a) Prepare the statement of cost of goodmanufactured for Kayuh Sdn Bhd for theyearended 31 December 2014.b) Prepare the cost of goods section of partialincome statement for Kayuh Sdn Bhd for theyear ended 31 December 2014.c) Distinguish between managerial andfinancial accounting terms of primary users ofreports, types and frequency of reports andpurpose of report.d) Describe the difference between the balancesheets of a merchandising company and amanufacturing company. The unadjusted trial balance on 31 December 2014 has been extracted from the books ofKAYUH Sdn Bhd, bikes manufacturer.Accounts NameDebit(RM)21,00038,900Credit(RM)Raw Materials Inventory (31/12/2013)Finished Goods Inventory (31/12/2013)Working in Process Inventory (31/12/2013)Wages (direct 187,000, factory indirect 145,000)Freight in (Raw Materials)Purchase of Raw MaterialsProduction EquipmentAccumulated depreciation - Production EquipmentMarketing EquipmentAccumulated depreciation - Marketing EquipmentGeneral Factory ExpensesUtilities expensesFactory PowerAdministrative SalariesSales persons' SalariesCommissions on SalesRentInsuranceGeneral Administrative ExpensesInterestSales discountFreight outSalesAccounts ReceivableAccounts PayableCashWithdrawals332,0003,500?230,00050,00012,0008,00031,0007,50013,70044,00030,00011,50012,0004,20013,4002,3004,8005,9001000000142,30012500058,30020,000296800Capital (31/12/2013)Total1,421,8001,421,800At the end of 2014, the accountants of KAYUH Sdn Bhd supplied the below information:1. The cost of direct materials used during the year is RM370,500 and the total cost ofgoods in process is RM808,450.2. All the balances for expenses and revenues for the year are adjusted balances exceptthe fixed assets depreciation.3. Actual count for the inventories of finished goods, work in process and raw materials at31/12/2014 reveals balances RM40,000, RM15,000 and RM24,000 respectively.4. Utilities expenses, Rent and Insurance are to be apportioned: factory 5/6, administrative116Scanned with CamScanner5. Depreciation on production equipment and marketing equipment at 10% per annum oncost.

Op. Stock of raw material 21000 Add: Purchase of raw material 373500 Less: closing…

a) Prepare the statement of cost of good manufactured for Kayuh Sdn Bhd for the year ended 31 December 2014. b) Prepare the cost of goods section of partial income statement for Kayuh Sdn Bhd for the year ended 31 December 2014. c) Distinguish between managerial and financial accounting terms of primary users of reports, types and frequency of reports and purpose of report. d) Describe the difference between the balance sheets of a merchandising company and a manufacturing company.

a) Prepare the statement of cost of good manufactured for Kayuh Sdn Bhd for the year ended 31 December 2014. b) Prepare the cost of goods section of partial income statement for Kayuh Sdn Bhd for the year ended 31 December 2014. c) Distinguish between managerial and financial accounting terms of primary users of reports, types and frequency of reports and purpose of report. d) Describe the difference between the balance sheets of a merchandising company and a manufacturing company.

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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The four major financial reports that summarize the effects of economic events (like the results of operations) on a business for a specific time period or accounting period are called what? Group of answer choices tax returns managerial statements financial statements economic statements
How does the income statement and balance sheet of a merchandising company differs from a service company? What are the two inventory control systems? How one inventory control system is different from the other?
The revenue account for a merchandising business is typically called ___________. Group of answer choices inventory sales. unearned revenue. fees earned. sales or sales of merchandise.
For each of the following, indicate whether the item would be reported on the balance sheet (B/S),reported on the income statement (I/S), or not shown in the financial statements (Not) and whetherit relates to a service company (SC) or merchandising company (MC).Financial Statement Type of CompanyInventorySales RevenueCost of Goods Available for SaleService Revenue