Problem BPeter Senen Corporation provided the following account balances as ofSeptember 30, 2020:CashP 36,000P112,000 Accumulated depreciation64,000 Accounts payable48,000 Income tax payableAccounts Receivable40,000Finished Goods9,000Work in process500,00036,000 Share CapitalRaw materials52,000 Retained Earnings480,000207,000Property and EquipmentThe following transactions occurred during October:1. Materials purchased on account, P150,0002. 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 paidduring the month):Direct labor P62,000Administrative salaries P16,000Indirect Labor20,000Sales salaries30,000Payroll deductions were as follows:Withholding taxes P19,800ssS contributionsPhil health contributions P2,0007,100HDMF contributions2,0004. Employer contributions for the month were accrued:FactorySellingAdministrativeSSS contributionsP5,700P2,000P1,100Philhealth Contributions1,200500300EC Contributions400300200HDMF contributions1,6007004005. Other costs incurred on account:Indirect factory overhead- P42,000 SellingAdministrative6. Depreciation for the month:Factory overhead- P2,000SellingAdministrative30,000- 10,0001,0001,0007. Factory overhead control account was transferred to work in process, P82,900.8. Work finished and placed in stock, P178,0009. 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.Required: a. Journals entries to record the above transactionsb. Statement of cost of goods manufacturedc. Income statementd. Balance sheet as of October 31, 2020

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Answered: Problem B Peter Senen Corporation…

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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None

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