318Chapter &8-6presCaminade Hardware & Construction Supply is a client of Deogracia Corpuz & Co. CPAS. LeonorCaminade, the owner-manager sought your assistance to prepare for her the following:a.Schedule of Cost of SalesSchedule of Operating Expenses usingthe function of expenses methodb.C.Income Statementd.Balance Sheete.Statement of Owner's EquityCaminade Hardware & Construction SupplyTrial BalanceDecember 31, 20CP2,050,000Čash in Bank185,000Accounts Receivable4,000Estimated Uncollectible AccountsMerchandise Inventory, Jan. 1Unused Supplies2,980,00054,000Furniture and Fixtures1,300,000520,000Accumulated Depreciation-Furniture & FixtureAccounts PayableL. Caminade, Capital980,0002,382,010L. Caminade, Drawing60,000Sales5,452,000Sales Discounts12,500Sales Returns & Allowances14,600Purchases1,880,000Purchase Discounts5,900Purchase Returns & Allowances10,300Freight-inSales Salaries-(Selling)Office Salaries-(General)Taxes and Licenses-(General)Rent Expense-(General)Utilities Expense-(General)Sales Commission-(Selling).9,810188,000160,00064,300176,000140,00080,00Total9.354,2109.354,210Additional Data: Merchandise Inventory, end is P1,010,000.

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Schedule of Cost of Sales b. Schedule of Operating Expenses using the function of expenses method Income Statement a. С.

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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Concept explainers

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.

Question

318
Chapter &
8-6
pres
Caminade Hardware & Construction Supply is a client of Deogracia Corpuz & Co. CPAS. Leonor
Caminade, the owner-manager sought your assistance to prepare for her the following:
a.
Schedule of Cost of Sales
Schedule of Operating Expenses using
the function of expenses method
b.
C.
Income Statement
d.
Balance Sheet
e.
Statement of Owner's Equity
Caminade Hardware & Construction Supply
Trial Balance
December 31, 20C
P2,050,000
Čash in Bank
185,000
Accounts Receivable
4,000
Estimated Uncollectible Accounts
Merchandise Inventory, Jan. 1
Unused Supplies
2,980,000
54,000
Furniture and Fixtures
1,300,000
520,000
Accumulated Depreciation-Furniture & Fixture
Accounts Payable
L. Caminade, Capital
980,000
2,382,010
L. Caminade, Drawing
60,000
Sales
5,452,000
Sales Discounts
12,500
Sales Returns & Allowances
14,600
Purchases
1,880,000
Purchase Discounts
5,900
Purchase Returns & Allowances
10,300
Freight-in
Sales Salaries-(Selling)
Office Salaries-(General)
Taxes and Licenses-(General)
Rent Expense-(General)
Utilities Expense-(General)
Sales Commission-(Selling)
.9,810
188,000
160,000
64,300
176,000
140,000
80,00
Total
9.354,210
9.354,210
Additional Data: Merchandise Inventory, end is P1,010,000.

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Income Statement of Caminade Hardware & Construction Supply

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