Camage outwards Revenue Debtors and Creditors Drawings Capital as at 1.1.2010 Sivarj Trial balance as on 31 December 2010 Cr 2.950 28.400 71,150 inventory of raw materials 1.1.2010 inventory of finished goods 1 12010 progress 11 2010 750 10,000 Wages (direct +90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials 3,500 1,750 185,000 10,500 19.450 500,000 62.500 148.400
Q: At year-end, a trial balance showed total credits exceeding total debits by $6,200. This difference…
A: Once all the transactions recorded are posted to ledger account, trial balance is prepared with the…
Q: Suppose you have been hired as a financial consultant to Defense Electronics, Incorporated (DEI), a…
A: calculate the accounting break-even quantity, we need to find the quantity of RDSs that DEI needs…
Q: Please explain these Myer Emporium cases under Taxation. Theory question, please concentrate. Under…
A: The Myer Emporium cases refer to a series of legal cases that occurred in Australia in the 1970s and…
Q: a. On January 1, 2024, UTS completed the purchase of Heinrich Corporation for $3,153,000 in cash.…
A: INTANGIBLE ASSETS Intangible Assets are those Assets which are not Visible. In other Intangible…
Q: [The following Lina purchased a new car for use in her business during 2022. The auto was the only…
A: Depreciation Deduction: It is necessary to understand the idea of depreciation in order to write off…
Q: Compute the earnings per share on common stock for the current year as it should be reported to…
A: Earnings per share are also referred to as EPS is computed by dividing the earnings attributable to…
Q: The WIP account given below relates to the activities of Jones Ltd for the month of April: April 1…
A: The direct costs and overhead applied are debited to work in process account. The finished goods…
Q: Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current…
A: The return on stockholders' equity is calculated as net income divided by average common…
Q: In deferred tax company, what is the differences between deferral and liability methods?
A: Deferred tax is a term used in accounting to describe the difference between the amount of tax that…
Q: 2 Prepare Magda and Sue's capital account balances as of Dec 31 based on the following additional…
A: Partnership is the relation between two or more person, it has the following characteristics They…
Q: K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The…
A: Gross pay means the gross earnings of the entity. It is the amount without any deduction. Net pay is…
Q: Which of the following groupings of accounts includes only accounts that carry a normal credit…
A: The assets and expenses have the normal debit balance and these accounts are debited with increase…
Q: Prepare the shareholders' equity section of the statement of financial position as at September 30,…
A: Equity held by stockholders refers to the sum that a corporation's owners have contributed to the…
Q: Compute the annual cost per service yeam
A: Amortization refers to the process of spreading the cost of an asset over its useful life or a…
Q: Allowance for Doubtful Accounts has a debit balance of $800 at the end of the year (before…
A: Bad debts expense: It is shown and reported in the books of an entity when a debtor is unable or…
Q: Exercise 14-6A (Algo) Working capital and current ratio LO 14-2 On June 30, Year 3, Finch Company's…
A: Working capital is calculated as difference between current assets and current liabilities. The…
Q: Required: Without preparing journal entries, prepare the shareholders' equity section of Fascom's…
A: Working Notes: (254,000 - 5,400) x 2 = 497,200 x 1.04 x $1 = $517,088 + (5,400 treasury shares at…
Q: Please explain these Ferguson cases under Australia Taxation? Theory question please concentrate ?…
A: In simple terms, the Ferguson issue concerned the issue of whether or not a taxpayer who rented cows…
Q: ASSET CASH TRADE RECEIVABLE INVENTORIES LAND BUILDING EQUIPMENT ACCUMULATED DEPRECIATION -EQUIPMENT…
A: Cash flow statement is the one which is prepared by the entity in order to determine the cash…
Q: Compute trend percents for the following accounts using 2020 as the base year. For each of the three…
A: When you analyze a company's financial statement, it's essential to compare accounts over multiple…
Q: A $2,000,000 issue of ten-year bonds redeemable at par offers 9% coupons payable annually. What is…
A: The issue price is the price at which a new security, such as a bond or stock, is offered to…
Q: Pumpkin Ltd. received the following information from its pension plan trustee concerning their…
A: A defined benefit plan is one that is sponsored and developed by an employer with the primary goal…
Q: Under direct/marginal costing, a unit of product includes which costs? direct material, direct…
A: Marginal costing is the method of determining the operating income. It separately shows the variable…
Q: On January 1, 20A1, Mangosteen leased its land to Gumamela for a period of 15 years for P200,000…
A: The two allowable methods in recognizing income in case of a lease are the straight-line method and…
Q: Lee receives an invoice from Office Depot dated November 2nd, 2018 for $630 with terms 6/6, 3/15,…
A: Term 6/6, 3/15 means that the buyer is allowed 6% discount if the payment is made within 6 days and…
Q: en Thumb Nursery has 47,000 shares outstanding at a market price of $63.45 per share. The 000.…
A: EPS is an important indicator of a company's financial health, as it can provide insight into the…
Q: AgriFoods, Incorporated prepares and delivers agricultural products to industrial-scale kitchens and…
A: When a business receives an amount for revenues to be earned in the future, then that amount is,…
Q: Required Information [The following information applies to the questions displayed below.] On…
A: The treasury stock decreases the number of shares outstanding. The treasury stock has debit balance…
Q: if you can double check 1a and 1b 2a and i need answer 4 as well
A: A flexible budget is a kind of a budget that can be changed multiple times if the revenue or…
Q: Current Attempt in Progress Joyful Journeys Music School provides private music lessons for…
A: Break even point :— It is the point of production where total cost is equal to total revenue. At…
Q: ABC Corporation distributes $31,000 to its sole shareholder X. At the time of the distribution, ABC…
A: The concept behind this question is the taxation of corporate distributions to shareholders. When a…
Q: (a) Assume Vaughn uses a periodic system. Prepare all necessary journal entries, including the…
A: The journal entries are prepared to record the transactions on regular basis. The periodic inventory…
Q: The Smiths save $12,000 per year for retirement. They are now in their mid-twenties, and they expect…
A: The amount of goods or services that a unit of money may purchase at any particular time is referred…
Q: Keggler's Supply is a merchandiser of three different products. Beginning inventories for March are…
A: Production budget :— This budget is prepared to estimate the number of units to be produced for the…
Q: On January 1 of this year, Nowell Company issued bonds with a face value of $250,000 and a coupon…
A: The bond's issue price is the amount that a corporation gets paid on the day that it is sold. The…
Q: Required information [The following information applies to the questions displayed below] Bridge…
A: Building and Land are the fixed assets of the business which are used to generate income of the…
Q: Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a…
A: Sometimes Old Machine Replaced with New Machines to Increase the income earned. there are so many…
Q: Required information [The following information applies to the questions displayed below.] Sharon…
A: Business income is a type of earned income that is taxed in the same way as normal income. It…
Q: Blossom, Incorporated, is a small company that manufactures three versions of patio tables. Unit…
A: Contribution margin is difference between selling price and variable cost. After deducting fixed…
Q: Required information Problems 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 [The…
A: Allowance for uncollectible accounts is considered a contra-asset account. It is prepared against…
Q: Pipeline Surfboards Inc. manufactures and sells two styles of surfboards, Atlantic Wave and Pacific…
A: Contribution margin :— It is the difference between sales and variable cost. Contribution margin…
Q: Question 11 Company L sells a product in two models. The basic model has a contribution margin per…
A: TARGET SALES Target Sales is the Number of Units Sold by the Organisation to acheive the Target…
Q: Select the images below to enlarge. Balance Sheet Murawski Company Balance Sheet December 31 Current…
A: Time interest earned :— It is calculated by dividing income before interest and tax by total…
Q: Flexible Overhead Budget Leno Manufacturing Company prepared the following factory overhead cost…
A: Variable Overheads are those expenses which changes with the change in output, i.e. increases with…
Q: Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras.…
A: Conversion cost :— It is the cost required to convert raw materials into finished goods during the…
Q: Merchant Company purchased property for a building site. The costs associated with the property…
A: Fixed assets or non-current assets are assets that are purchased to be used in its operations to…
Q: Use the amortization table for Afarian Corporation's bonds to answer the following questions: 1. How…
A: When a company issues bonds payable, it is essentially borrowing money from investors. The bonds…
Q: For the tangible and intangible assets acquired in the preceding transactions, determine the amount…
A: Depreciation is an accounting technique which is used for reduction in value of fixed assets due to…
Q: Q1. An order for 5000 units of Part 491 is received by the Diamonds & Spades Engineering Company.…
A: Total cost of manufacturing includes various types of costs like direct material, direct labor,…
Q: The company can purchase the equipment by borrowing $218,000 with a 25- month, 12% installment note.…
A: Given in the question: Borrowing amount = $218,000 Rate of Interest = 12% Periodic = 25 Months…
Prepare the menufacturing income statement for the year ended 31 december 2010 and a
Step by step
Solved in 3 steps
- 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.…Estimated balance data as of April 30, 2016 from CV "PATRICIA INDUSTRI" are as follows: Supply April 1, 2016 Rp. 4,300,000,- Raw material Product In Process Rp. 40,500,000,- Finished product Rp. 39,800,000,- Raw Material Purchase Rp. 28.500.000,- Rp. 1.200.000,- Purchase of Auxiliary Materials Purchase returns of raw materials Discounts on Rp. 100,000,- purchases of raw materials Direct wages Rp. 600,000,- Rp. 16,000,000,- Foreman salary cost Rp. 2.500.000,- Machine repair and maintenance costs Rp. 2.000.000,- Machine depreciation costs Rp. 3.700.000,- Factory insurance cost Rp. 2,200,000,- Electricity, water and factory telephone costs Rp. 3,000,000,- Miscellaneous indirect production costs Rp. 1,100,000,- Marketing costs Rp. 2.000.000,- Administration and general fee Rp. 3,000,000,- Additional information as of April 30, 2016: 1. The building rental fee that still has to be paid is Rp. 6,000,000,- where 50% for factories, 30% for shops and 20% for offices. 2. The cost of factory…
- 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 RadziFill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 SalesJorasmi 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) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries 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 Sales representative salaries Commission on sales 12,000 4,200 13,400 2,300 Rent Insurance General administration expenses Bank charges Discount allowed 4,800 5,900 Carriage outwards Sales Account receivable and accounts payable Bank Cash 1,000,000 64,000 142,300 16,800 1,500 60,000 Drawings Capital as at 1 Jan 2020 357,800 1,421,800 1,421,800 TOTAL
- The following information taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…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 257,000Question 2: Muscat Corany has the following information for the period ended 31 December 2020. Direct material purchases OMR 380000 Direct labor OMR 210000 Factory maintenance Power and heat-factory Direct Expenses Indirect factory labor Freight In Depreciation - Factory Advertisement expenses Inventories, 1 January 2020: OMR 28000 OMR 14500 10 % of the prime cost OMR 23000 OMR 6500 OMR 24800 OMR 4500 Direct Material OMR 44300 Work-in-process Finished goods OMR 51200 OMR 77000 Purchase returns of direct materials OMR 3400 Depreciation-administrative Inventories, 31 December 2020: OMR 11800 Material OMR 18000 Work-in process Finished goods OMR 35000 4000 Units Total Production Units 36000 units Finished goods are valued at the current unit manufacturing cost. You are required to prepare: I. Manufacturing Statement II. Calculate unit production cost.
- Carnage outwards Debtors and Creditors Cash Lighting Factory power Sivar Trial balance as on 31 December 2010 Dr Administration salaries Sales rep's salaries Commission on sales $ 2.950 Drawings Capital as at 1.1.2010 Wages (direct 80,000, factory indirect $72,500) 162,500 Royalties Camage inwards (un 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 Rent Insurance General administration expenses Bank charges Discounts allowed 28,400 71,150 750 10,000 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 t 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,…Question 2 (* The following information relates to Wells Fargo for July 2021: Actual direct labor costs SAR 80 000 Actual direct labor rate per hour Factory overhead rate per direct labor hour SAR 12 Factory overhead incurred SAR 8 SAR 160 000 Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period, how much would be the entry (debit or credit) to the cost of goods sold account? I Question 2: Write your answer below (show calculations):Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 Expenses