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 View transaction list < *SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $14,000 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $2,000 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 $10,400. Required: 1. Prepare the entry to record the purchase of the replacement blade. Journal entry worksheet 1 Date of Depreciation purchase Method* SL DDB SL Jan. 12/21 Jan. 12/21 Jan. 12/21 2 Record replacement/sale of old blade.…
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Baltimore Manufacturing Corporation (BMC) incurred the below expenditure for 2020 for the manufacture of portable heaters. During the year 2020, BMC suffered flood damages, and as a results, all raw materials were totally damaged. BMC was able to calculate the amounts for all the other cost elements except the raw materials used. 2A. Consequently, BMC has engaged you, a forensic accountant, to compute the amount recoverable from its insurance company for raw materials used (Show your work below). Direct labor…………………………………………………….$60,000 Factory Foremen wages………………………………………..$32,000 Raw materials used for manufacturing…………………………$27,000 Purchases of raw materials……………………………………...$18,000 Import duties on raw materials…………………………………$7,000 Freight-in on raw materials……………………………………..$4,500 Factory overhead costs………………………………………….$3,000
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Required information [The following information applies to the questions displayed below.) At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costs Renovation costs prior to use Repairs after production began $10,700 970 1,110 850 Required: 1. Compute the amount to be capitalized for Machine A Total cost U
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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