January 1, 20x1 June 1, 20x1 135,000 18,000 Accounts payable 117,000 Raw materials 15,000 Work in process 60,000 ? Finished goods 69,000 87,000 The following additional information was determined: Payments to suppliers for purchase on account – P60,000 Freight on purchases – P3,000 Purchase returns – P7,500 • Direct labor – P51,000 • Production Overhead – P18,000 Sales from January 1 to May 31 – P225,000 Sales Returns - P45,000 Sales Discount – P15,000 Gross profit rate based on sales – 25%

January 1, 20x1 June 1, 20x1 135,000 18,000 Accounts payable 117,000 Raw materials 15,000 Work in process 60,000 ? Finished goods 69,000 87,000 The following additional information was determined: Payments to suppliers for purchase on account – P60,000 Freight on purchases – P3,000 Purchase returns – P7,500 • Direct labor – P51,000 • Production Overhead – P18,000 Sales from January 1 to May 31 – P225,000 Sales Returns - P45,000 Sales Discount – P15,000 Gross profit rate based on sales – 25%

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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Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027. Machine #5027 Component Single metal housing Motor Blade Date of purchase Jan. 12/21 Jan. 12/21 Jan. 12/21 Depreciation Method* SL DDB SL Cost $ 46,000 32,000 11,400 $ 89,400 Est. Residual Est. Life $ 7,000 15 yrs 10 yrs 5 yrs 2,000 1,200 *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $11,600 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,500 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2023, it was determined that the useful life on the metal housing should be increased to a total of 18 years instead of 15 years and that the residual value should be increased to $9,200. Required: 1. Prepare the entry to record the purchase of the replacement…
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