Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
22nd Edition
ISBN: 9781259542169
Author: John J Wild
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 19, Problem 19E
A recent balance sheet for Porsche AG shows beginning raw materials inventory of €83 million and ending raw materials inventory of €85 million. Assume the company purchased raw materials (on account) for €3,108 million during the year. (1) Prepare
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
The financial analysis of a manufacturing company for the previous year yielded the following details:
Component
Net revenue
Cost of goods sold
Value on hand
Raw material
Work in process
Finished goods
Amount (in €).
30,000
18,000
900
1,000
1,500
The inventory turnover of the company is
turns. (Enter your response rounded to two decimal places.)
Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet?
a. P158,000
b. P162,000
c. P76,000
d. P72,000
From the following information prepare the Manufacturing, Profit or Loss and other comprehensive income statement accounts for the year ending 31 December 2019 and the statement of financial position as at 31 December 2019 for the firm of PigMen Enterprise.Purchase of raw materials 64,500.00 - Fuel and light 5,250.00 - Administration salaries 4,250.00 - Factory wages 14,750.00 - Carriage outwards 1,000.00 - Rent and rates 5,250.00 - Sales - 120,500.00 Returns inward 1,750.00 - General office expenses 2,250.00 - Repairs to plant and machinery 2,250.00 - Stock at 1 January 2019 - - Raw materials 5,250.00 - Work in progress 3,500.00 - Finished goods 5,750.00 - Sundry creditors - 9,250.00 Capital account - 114,250.00 Freehold premises 102,500.00 - Plant and machinery 20,000.00 - Debtors 5,000.00 - Provision for depreciation on plant and- - Machinery at 1 January 2019- 2,000.00 Cash in hand 2,750.00 - 246,000.00 246,000.00 Make provision for the following:(a) Stock in hand at 31 December…
Chapter 19 Solutions
Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
Ch. 19 - Prob. 1DQCh. 19 - Prob. 2DQCh. 19 - Prob. 3DQCh. 19 - Prob. 4DQCh. 19 - Prob. 5DQCh. 19 - Prob. 6DQCh. 19 - Prob. 7DQCh. 19 - Prob. 8DQCh. 19 - Prob. 9DQCh. 19 - Prob. 10DQ
Ch. 19 - Prob. 11DQCh. 19 - Prob. 12DQCh. 19 - Prob. 13DQCh. 19 - Prob. 14DQCh. 19 - Prob. 1QSCh. 19 - Prob. 2QSCh. 19 - Prob. 3QSCh. 19 - Prob. 4QSCh. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QSCh. 19 - Prob. 11QSCh. 19 - Manufacturing cost flows P1 P2 P3 Refer to the...Ch. 19 - Prob. 13QSCh. 19 - Prob. 14QSCh. 19 - Prob. 1ECh. 19 - Prob. 2ECh. 19 - Prob. 3ECh. 19 - Prob. 4ECh. 19 - Prob. 5ECh. 19 - Prob. 6ECh. 19 - Prob. 7ECh. 19 - Prob. 8ECh. 19 - Prob. 9ECh. 19 - Prob. 10ECh. 19 - Prob. 11ECh. 19 - Prob. 12ECh. 19 - Prob. 13ECh. 19 - Prob. 14ECh. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Prob. 17ECh. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - A recent balance sheet for Porsche AG shows...Ch. 19 - Problem 19-1A
Production costs computed and...Ch. 19 - Prob. 2APSACh. 19 - Prob. 3APSACh. 19 - Prob. 4APSACh. 19 - Prob. 5APSACh. 19 - Prob. 1BPSBCh. 19 - Prob. 2BPSBCh. 19 - Problem 19-3B
Source documents, journal entries,...Ch. 19 - Prob. 4BPSBCh. 19 - Prob. 5BPSBCh. 19 - The computer workstation furniture manufacturing...Ch. 19 - Prob. 1GLPCh. 19 - Prob. 1BTNCh. 19 - Prob. 2BTNCh. 19 - Prob. 3BTNCh. 19 - Prob. 4BTNCh. 19 - Prob. 5BTNCh. 19 - Prob. 6BTNCh. 19 - Prob. 7BTNCh. 19 - Prob. 8BTNCh. 19 - Apple and Samsung are competitors in the global...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Please help mearrow_forwardYou are required to prepare an income statement of profit or loss and other comprehensive income and the statement of financial position for the year ended 28 February 2020 .arrow_forwardAn analysis of the transactions of Rutherford Company for the year ended December 31, yieldsthe following information: sales revenue, $65,000; insurance expense, $4,300; interest income,$3,900; cost of goods sold, $28,800; and loss on disposal of property, plant, and equipment,$1,200.Required:Prepare a single-step income statement.arrow_forward
- 1) Why is Cost of Goods Sold listed under revenues on the Income Statement if it is actually an expense?2) Does it have a credit or debit balance?3) What other if any statements does it appear on, and what accounts does it affect?I am providing a sample question and if you could help explain it I would appreciate it."ABC International has a beginning balance in its inventory asset account of $500,000. It buys $450,000 of materials from suppliers during the month. At month-end, it counts its ending inventory and determines that there is $200,000 of inventory on hand. The cost of goods sold journal entry is:"Debit CreditCost of Goods Sold $750,000Purchases $450,000Inventory $300,000"This entry matches the ending balance in the inventory account to the costed actual ending inventory, while…arrow_forward1. DSorie Corp., an automobile manufacturer, provide the following information for the year ended December 2008: Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense. Requirements: a) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 b) Prepare an income statement for Snyder Corp. for the year ended December 31, 2008 c) What is the unit product cost if Snyder manufactured 3,000 lamps for the year?arrow_forwardRamsworth Ltd. is a wholesale business and you have recently been employed within the position of a credit-based controller within the company. You have just obtained a summary of Ramsworth Ltd’s most recent draft income statement and statement of financial position as follows: Income statement for the year ended 31 December 2020 £000 Sales Revenue 8,649 Cost of Sales (5,106) Gross Profit 3,543 Other Operating Expenses (998) Operating Profit 2,545 Interest (265) Profit before Taxation 2,280 Taxation (570) Profit for the year 1,710 Statement of Financial Position as at 31 December 2020 £000 Non-current assets at cost 6,284 Accumulated depreciation (2,943) 3,341 Current assets Inventories 2,648 Trade receivables 1,428 4,076 Total assets Equity 7,417 Ordinary share capital 2,100 Revenue reserves 2,384 4,484…arrow_forward
- Prepare an income statement for the period ended 31 December 2020 and a balance sheet as at 31 December 2020 for Locke Ltd.arrow_forwardadidas Group reported the following balance sheet accounts in a recent year (euros in millions). Prepare the balance sheet for this company, following usual IFRS practices. Assume the balance sheet is reported as of December 31. Property, plant and equipment €1,915 Intangible assets €3,259 Total equity . 6,454 Total current liabilities . 6,765 Accounts receivable 2,200 Inventories . 3,763 Total noncurrent liabilities . 1,957 Total liabilities 8,722 Cash and cash equivalents . 1,510 Other current assets 1,413 Total current assets . 8,886 Total noncurrent assets . 6,290 Other noncurrent assets . 1,116arrow_forwardWhat is the net income for the BlueDragon company given the following list of accounting itens? note: write the number with at most 2 decimal płaces (eg. 95.17) unsorted Profit & Loss items For the year 2020 (in thousand Php) cost of goods sold (192) wage expense (31) communication expense (5) sales 171 office supplies expense |(6) depreciation & amortization (2) repair & maintenance (10) interest income 49 computer expense (5)arrow_forward
- Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2018, are as follows: cost of goods sold, $510,700; administrative expenses, $63,600; interest expense, $38,000; rent revenue, $127,200; sales, $826,800; and selling expenses, $95,400. Prepare a single-step income statement. Custom Wire & Tubing Company Income Statement For the Year Ended April 30, 2018 Revenues: $ Total revenues $ Expenses: $ Total expenses $arrow_forwardRequired information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Raw materials purchases (all direct materials) Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor Office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense Problem 14-2A (Algo) Classifying costs LO C2 Costs $ 30,000 9,000 10,000 52,000 1. Advertising expense 2. Depreciation expense-Office equipment 620,000 36,600 33,400 408,000 61,000 37,000 22,000 53,000 Required: Identify each cost as either a product cost or a period cost. If a product cost, classify it as direct materials,…arrow_forwardPandora Corporation operates several factories in the Midwest that manufacture consumer electronics. TheDecember 31, 2018, year-end trial balance contained the following income statement items:Account Title Debits CreditsSales revenue 12,500,000Interest revenue 50,000Loss on sale of investments 100,000Cost of goods sold 6,200,000Selling expenses 620,000General and administrative expenses 1,520,000Interest expense 40,000Research and development expense 1,200,000Income tax expense 900,000Required:Calculate the company’s operating income for the yeararrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License