.667 1,667 P40,000

c Shipment to branch, at billed price (P375,000 x 120%) Shipping cost Total cost Sold (50%) Branch Inventory – Billed price

13-6:

P 66,000

a Beginning inventory from HO Shipments Balance before adjustment Ending inventory from HO Required adjustments

13-5:

P210,000 175,000 P 35,000

P450,000 2,000 452,000 226,000 P226,000

b Shipment to branch, at cost Shipping cost Cost Sold (50%) Branch Inventory - at cost

P375,000 2,000 377,000 188,500 P188,500

17

13-7:

c Home office account balance after closing branch profit Less: branch profit Investment in branch account balance before closing branch profit

13-8:

d Branch ending inventory, at billed price Acquired from home office, at billed price: Cost (P6,000 / 20%) Mark-up Purchased from outsiders

13-9:

P765,000 130,000 P635,000

P 50,000 P30,000 6,000

36,000 P 14,000

b Cost of goods sold – Home office Cost of goods sold – Branch: Billed price Less: overvaluation (P110,000 – P90,000) Combined cost of goods sold

P590,000 P300,000 20,000

280,000 P870,000

13-10: c 13-11: d Overvaluation of branch ending inventory acquired from HO: Billed price Cost (P28,600 / 130%) Adjusted balance of allowance for overvaluation account

P 28,600 22,000 P 6,600

13-12: b Shipment from home office Expenses Cash remittance to home office Home Office account balance before closing

P 90,000 17,000 (70,000) P 37.000

13-13: b Shipment to branch, at cost Ending inventory, at cost (P70,000 / 30%) Cost of goods sold Freight (P6,000 x P50,400/P72,000) Total

P 72,000 ( 21,600) P 50,400 4,200 P 54,600

13-14: b (20% of P30,000) 13-15: b (P151,200 / 140%)

18

13-16: c Sales Cost of goods sold Shipments from home office (P151,200/140%) P108,000 Inventory, 1/1 (P28,350 / 140%) 20,250 Inventory, 12/31 (P25,200 / 140%) ( 18,000) Gross profit Expenses Branch profit as far as the home office is concerned

P270,000

110,250 P159,750 90,000 P 69,750

13-17: c Unsold merchandise Less: Merchandise acquired from home office, at billed price Merchandise acquired from outsiders Merchandise acquired from home, at cost (P7,500 / 20%) Branch inventory at cost, 12/31

P 60,000 45,000 P 15,000 37,500 P 52,500

13-18: a Branch inventory, 1/1 Acquired from home office – at billed price: Overvaluation [P99,900 – (P390,000 – P300,000)] Cost (P9,900 / 30%) Branch Inventory, 1/1 - Purchased from outsiders

P 54,600 P 9,900 33,000

42,900 P 11,700

13-19: c Acquired from home office [(P60,000 x 80%) ÷ 120%] Acquired from outsiders (P60,000 x 20%) Branch inventory, 12/31 – at cost

P 40,000 12,000 P 52,000

13-20: b Sales (P148,000 + P144,000) Cost of sales – at cost to home office: Shipment from home office (P108,000 / 120%) P90,000 Purchases 52,000 Inventory, 12/31 (no. 19 above) (52,000) Gross profit Expenses (P76,000 + P24,000) Branch net income (actual)

P192,000

90,000 P102,000 100,000 P 2,000

13-21: b Allowance for overvaluation account balance Overvaluation on the shipment (P200,000 x 25%) Overvaluation on the branch beginning inventory Cost of branch beginning inventory (P7,500 / 25%) Branch beginning inventory – at billed price

P 57,500 50,000 P 7,500 30,000 P 37,500

19

13-22: b Sales Cost of goods sold – cost to home office Beginning inventory P 30,000 Shipment from home office 200,000 Ending inventory (P40,000 / 125%) ( 32,000) Gross profit Expenses Branch net income as far as the home office is concerned

P400,000

198,000 P202,000 100,000 P102,000

13-23: b Branch inventory, 1/1 Acquired from home- at billed price Overvaluation [P24,000 – (P80,000 – P60,000)] P 4,000 At cost [(P4,000 ÷ (P20,000 / P60,000)] 12,000 Acquired from outsiders

P 20,000 16,000 P 4,000

13-24: a Sales Cost of sales (at cost to home office) Inventory, 1/1 (P12,000 + P4,000) P16,000 Shipments from home office 60,000 Purchases 30,000 Inventory, 12/31 [(P20,000÷133 1/3%) +P6,000] (21,000) Gross profit Expenses Branch net income (actual)

P200,000

85,000 P115,000 60,000 P 55,000

13-25: a Inventory, 1/1 Shipments from home office Overvaluation Cost of goods available for sale Percentage of mark-up (P72,500 / P362,500)

P 75,000 360,000 ( 72,500) P362,500 20%

13-26: b

20

13-27: a Billing percentage above cost (P20,000 / P80,000) Branch inventory, 6/1 – at cost (P12,000 / 125%) Home office inventory, 6/1 Purchases Goods available for sale Inventory, 6/30 – at cost: Branch (P10,000 / 125%) Home office Combined cost of goods sold

25% P 9,600 40,000 160,000 209,600 P 8,000 60,000

68,000 P141.600

13-28: d Sales Cost of goods sold Gross profit Expenses Combined comprehensive income

P450,000 141,600 308,400 150,000 P158,400

13-29: d Sales Cost of goods sold: Inventory, 1/1: Home office P57,500 Branch (P22,250 / 125%) 17,800 P 75,300 Purchases 410,000 Goods available for sale P 485,300 Inventory, 12/31: Home office P71,250 Branch (P29,250/120%) 24,375 95,625 Gross profit Expenses Combined comprehensive income

P687,500

389,675 297,825 241,750 P 56,075

13-30: a Sales Cost of goods sold: Inventory, 1/1: Home office Branch [P15,000 + (P49,000 / 122.5%)] Purchases Goods available for sale Inventory, 12/31: Home office Branch [P11,000 + (P52,000 / 133 1/3%)] Gross profit Expenses Combined comprehensive income

P669,000 P160,000 55,000

P110,000 50,000

P215,000 460,000 P675,000 160,000

515,000 154,000 145,000 P 9,000

21

13-31: a The entries made by the branch to record the interbranch transfer of merchandise are: Books of Branch 1: Home office 19,500 Freight in 3,500 Shipment from home office 16,000 Books of Branch 3: Shipment from home office 16,000 Freight in 4,000 Cash 2,500 Home office 17,500 Therefore the home office would make the following entry: Investment in Branch 3 17,500 Excess freight 2,000 Investment in Branch 1

19,500

13-32: a Unadjusted balances Error in recording shipment Error in recording expense Unrecorded cash remittance Adjusted balances

(Home office books) Investment in branch 77,000 (31,000) 46,000

(Branch books) Home office 61,000 (10,000) 5,000 46,000

13-33: c 13-34: a Home office books Inv in Bacolod 25,000 Inv in Cebu 25,000

Cebu branch books Home office 25,000 Cash 25,000

Inv in Bacolod 34,300 Inv in Cebu 34,300

Home office 34,300 SD 700 AR 35,000

Inv in Bacolod 62,500 Home office 212,500 Expenses 150,000 Expenses 37,500 Inv in Cebu 212,500 Cash 250,000

Bacolod branch books Cash 25,000 Home office 25,000 Cash

34,300 Home office 34,300

Expenses 62,500 Home office 62,500

Inv in Cebu 253,000 Freight in 3,000 S to branch 200,000 S from HO 250,000 Allowance 50,000 Home office 253,000 Cash 3,000 Inv in Bacolod 252,700 Home office 253,000 Excess freight 300 S from H 250,000 Inv in Cebu 253,000 Freight In 3,000

Ship. fr. HO 250,000 Freight In 4,200 Cash 1,500 Home Office 252,700

22

(Home office books) Investment in Cebu Branch 25,000 34,300 212,500 253,000 253,000 524,800 271,800

(Bacolod branch books) Home Office 25,000 34,300 62,500 252,700 374,500

23

PROBLEMS Problem 13-1 (a)

Journal Entries Home Office Books

Branch Books

(1) Investment in branch Cash

18,000

(2) Investment in branch Cash

3,000

(3) Investment in branch Shipment to branch Allowance for overValuation (4)

Equipment Home office

18,000

18,000

Rent expense Home office

3,000

3,000

Shipment from HO Home office

100,000

80,000

100,000

18,000 3,000 100,000

20,000

No entry

Operating expenses Cash Cash

11,000 11,000 105,000

Sales (5) Cash

60,000 Investment in branch

(b)

60,000

Home office Cash

105,000 60,000 60,000

Working Paper Elimination Entries (1)

(2)

(3)

Home office 61,000 Investment in branch To eliminate reciprocal accounts computed as follows: Equipment purchased P 18,000 Rent paid 3,000 Inventory shipped 100,000 Cash transfer ( 60,000) Balance P 61,000 Shipment to branch Allowance for overvaluation of branch inventory Shipment from home office To eliminate inter-company shipments Inventory, 12/31 (Statement of CI) Inventory, 12/31 (Statement of FP) To reduce inventory, 12/31 to cost.

61,000

80,000 20,000 100,000 5,000 5,000

24

Problem 13-1, continued:

(c)

Closing Entries – Branch Books Sales Inventory, 12/31 Rent expense Shipment from home office Operating expenses Income summary Income summary Home office

105,000 25,000 3,000 100,000 11,000 16,000 16,000 16,000

Problem 13-2 a.

Branch Books

-

Equipment Shipment from home office Cash Home office

50,000 60,000 10,000

Purchases Cash or accounts payable

30,000

Prepaid rent Home office

10,000

Cash Accounts receivable Sales

40,000 50,000

Advertising expense Salary expense Cash

8,000 5,000

-

-

-

Home office Cash

120,000 30,000 10,000

90,000

13,000 10,000 10,000

Home office Accounts receivable

3,000

Rent expense Prepaid rent

5,000

3,000 5,000

25

Problem 13-2, continued:

Home Office Books -

-

-

Investment in branch 120,000 Equipment Shipment to branch Allowance for overvaluation of branch inventory Cash To record assets sent to branch Investment in branch Cash To record rent expense of the branch

10,000

Cash

10,000 10,000

Cash

3,000

Investment in branch To record collection of branch receivable. b.

20,000 10,000

10,000

Investment in branch To record cash remittance from branch -

50,000 40,000

3,000

Statement of Comprehensive Income Sales Cost of goods sold Shipment from home office – at cost Purchases Goods available for sale Ending inventory: From home office (1/3) From outsiders (1/4) Gross profit Expenses: Advertising expense Salary expense Rent expense Comprehensive income

P90,000 P40,000 30,000 70,000 P13,333 7,500

(20,833) P 8,000 5,000 5,000

49,167 40,833

18,000 P22,833

Problem 13-3 a.

Investment in Branch account – beginning balance Cash transfer Inventory transfer Rent allocated Expenses allocated Inventory transfer Transportation allocated Unadjusted balance – Investment in Branch account

P 86,000 ( 32,000) 34,500 1,000 3,000 46,000 3,000 P141,500

26

Problem 13-3, continued:

b.

Home Office account – beginning balance Inventory transfer Rent allocated Expenses allocated Inventory transfer (error made) Cash transfer Home Office account – unadjusted balance

c.

Reconciliation Statement Unadjusted balances, 1/31 Unrecorded cash transfer Error in recording transfer (overstated) Expense allocation not recorded Adjusted balances, 1/31

P 54,000 34,500 1,000 3,000 64,000 ( 74,000) P 82,500 Investment in Branch P141,500 ( 74,000)

Home Office P 82,500 18,000 ( 3,000)

P 67,500

P 67,500

Problem 13-4 a.

b.

Books of Branch X Shipment from home office Freight-in Home office

5,000 300

Home office Shipment from office

5,800 5,800

Books of Branch Y Shipment from home office Freight-in Home office

c.

5,300

5,000 600 5,600

Books of the Home Office Investment in branch – X Shipment to branch – X Cash

5,300

Investment in branch – Y Inter-branch freight expense Investment in branch – X

5,000 600

Shipment to branch – X Shipment to branch – Y

5,000

5,000 300

5,600 5,000

27

Problem 13-5 Malakas Company Combination Worksheet Year Ended December 31, 2013

Malakas

Davao

Debits Cash Accounts receivable Inventory, 12/31 Investment in branch Land, bldg, and equipment Shipment from office Purchases Depreciation expense Advertising expense Rent expense Miscellaneous expense Inventory, 1/1 Total debits

25,000 108,000 209,000 207,000 340,000 348,000 25,000 36,000 12,000 40,000 175,000 1,525,000

18,000 25,000 42,000 112,000 96,000 8,000 15,000 5,000 20,000 35,000 376,000

Credits Accumulated depreciation Accounts payable Notes payable Home office

80,000 37,000 220,000 -

16,000 15,000 176,000

Common stock Retained earnings, 1/1 Sales Shipment to branch Inventory, 12/31

100,000 240,000 529,000 110,000 209,000

127,000 42,000

Adjustments and Eliminations Debit Credit

(4) 14,000

(5) 16,000 (7)207,000

(3) 14,000

(6)110,000

43,000 133,000 249,000 452,000

(1) 9,000 (1) 6,000 (1) 2,000 (2) 10,000

348,000 33,000 60,000 23,000 62,000 200,000 877,000

(7)207,000

96,000 52,000 220,000 -

(1) 17,000 (3) 14,000

100,000 (2) 10,000

(230,000) (655,000)

(6)110,000 (5) 16,000

(4) 14,000

Combined net income

(249,000) (179,000)

Combined retained earnings Totals

Statement Retained of CI Earnings Satement Dr (Cr) Dr (Cr) of FP

(179,000) (409,000)

1,525,000

376,000

388,000

388,000

(409,000) 877,000

Adjustments and Elimination Entries (1)

(2)

(3)

Advertising expense Rent expense Miscellaneous expenses Home office Unrecorded expenses allocated to the branch

9,000 6,000 2,000 17,000

Retained earnings, 1/1 Inventory, 1-1 To eliminate unrealized inventory profit of preceding year

10,000

Shipment from home office Home office Unrecorded shipments

14,000

10,000

14,000

28

Problem 13-5, continued:

(4)

(5)

(6)

(7)

Inventory, 12/31 (debits) Inventory (credits) Shipment not yet received by the branch

14,000

Inventory, 12/31 (debits) Inventory (credits) To reduce ending inventory to cost

16,000

Shipment to branch Shipment from home office To eliminate inter-company shipments

110,000

Home office Investment in branch To eliminate reciprocal accounts

207,000

14,000

16,000

110,000

207,000

Problem 13-6 a.

Eliminating Entries (1) (2) (3)

(4) (5)

Home office Investment in branch – Silver

395,000

Home office Investment in branch – Opal

260,000

395,000 260,000

Unrealized intra-company profit – Silver Unrealized intra-company profit – Opal Inventory – from home office

20,000 16,000

Inventory Inventory – from home office

90,000

Unrealized intra-company profit – Silver Equipment

40,000

36,000 90,000 40,000

29

Problem 13-6, continued: Ginto Company Working Paper December 31, 2013

Cash Accounts receivable Inventory Inventory – from home office Land Buildings and equipment Investment in branch – Silver Investment in branch – Opal Total debits Accumulated depreciation Accounts payable Bonds payable Common stock Retained earnings Home office Unrealized intra-company profit Silver Opal Total credits

b.

Home Office 81,000 100,000 260,000

Silver Branch 20,000 40,000 50,000 70,000

Opal Branch 15,000 25,000 44,000 56,000

70,000 700,000 395,000 260,000 1,866,000

30,000 350,000

20,000 200,000

560,000

360,000

2,055,000

280,000 110,000 400,000 300,000 700,000 -

120,000 45,000

80,000 20,000

480,000 175,000 400,000 300,000 700,000

395,000

260,000

60,000 16,000 1,866,000

560,000

360,000

Eliminations Debit Credit (4) 90,000

Combined 116,000 165,000 444,000

( 3) 36,000 (4) 90,000 (5) 40,000 (1)395,000 (2)260,000

120,000 1,210,000

(1)395,000 (2)260,000 (3) 20,000 (5) 40,000 (3) 16,000 821,000

821,000

2,055,000

Ginto Company Combined Statement of Financial Position December 31, 2013 Assets Cash Accounts receivable Inventory Land Buildings and equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders’ Equity Liabilities Accounts payable Bonds payable Total liabilities Stockholders’ Equity Common stock Retained earnings Total liabilities and stockholders’ equity

P 116,000 165,000 444,000 120,000 P1,210,000 480,000

730,000 P1,575,000

P 175,000 400,000 575,000 P 300,000 700,000

1,000,000 P1,575,000

30

Problem 13-7 a.

b.

Books of Branch P Shipment from home office Freight-in Home office

8,000 50

Home office Shipment from home office Freight-in Cash

8,120 8,000 50 70

Books of Branch Q Shipment from home office Freight-in Home office

c.

8,050

8,000 80 8,080

Books of Home Office Investment in branch – P Shipment to branch – P Cash

8,050

Investment in branch – Q Inter-branch freight expense Investment in branch – P

8,080 40

Shipment to branch - P Shipment to branch – Q

8,000

8,000 50

8,120 8,000

Problem 13-8 Debits: Cash = P36,000 (add the book values and include the P9,000 transfer in transit) Accounts receivable = P118,000 Inventory, 12/31 = P151,000 (branch balance would be P81,000 when the shipment in transit is included. This balance must be adjusted to cost of P54,000 (P81,000 ÷ 150%) and then add to home office balance of P97,000. Investment in branch = 0 (eliminated) Land, buildings and equipment = P460,000 Shipment from home office = 0 (eliminated) Purchases = P429,000 Depreciation expense = P28,000 (add the two book values and the year-end allocation) Advertising expense = P58,000 (add the two book values and the year-end allocation) Rent expense = P30,000 (add the two book values and the year-end allocation) Miscellaneous expense = P100,000 (add the two book values and the year-end allocation) Inventory, 1/1 = P145,000 (branch balance is adjusted to cost of P24,000 (P36,000 / 150%), and then added to home office balance. Total debits = P1,555,000 (add the above totals)

31

Credits Accumulated depreciation = P108,000 Accounts payable = P104,000 Notes payable = P180,000 Home office = 0 (eliminated) Common stock = P60,000 (home office balance) Retained earnings, 1/1 = P248,000 (home office balance after reduction of P12,000 unrealized profit in beginning inventory of branch. Cost is P24,000 (P36,000 / 150%) which indicates the P12,000 unrealized. Sales = P704,000 Shipment to branch = 0 (eliminated) Inventory, 12/31 = P151,000 Total credits = P1,555,000 (add the above totals) Reconciliation Statement Investment in Branch account balance (Home office books) Unrecorded cash transfer Adjusted balance

P177,000 ( 9,000) P168,000

Home Office account balance (Branch books) Inventory transfer in transit Expense allocated not yet recorded Adjusted balance

P123,000 21,000 24,000 P168,000

Problem 13-9 a. Home Office Books (1) Investment in branch Shipment to branch Unrealized inventory profit (2) Cash Investment in branch Closing entries: (3) Sales Inventory, 12/31 Shipment to branch Purchases Expenses Income summary (4) Investment in branch Branch income summary Branch income summary Investment in branch

Case A 60,000

Case B 75,000 60,000 -

61,200

61,200 61,200

130,000 8,000 60,000

61,200 61,200

130,000 8,000 60,000 150,000 17,200 30,800

61,200 130,000 8,000 60,000

150,000 17,200 30,800

150,000 17,200 30,800

13,000 13,000 500

14,000 500

Unrealized inventory profit Branch income summary Income summary Income summary Retained earnings

60,000 15,000

Case C 90,000 60,000 30,000

13,500

14,000 27,000

500 13,000 43,800

43,800 43,800

14,000 13,000 43,800

43,800

43,800

32

Ilocos Branch Books Case A (1) Shipment from home office Home office

60,000

(2) Accounts receivable Sales

81,000

(3) Cash

64,000

Case B 75,000

60,000 81,000

14,000

(5) Home office Cash

61,200

90,000 81,000

81,000 64,000

64,000

(4) Expenses Cash

90,000 75,000

81,000

Accounts receivable

Case C

81,000 64,000

64,000 14,000

14,000

64,000 14,000

14,000 61,200

61,200

14,000 61,200

61,200

61,200

b. Closing entries (6) Sales Inventory 12/31 Shipment from HO Expenses Income summary

81,000 6,000

(7) Income summary Home office

13,000

Home office Income summary

81,000 7,500 60,000 14,000 13,000

81,000 9,000 75,000 14,000

500

90,000 14,000 14,000

13,000 500

14,000 500

14,000

33

c. Working Paper for Combined Financial Statements December 31, 2013 Home Office

Branch

Eliminations Debit Credit

Combined

Statement of Comp. Income Sales Merchandise inventory, 12/31 Shipment to branch Total credits

130,000 8,000 60,000 198,000

Shipment from home office Purchases Expenses Total debits Net income(loss) carried forward

150,000 17,200 167,200 30,800

14,000 104,000 (14,000)

150,000 31,200 181,200 43,800

30,800

(14,000)

43,800

30,800

(14,000)

43,800

39,000 45,000 8,000 28,800 120,800

(11,200) 17,000 9,000

27,800 62,000 14,000 103,800

Retained Earnings Statement Net income (loss) from above Retained earnings, 12/31 Carried forward Statement of FP Cash (overdraft) Accounts receivable Merchandise inventory, 12/31 Investment in branch Total debits Accounts payable Unrealized inventory profit Capital stock Retained earnings, from above Home office Total credits

81,000 9,000 90,000 90,000

20,000 30,000 40,000 30,800 120,800

211,000 14,000 225,000

(3) 3,000 (2) 60,000 (2) 90,000

(3) 3,000 (1) 28,800

14,800 (2) 30,000 (14,000) 28,800 14,800

(1) 28,800 121,800

121,800

20,000 40,000 43,800 103,800

34

Problem 13-10 (1)

Consolidated Working Paper Home Office

Branch A

Branch B

Debits Cash Inventories

33,000 70,000

22,000 21,000

13,000 15,000

Other current assets Investment in Branch A Investment in Branch B Cost of sales *

50,000 45,000 42,000 80,000

25,000

23,000

57,000

45,000

Expenses

90,000 410,000

25,000 150,000

20,000 116,000

40,000 100,000 50,000

15,000

11,000

45,000

30,000

Credits Current liabilities Capital stock Retained earnings, Jan. 1 Home Office Allow. for overvaluation of Branch inv. – Branch A Allow. for overvaluation of Branch inv. – Branch B Sales

13,000 12,000 195,000 410,000

Adj. & Elim. (dr) Cr

Statement of FP 68,000

A (12,000) B 8,000 D 45,000 D 42,000 B (8,000) C 25,000

110,000 98,000 (165,000) (135,000) 276,000 66,000 100,000 50,000

A 12,000 D (87,000) C (13,000) C (12,000)

90,000 150,000

75,000 116,000

360,000

Comprehensive income



Statement of CI

60,000

60,000 276,000

Book value of cost of sales from home office and branches

Home Office Inventory, January 1, Purchases Shipment to branch Shipment from home office Goods available for sale Inventory, Dec. 31 Cost of sales

P 80,000 160,000 ( 90,000) P150,000 ( 70,000) P 80,000

Investment in Branch A

Investment in Branch B

P 18,000

P24,000

60,000 P 78,000 ( 21,000) P 57,000

36,000 P 60,000 (15,000) P 45,000

35

(2)

Reconciliation Statement

Unadjusted balances, Dec.31

Books of Home Office Investment Investment In Branch A In Branch B P 45,000 P 42,000

Books of Branch A Home Office P 45,000

Shipments in transit to Branch B Branch Profit (Schedule 1) Adjusted balances, December 31

Books of Branch B Home Office P 30,000 12,000

8,000 P 53,000

10,000 P 52,000

8,000

10,000

P 53,000

P 52,000

Schedule 1: Sales Cost of sales: Beginning inventory Shipment from home office Goods available for sale Ending inventory Cost of sales Gross profit Expenses Comprehensive Income

Branch A P90,000 P18,000 60,000 78,000 21,000 57,000 33,000 25,000 P 8,000

Branch B P75,000 P24,000 48,000 72,000 27,000 45,000 30,000 20,000 P10,000

36