Carnage outwardsDebtors and CreditorsCashLightingFactory powerSivarTrial balance as on 31 December 2010DrAdministration salariesSales rep's salariesCommission on sales$2.950DrawingsCapital as at 1.1.2010Wages (direct 80,000, factory indirect $72,500) 162,500RoyaltiesCamage inwards (un raw materials)Purchases of raw materialsInventory of raw materials 1.1.2010inventory of finished goods 1 1 2010Work in progress 1.1.2010Productive machinery (cost $140,000)Accounting machinery (cost €10.000)General factory expensesRentInsuranceGeneral administration expensesBank chargesDiscounts allowed28,40071,15075010,0003.5001,750185,00010,50019.4506.750115,0006,00015.5003,7506,85022,00015,0005,7506,0002,1006,7001.1502,400710,900Crt500,00062,500148.400710,900Additional informationinventory of raw materials 12.000, inventory of finished goods $20.000work in progress $7,500Lighting, rent and insurance are to be apportioned factory 5/6,administration 1/6Depreciation on productive and accounting machinery at 10 percent perannum on costPrepare the manufacturing Income Statement for the year ended 31December 2010 and a Statement of Financial positions as at that date

Financial statement means the statement which include the income statement and the balance sheet.…

Cariage outwards Deurs and Creditors Drawings Capital as at 1.1.2010 Wages (direct 90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials Inventory of raw materials 1.1.2010 inventory of finished goods 1.1 2010 Work in progress 1.1.2010 Productive machinery (cost $140,000) Accounting machinery (cost $10.000) General factory expenses Lighting Factory power Administration salaries Sales rep's salaries Commission on sales ance as on 31 December 2010 Dr 2.950 28,400 71,150 750 10,000 Rant Insurance General administration expenses Bank charges Discounts allowed 3,500 1,750 185,000 10,500 19.450 6.750 115,000 6,000 15.500 3,750 6,850 22.000 15,000 5,750 6,000 2,100 6,700 1.150 2,400 710,900 Cr C 500,000 62.500 148.400 710,900 Additional information inventory of raw materials 12.000, inventory of finished goods $20.000 work in progress $7,500. Lighting, rent and insurance are to be apportioned factory 5/6, administration 1/6. Depreciation on productive and accounting machinery at 10 percent per annum on cost Prepare the manufacturing, Income Statement for the year ended 31 December 2010 and a Statement of Financial positions as at that date

Cariage outwards Deurs and Creditors Drawings Capital as at 1.1.2010 Wages (direct 90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials Inventory of raw materials 1.1.2010 inventory of finished goods 1.1 2010 Work in progress 1.1.2010 Productive machinery (cost $140,000) Accounting machinery (cost $10.000) General factory expenses Lighting Factory power Administration salaries Sales rep's salaries Commission on sales ance as on 31 December 2010 Dr 2.950 28,400 71,150 750 10,000 Rant Insurance General administration expenses Bank charges Discounts allowed 3,500 1,750 185,000 10,500 19.450 6.750 115,000 6,000 15.500 3,750 6,850 22.000 15,000 5,750 6,000 2,100 6,700 1.150 2,400 710,900 Cr C 500,000 62.500 148.400 710,900 Additional information inventory of raw materials 12.000, inventory of finished goods $20.000 work in progress $7,500. Lighting, rent and insurance are to be apportioned factory 5/6, administration 1/6. Depreciation on productive and accounting machinery at 10 percent per annum on cost Prepare the manufacturing, Income Statement for the year ended 31 December 2010 and a Statement of Financial positions as at that date

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 1.3C

See similar textbooks

Similar questions

1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Credit RM Particulars Debit RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) 21,000 38,900 13,500 325,000 7,000 3,500 370 000 230.000 12,000 31,000 7,500 13,700 44,000 Administration computers (cost RM20,000) Coneral factory expenses General Lighting actory power Factory Administration salaries Sales Sales representative salaries Commission on sales Rent 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales 1,000,000 64,000 Account receivable and accounts payable Bank Cash Drawings Capital as at 1 Jan 2020 142,300 16,800 1,500 60,000 357,800 1,421,800 1,421,800 ТОTAL Prepared by: Puan Siti Nor Junita Mohd Radzi…
1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) 21,000 38,900 13,500 325,000 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable 1,000,000 64,000 142,300 16,800 1,500 60,000 Bank Cash Drawings Capital as at 1 Jan 2020 357,800 ТОTAL 1,421,800 1,421,800 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information: i.…
Cost of Goods Manufactured; Income Statement The following data pertain to BaborCompany for the fiscal year ended December 31:[LO 3-4]Prior December 31 Current December 31Purchases of materials $165,000Direct labor 114,000Indirect labor 45,000Factory insurance 8,000Depreciation—factory 33,000Repairs and maintenance—factory 11,000Marketing expenses 144,000General and administrative expenses 86,000Materials Inventory $23,000 55,000Work-in-Process Inventory 13,000 16,000Finished Goods Inventory 17,000 24,000Sales in the current year were $625,000.Required Prepare a schedule of cost of goods manufactured and an income statement for the current yearfor Babor Company similar to those in Exhibit 3.15A.
Sales Cost of goods sold Sales returns and allowances Operating expenses: Thompson's Company Income Statement For the Month Ended August 31, 2021 Net income $ 6,700 1,100
1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Credit Debit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) | 325,000 Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales 21,000 38,900 13,500 7,000 3,500 370,000 230,000 12,000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards Sales Account receivable and accounts payable Bank Cash Drawings Capital as at 1 Jan 2020 4,800 5,900 1,000,000 64,000 142,300 16,800 1,500 60,000 357,800 1,421,800 1,421,800 ТОTAL Prepared by: Puan Siti Nor Junita Mohd Radzi
(1)Garcon Company | Pepper Company (2) Finished goods inventory, beginning $ 13,200 / $ 16, 750 Work in process inventory, beginning 18,000/ 22,650 Raw materials inventory, beginning 9, 800/12, 750 Rental cost on factory equipment 30, 250/26, 350 Direct labor 19, 400 / 39,400 Finished goods inventory, ending 17,300 / 16, 400 Work in process inventory, ending 26, 200/20, 400 Raw materials inventory, ending 8, 000/ 9,200 Factory utilities 14, 100/13, 750 General and administrative expenses 27, 500/53, 500 Indirect labor 12, 150 / 12, 260 Repairs-Factory equipment 4, 820/2, 350 Raw materials purchases 47,000/67,500 Selling expenses 62, 400 / 54,400 Sales 295, 320/394, 170 Cash 29, 000/24, 200 Accounts receivable, net 15,800 / 23,450
Stock of Finished Goods January 1st 12,660December 31st 17,845Stock of Raw Materials: January 1st 8,040December 31st 7,160Sales 464,000Office rent 2,625Office rates 1,000Purchases of Raw Materials 95,000Carriage Inward on Raw Materials 2,355Manufacturing wages 132,150Factory expenses 9,140Depreciation:Plant and Machinery 16,250Delivery vans 3,125Stock of Work in Progress: January 1st 4,370December 31st 4,735Factory Fuel 9,175Advertising 2,585Van running expenses 11,575Salesmen's Commission 3,565Maintenance of factory equipments 54,000Lighting (3/5 factory) (2/5 office) 40,000Salaries (factory 7,500) 25,000Insurance (factory 16,000) 22,400The following shows the figures extracted from the books of Ojolo, a manufacturer for the yer ended 31stDecember, 2009.You are required to prepare the Manufacturing, Trading, Profit and Loss account for the year ended 31stDecember, 2009
Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…
1. Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales…
Additional information for the year is as follows: Raw materials purchases OMR 100,000 Direct labor OMR 75,000 Manufacturing overhead applied OMR 85,000 Manufacturing overhead Actual OMR 80,000 Indirect materials OMR Compute the adjusted cost of goods sold. O a. OMR 247,000 O b. OMR 258,000 O c. None of the given answer is correct O d. OMR 252,000 O e. OMR 257,000
Analyze T-accounts given below: Raw material inventory Balance $15 Purchased $245 Used Balance $30 Work-in-progress inventory $30 Cost of goods $245 manufactured S310 Balance Direct material $540 Direct labor Manufacturing overhead $130 Balance $40 Amount of indirect material used is: a. $230 b. $110 c. $120 d. $340
Corona Company incurred the following costs: Materials P 700,000Storage costs of finished goods 180,000Delivery to customers 40,000Irrevocable Purchase Taxes 60,000 What amount should the inventory be measured?a. 880,000b. 760,000c. 980,000d. 940,000