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Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P 36,000 P112,000 Accumulated depreciation 64,000 Accounts payable 48,000 Income tax payable Accounts Receivable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- Р10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 SSS contributions 4. Employer contributions for the month were accrued: Phil health contributions P2,000 7,100 HDMF contributions 2,000 Factory Administrative SSS contributions Selling P2,000 P5,700 P1,100 Philhealth Contributions 1,200 500 300 EC Contributions 400 300 200 HDMF contributions 1,600 700 400 5. Other costs incurred on account: Indirect factory overhead- P42.000

Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P 36,000 P112,000 Accumulated depreciation 64,000 Accounts payable 48,000 Income tax payable Accounts Receivable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- Р10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 SSS contributions 4. Employer contributions for the month were accrued: Phil health contributions P2,000 7,100 HDMF contributions 2,000 Factory Administrative SSS contributions Selling P2,000 P5,700 P1,100 Philhealth Contributions 1,200 500 300 EC Contributions 400 300 200 HDMF contributions 1,600 700 400 5. Other costs incurred on account: Indirect factory overhead- P42.000

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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Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P 36,000 P112,000 Accumulated depreciation 64,000 Accounts payable 48,000 Income tax payable Accounts Receivable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment 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 P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 ssS contributions Phil health contributions P2,000 7,100 HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions P5,700 P2,000 P1,100 Philhealth Contributions 1,200 500 300 EC Contributions 400 300 200 HDMF contributions 1,600 700 400 5. Other costs incurred on account: Indirect factory overhead- P42,000
Transcribed Image Text:Problem B Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P 36,000 P112,000 Accumulated depreciation 64,000 Accounts payable 48,000 Income tax payable Accounts Receivable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment 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 P62,000 Administrative salaries P16,000 Indirect Labor 20,000 Sales salaries 30,000 Payroll deductions were as follows: Withholding taxes P19,800 ssS contributions Phil health contributions P2,000 7,100 HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions P5,700 P2,000 P1,100 Philhealth Contributions 1,200 500 300 EC Contributions 400 300 200 HDMF contributions 1,600 700 400 5. Other costs incurred on account: Indirect factory overhead- P42,000
Selling Administrative 6. Depreciation for the month: Factory overhead- P2,000 Selling Administrative 30,000 - 10,000 1,000 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, P260,000 11. 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 transactions b. Statement of cost of goods manufactured c. Income statement d. Balance sheet as of October 31, 2020
Transcribed Image Text:Selling Administrative 6. Depreciation for the month: Factory overhead- P2,000 Selling Administrative 30,000 - 10,000 1,000 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, P260,000 11. 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 transactions b. Statement of cost of goods manufactured c. Income statement d. Balance sheet as of October 31, 2020
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