1,050,300 2,051,500 17,150 12,550 8,250 200,000 445,000 155,000 44,000 44,000 77,000 25,500 Direct labor Purchases Purchase returns Purchase discounts Freight in Freight out Sales salaries Office salaries Depreciation - factory building Depreciation - office equipment Depreciation - store equipment Depreciation - machinery and equipment Amortization - patents Bad debts expense Factory supplies expense Indirect labor Interest income Factory light and power Property taxes and insurance - factory building Royalties on production Supervision expense Tools expense Miscellaneous factory expense Income tax expense Dividends paid 33,000 20,000 75,550 35,300 116,240 65,000 13,200 13,200 65,000 10,500 50,150 336,408 70,000 Required: Prepare a statement of profit or loss in accordance with PAS 1.

1,050,300 2,051,500 17,150 12,550 8,250 200,000 445,000 155,000 44,000 44,000 77,000 25,500 Direct labor Purchases Purchase returns Purchase discounts Freight in Freight out Sales salaries Office salaries Depreciation - factory building Depreciation - office equipment Depreciation - store equipment Depreciation - machinery and equipment Amortization - patents Bad debts expense Factory supplies expense Indirect labor Interest income Factory light and power Property taxes and insurance - factory building Royalties on production Supervision expense Tools expense Miscellaneous factory expense Income tax expense Dividends paid 33,000 20,000 75,550 35,300 116,240 65,000 13,200 13,200 65,000 10,500 50,150 336,408 70,000 Required: Prepare a statement of profit or loss in accordance with PAS 1.

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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Assume that a manufacturing company incurred the following costs: $ 90,000 $ 40,000 $ 35,000 $ 15,000 $ 4,000 $ 5,000 $ 20,000 $ 1,000 $ 2,500 $ 105,000 $ 6,000 $ 7,000 Direct labor Advertising Factory supervision Sales commissions Depreciation, office equipment Indirect materials Depreciation, factory building Administrative office salaries Utilities, factory Direct materials Insurance, factory Property taxes, factory What is the total amount of conversion costs?
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Out of what's shown in this table, which ones would be shown on the "operating expenses budget" that feeds into the income statement?
Number of units produced and sold Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income (loss) Basic Advanced Total 20,000 10,000 $ 30,000 $ $ 3,000,000 2,000,000 5,000,000 2,300,000 1,350,000 3,650,000 700,000 650,000 1,350,000 720,000 480,000 1,200,000 $ (20,000) $170,000 $150,000 Direct laborers are paid $20 per hour. Direct materials cost $40 per unit for the Basic model and $60 per unit for the Advanced model. Koontz is considering a change from plantwide overhead allocation to a departmental approach. The overhead costs in the company's Molding Department would be allocated based on machine-hours and the overhead costs in its Assemble and Pack Department would be allocated based on direct labor-hours. To enable further analysis, the controller gathered the following information: Manufacturing overhead $ 787,500 costs Direct labor hours: Basic Advanced Machine hours: Basic Advanced Required: Molding Assemble and Pack $562,500 Total $…
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16. At the end of the year, a company finds that it has under-applied factory overhead by $1,000. What would be the most common accounting treatment in this case? Increase Assets by $1,000 on the Balance Sheet Increase Profit by $1,000 in the Income Statement Increase Liabilities by $1,000 on the Balance Sheet Decrease Cost of Goods Sold by $1,000 in the Income Statement Increase Cost of Goods Sold by $1,000 in the Income Statement.
S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor…
Sales 218,000 Gain on sale of equipment $ 6,290 epreciation expense—Office copier $ 530 Office supplies expense 620 Sales discounts 16,700 Insurance expense 1,380 Sales returns and allowances 3,900 TV advertising expense 3,800 Office salaries expense 31,100 Interest revenue 650 Rent expense—Selling space 11,600 Cost of goods sold 91,000 Sales staff wages 23,700 Sales commission expense 13,100 whats the total income profited