A manufacturer pald total factory payroll of $200,000 In cash. The journal entry for this transaction includes is 19 Multiple Cholce S138 Debit to Factory Overhead for $200,000. Credit to Cash for $200,000. Debit to Cash for $200,000.
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- On December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000when the company purchases raw materials for $60,000 on account, the entry should include: * A debit to Raw Materials Inventory $60,000 and a credit to Accounts Payable $60,000 A debit to Raw Material Inventory $60,000 and a credit to Cash $60,000 A debit to Direct Material $60,000 and a credit to Accounts Payable $60,000 None of the aboveJOURNAL ENTRIES - ACTUAL COST SYSTEM The following transactions of Lakay Manufacturers were incurred during the month of May. a. Materials purchases on account, P750,000. b. Purchase returns and allowances, P50,000. c. Payment of payroll: Total Earnings P655,000 Less: SSS premiums P17,500 Philhealth premiums 8,000 Pag-IBIG premiums 2,500 Withholding taxes 12,000 Advances to employees 65,000 Union dues 30,000 135,000 Net amount P520,000 d. Breakdown of the payroll: factory, 60% (Direct labor - 50%, Superintendence - 40%; Indirect labor - 10%); sales, 25%; and, office, 15%. e. Disbursements are made for the following: Insurance premiums - factory building and contents P2,500 Lubricants, rags, brooms and insecticide 800 Electricity bill 4,100 Water bill 900 f. Sales on account, P2,200,000. g. Sales returns and allowances, P60,000. h. The following are paid: Bond paper, pencils and other office supplies P1,500 TV and radio advertisements 6,000 Plastic bags, masking tapes and…
- a. Beginning cash balance on March 1, $73,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $137,000. d. Cash payments for direct labor, $70,000. e. Cash payments for overhead, $42,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110o (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,00o. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of monthInfo in images Prepare journal entries to record the preceding transactions. The raw materials were purchased for use in production, $265,000 on account. Note: Enter debits before credits. Transaction General Journal Debit Credit a. The raw materials used in production (all direct materials), $250,000. Note: Enter debits before credits. Transaction General Journal Debit Credit b. The utility bills were incurred on account, $72,000 (85% related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit c. The salary and wage costs accrued were $295,000 (Direct labor), $103,000 (Indirect labor), $175,000 (Selling and administrative salaries). Note: Enter debits before credits. Transaction General Journal Debit Credit d. The maintenance…Q3. A summary of Turtle Company's transactions for March 2019 are as followings. 1) Purchases of materials on credit, $89,000 2) Usage of direct materials, $81,000 and indirect materials $4,000. 3) Manufacturing payroll for March direct labor, $39,000 and indirect labor $15,000 paid in cash. 4) Other manufacturing overhead costs incurred during March $75,000 consisting of supervision salary $44,000, plant utilities $13,000 and plant depreciation S18,000. 5) Allocation of factory overhead to jobs $80,000 6) Completion and transfer of individual jobs to finished goods, $188,800. 7) Cost of goods sold, $180,000. 8) Marketing cost $45,000, customer service cost $15,000 paid in cash 9) Sales Revenues, all on credit $270,000. (Instructions) 1. Make journal entries 2. Make Work in Process Account by using T-account form. 3. Make journal entry to dispose of overhead difference.
- Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?The actual overhead for a company is $57,548. Overhead was based on 5,000 direct labor hours and was $2,548 underapplied for the year. A. What is the overhead application rate per direct labor hour? per direct labor hour B. What is the journal entry to dispose of the underapplied overhead? If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cost of Goods Sold Manufacturing OverheadJournalize the following transactions for Sheridan Company. (a) Purchased 5,900 units of raw materials on account for $16.930. The standard cost was $17,700. (b) Issued 5,800 units of raw materials for production. The standard units were 5.890. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation (a) (b) Debit Credit
- P4-5 A manufacturing company's payroll register shows following information for December: Salary paid to marketing department, P40,000 (10 employees) Wages paid to labor, P100,000 Insurance is fully paid by company, P10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of P1,500. Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.Accounting for Labor If emplovees work on a five day work week and are paid every Friday ot week, Using the calendar year method of accounting, determine the of the Pag-ibig Contribution Withholding taxes 30,000 500,000 on Wednesday. a. P16,200 b. Р27,000 The employers' taxes are as follows: Sss Contribution Philhealth Contribution Pag-ibig Contribution c. P10,800 d. P5,400 200,000 30,000 30,000 The total weekly payroll charged to work in process account is: a. P5,100 b. P8,500 c. P16,000 d. P9,600 Total accrued payroll charged to expense account is: a. P8,100 b. P11,000 c. P6,600 d. P18,500 Comead 25% to administrative and 5% to selling expenses. Compute the total amount of payroll to be charged to work in pre It is the total amount earned by the worker a. Net pay b. Gross pay c. Gross earnings less deductions d. Bonus pay 41. account a. P5,000,000 b. P2,500,000 c. P3,500,000 d. P4,340,000 How much is the total factory overhead control account? a. P2,560,000 b. P1,500,000 c.…The following informationn was taken from the records of Afternoon Co. Jan 1,20x1 Jun 30, 20x1 Accounts payable 29,000 45,000 Raw materials 5,000 6,000 Work in process 20,000 27,000 Finished goods 23,000 ? Additional information: Afternoon Co. paid $20,000 for accounts payable, after deduction pf $2,500 for purchase return and $5,000 for purchase discounts. Afternoon Co. paid total freight of $1,000 on the purchases. The cost of direct labor and factory overhead during the period were $16,000 and $6,000 respectively. Sals from Jan. 1 to June 30 were A475,000, sales return were $15,000, and sales discounts were $5,000. the gross profit rate…