Check if my answer is correct.Please put a solution with formula with the answers with numbers in the middle. numbers 1-8. Nilk Specialty ProductsIncome StatementFor the month ended January 31, 2020Sales (net)Less costs and expenses:Raw materials purchasesP790,000P254,000200,00095,00070,00062,00043,00030.000Direct labor costAdvertising expenseSelling and administrative salariesRent on factory facilitiesDepreciation on sales equipmentDepreciation on factory equipmentIndirect labor costUtilities expenseInsurance expense29,00014,0006,000803,000(P13,000)Net lossPrior to 2019, the company has been operating with a profit. Mr. Nilk,the accuracy of the report. As his friend, you were requested to review the income statementand make the necessary corrections. After examining the manufacturing costs record, youhave acquired the following additional data.ownersuspectinga. Inventory balances at the beginning and end of January 2020 were:January 1P20,00014,00030,000January 31P32,00016,00048,000Raw materialsWork in processFinished goodsb. Only 60% of the utilities expense and 70% insurance expense apply to the factory, therests should be charged to the selling and administrative activities. 3. Preporea Correct income statement in simplificd form.NILK SPECIALTY PRODUCTSStatement of IncomeFor the month ended January 31 , 2020Net sales(1)790,000Less cost of goods soldGross profit(2)555,600234,400Add other income(3)XXXTotal gross incomeLess operating expenses:Advertising expensesXXX(4)(5)95,000Selling and Admin Salaries70,000Depreciation on Sales EquipmentUtilities Expenses (1,400 * (1-60%)Insurance Expenses (6,000 * (1-70%)(6)43,000(7)5,600(8)1,800Total expenses215,400Operating IncomeXXXLess interest expenseXXXIncome before taxXXXLess income taxXXXNet income / (loss)P 340,200

Indirect expenses are those expenses which are not directly related towards the manufacturing of a…

Nilk Specialty Products Income Statement For the month ended January 31, 2020 Sales (net) Less costs and expenses: P790,000 Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense Insurance expense P254,000 200,000 95,000 70,000 62,000 43,000 30,000 29,000 14,000 6,000 803,000 (P13,000) Net loss | Prior to 2019, the company has been operating with a profit. Mr. Nilk, the owner is suspecting the accuracy of the report. As his friend, you were requested to review the income statement and make the necessary corrections. After examining the manufacturing costs record, you have acquired the following additional data. a. Inventory balances at the beginning and end of January 2020 were: Raw materials Work in process Finished goods January 1 P20,000 14,000 30,000 January 31 P32,000 16,000 48,000 b. Only 60% of the utilities expense and 70% insurance expense apply to the factory, the rests should be charged to the selling and administrative activities.

Nilk Specialty Products Income Statement For the month ended January 31, 2020 Sales (net) Less costs and expenses: P790,000 Raw materials purchases Direct labor cost Advertising expense Selling and administrative salaries Rent on factory facilities Depreciation on sales equipment Depreciation on factory equipment Indirect labor cost Utilities expense Insurance expense P254,000 200,000 95,000 70,000 62,000 43,000 30,000 29,000 14,000 6,000 803,000 (P13,000) Net loss | Prior to 2019, the company has been operating with a profit. Mr. Nilk, the owner is suspecting the accuracy of the report. As his friend, you were requested to review the income statement and make the necessary corrections. After examining the manufacturing costs record, you have acquired the following additional data. a. Inventory balances at the beginning and end of January 2020 were: Raw materials Work in process Finished goods January 1 P20,000 14,000 30,000 January 31 P32,000 16,000 48,000 b. Only 60% of the utilities expense and 70% insurance expense apply to the factory, the rests should be charged to the selling and administrative activities.

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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