Pls form a balance sheet of this problem thanks
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Pls form a
Transcribed Image Text:A holodeck
G peter senen corporation providec x
A Announcements: COST ACCOUN
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Problem B Peter Senen Corporation provided t...
Peter Senen Corporation provided the following account balances as of September 30, 2020: CashP112,000
Accumulated depreciationP 36,000
Journal and Ledger Balance
Accounts Receivable
64,000
Accounts payable 40,000
Finished Goods48,000
Income tax payable9,000
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Work in process 36,000
Share Capital500,000
Raw materials 52,000
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Retained Earnings207,000
Property and Equipment480,000
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 2020 consisted of the following (also paid during the month):Direct labor
P62,000Administrative salariesP16,000lndirect Labor 20,000Sales salaries 30,000Payroll deductions were as
follows:Withholding taxes P19,800Phil health contributions P2,00ossS contributions 7,100HDMF contributions
2,000
4. Employer contributions for the month were accrued:FactorySellingAdministrativeSss
contributionsP5,700P2,000P1,100Philhealth Contributions 1,200 500 300EC Contributions 400 300 200
HDMF contributions 1,600 700 400
5. Other costs incurred on account:Indirect factory overhead- P42,000
Selling - 30,000Administrative - 10,000
6. Depreciation for the month:Factory overhead- P2,000Selling 1,000Administrative 1,000
7. 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.
10. Cash collected from customers, P260,00011. Materials returned to supplies, P15,000.
12. Payment of accounts payable, P190,000.
13. Provision for income tax, P6,000.
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