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Payroll deductions were as follows P19,800 Withholding taxes SsS contributions PhilHealth contributions 7,100 2,000 2,600 P31,500 HDMF contributions Total Factory Selling Admin P5,700 P2,000 P1,100 P 8,800 300 500 SSS contributions PhilHealth contributions EC contributions HDMF contributions 2,000 1,200 400 200 900 300 400 2.700 700 1,600 P8.900 P3,500 P2,100 P14,400 5. Other costs incuIred on account: Indirect factory overhead - P42,000 Sales - P30,000 Administrative - P10,000 6. Depreciation for the month: Factory overhead -P2,000 Sales - P1,000 Administrative - P1,000 1. Factory overhead control account was transferred to work in process, P82.900 8. Work finished and placed in stock, P178,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. Cash collected from customers, P260,000 Materials returned to supplies, P15,000. 12 Payment of accounts payable, P190,000. 10. 11. 13. Provision for income tax, P6,000. Required: a. Journal entries to record the above transactions Statement of cost of goods manufactured Income statement (assume 30% effective income tax rate) b. C. d. Balance sheet as of October 31, 2015

Payroll deductions were as follows P19,800 Withholding taxes SsS contributions PhilHealth contributions 7,100 2,000 2,600 P31,500 HDMF contributions Total Factory Selling Admin P5,700 P2,000 P1,100 P 8,800 300 500 SSS contributions PhilHealth contributions EC contributions HDMF contributions 2,000 1,200 400 200 900 300 400 2.700 700 1,600 P8.900 P3,500 P2,100 P14,400 5. Other costs incuIred on account: Indirect factory overhead - P42,000 Sales - P30,000 Administrative - P10,000 6. Depreciation for the month: Factory overhead -P2,000 Sales - P1,000 Administrative - P1,000 1. Factory overhead control account was transferred to work in process, P82.900 8. Work finished and placed in stock, P178,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. Cash collected from customers, P260,000 Materials returned to supplies, P15,000. 12 Payment of accounts payable, P190,000. 10. 11. 13. Provision for income tax, P6,000. Required: a. Journal entries to record the above transactions Statement of cost of goods manufactured Income statement (assume 30% effective income tax rate) b. C. d. Balance sheet as of October 31, 2015

FINANCIAL ACCOUNTING
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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Payroll deductions were as follows: Withholding taxes SSS contributions PhilHealth contributions HDMF contributions P 19,800 7,100 2,000 2.600 31,500 Total P5,700 P2,000 P 1,100 P 8.80 300 Factory Selling Admin sss contributions PhilHealth contributions 2,000 500 1,200 400 200 900 2,700 300 EC contributions 400 700 1,600 P8,900 P3,500 P2,100 P14,400 HDMF contributions 5. Other costs incurred on account: Indirect factory overhead - P42,000 Sales - P30,000 Administrative - P10,000 6. Depreciation for the month: Factory overhead -P2,000 Sales - P1,000 Administrative - P1,000 1. Factory overhead control account was transferred to work in process, P82.900 Work finished and placed in stock, P178,000 Cost of goods sold, P200,000. The markup was 60% of cost. 10. 8. 9. Cash collected from customers, P260,000 11. Materials returned to supplies, P15,000. 12. Payment of accounts payable, P190,000. 13. Provision for income tax, P6,000. Required: Journal entries to record the above transactions Statement of cost of goods manufactured Income statement (assume 30% effective income tax rate) a. b. C. d. Balance sheet as of October 31, 2015
Transcribed Image Text:Payroll deductions were as follows: Withholding taxes SSS contributions PhilHealth contributions HDMF contributions P 19,800 7,100 2,000 2.600 31,500 Total P5,700 P2,000 P 1,100 P 8.80 300 Factory Selling Admin sss contributions PhilHealth contributions 2,000 500 1,200 400 200 900 2,700 300 EC contributions 400 700 1,600 P8,900 P3,500 P2,100 P14,400 HDMF contributions 5. Other costs incurred on account: Indirect factory overhead - P42,000 Sales - P30,000 Administrative - P10,000 6. Depreciation for the month: Factory overhead -P2,000 Sales - P1,000 Administrative - P1,000 1. Factory overhead control account was transferred to work in process, P82.900 Work finished and placed in stock, P178,000 Cost of goods sold, P200,000. The markup was 60% of cost. 10. 8. 9. Cash collected from customers, P260,000 11. Materials returned to supplies, P15,000. 12. Payment of accounts payable, P190,000. 13. Provision for income tax, P6,000. Required: Journal entries to record the above transactions Statement of cost of goods manufactured Income statement (assume 30% effective income tax rate) a. b. C. d. Balance sheet as of October 31, 2015
P1-3 Amherst Corporation provided the following account balances as of September 30, 2015: P112,000 64,000 48,000 36,000 52,000 480,000 36,000 40,000 9,000 500,000 207,000 Cash Accounts receivable Finished goods Work in process Raw materials Property and equipment Accumulated depreciation Accounts payable Income tax payable Capital stock Retained earnings The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials - P90,000; indirect materials P10,000. 3. Payroll for the month of October 2015 consisted of the following (also paid during the month): P 62,000 20,000 Direct labor Indirect labor Sales salaries Administrative salaries 30,000 16,000 P 128,000 CHAPTER 1 Cost Accounting and Cost Concepts 35\ Sc with Caniae
Transcribed Image Text:P1-3 Amherst Corporation provided the following account balances as of September 30, 2015: P112,000 64,000 48,000 36,000 52,000 480,000 36,000 40,000 9,000 500,000 207,000 Cash Accounts receivable Finished goods Work in process Raw materials Property and equipment Accumulated depreciation Accounts payable Income tax payable Capital stock Retained earnings The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials - P90,000; indirect materials P10,000. 3. Payroll for the month of October 2015 consisted of the following (also paid during the month): P 62,000 20,000 Direct labor Indirect labor Sales salaries Administrative salaries 30,000 16,000 P 128,000 CHAPTER 1 Cost Accounting and Cost Concepts 35\ Sc with Caniae
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