2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac2020:ParticularsRMCapitalCarriage inCarriage outPurchases63,0301,620800Office equipmentMotor vehicle145,80010,0008,500SalesWages and salariesRent and ratesLighting and heatingVehicles running costTelephone expensesGeneral office expenses232,95068,0003,6008,4004,3009,6003,18028,40016,440DebtorsCreditorsProvision for depreciation:Motor vehicleOffice equipmentProvision for doubtful debtsDrawingsCash at bankCash in handStock as at 1 April 2019Return inwards4,2504,00050013,5706,2003008,0003,8002,900Return outwardsAdditional information as at 31 Mac 2020:Stock on hand was valued at RM8,800Rent and rates prepaid RM1,200Wages and salaries RM1,750Depreciation is to be provided as follows:a. Motor vehiclesb. Office equipmenti.ii.iii.iv.50 % reducing balance method0% straight line methocV.The doubtful debts provision is to be maintained at 2% of closing debtors.Required:a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac2020.b) Statement of Financial Position as at 31 Mac 2020.

2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: Particulars RM Capital Carriage in Carriage out Purchases 63,030 1,620 800 145,800 10,000 8,500 232,950 68,000 3,600 8,400 4,300 9,600 3,180 28,400 16,440 Office equipment Motor vehicle Sales Wages and salaries Rent and rates Lighting and heating Vehicles running cost Telephone expenses General office expenses Debtors Creditors Provision for depreciation: Motor vehicle 4,250 4,000 Office equipment Provision for doubtful debts 500 Drawings Cash at bank Cash in hand Stock as at 1 April 2019 Return inwards Return outwards 13,570 6,200 300 8,000 3,800 2,900 Additional information as at 31 Mac 2020: Stock on hand was valued at RM8,800 ii. i. Rent and rates prepaid RM1,200 Wages and salaries RM1,750 Depreciation is to be provided as follows: a. Motor vehicles b. Office equipment ii. iv. 50 % reducing balance method 20% straight line method V. The doubtful debts provision is to be maintained at 2% of closing debtors. Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020. b) Statement of Financial Position as at 31 Mac 2020.

2. The following trial balance was extracted from the books of Syarikat Wawa at 31 Mac 2020: Particulars RM Capital Carriage in Carriage out Purchases 63,030 1,620 800 145,800 10,000 8,500 232,950 68,000 3,600 8,400 4,300 9,600 3,180 28,400 16,440 Office equipment Motor vehicle Sales Wages and salaries Rent and rates Lighting and heating Vehicles running cost Telephone expenses General office expenses Debtors Creditors Provision for depreciation: Motor vehicle 4,250 4,000 Office equipment Provision for doubtful debts 500 Drawings Cash at bank Cash in hand Stock as at 1 April 2019 Return inwards Return outwards 13,570 6,200 300 8,000 3,800 2,900 Additional information as at 31 Mac 2020: Stock on hand was valued at RM8,800 ii. i. Rent and rates prepaid RM1,200 Wages and salaries RM1,750 Depreciation is to be provided as follows: a. Motor vehicles b. Office equipment ii. iv. 50 % reducing balance method 20% straight line method V. The doubtful debts provision is to be maintained at 2% of closing debtors. Required: a) Statement Profit or Loss and Other Comprehensive Income for the year ended 31 Mac 2020. b) Statement of Financial Position as at 31 Mac 2020.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 30E: A company uses charging rates to allocate service department costs to the using departments. The...

See similar textbooks

Similar questions

Dake Coporaton elevant ange of actvity s 2800 unts 060 unes henolloesDirect aterialsDirect laborVariable anfacturing verheadFixed manufacturing overbeadFived selling eNpeeseFixed adainistrative espeseSales commissioesVariable aninistrative eeseegeMule ChoceCest peatFor financial repotg parpses the otal amaut of arotuct coss ue t make &nee
Please prepare a cost by nature/expense by nature income statement for the following points. In particular please explain whether point a) (first point) should be included in the income statement. In point a), Is there sufficient information for write-off expenses to be recorded in the income statement and should write-off of assets be included in the income statement? a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000
The following information is given for Gator Company, who uses the FIFO method. Item Quantity Cost NetRealizableValue ReplacementCost NRVMinusNormalProfit 1 1 $17.70 $24.60 $18.00 $17.10 2 1 10.80 8.28 9.30 5.58 3 1 72.00 64.80 67.20 57.60 4 1 4.80 3.12 2.88 2.64 5 1 12.00 12.30 12.60 11.10 6 1 48.00 45.60 38.40 40.80 Required: a. Determine the lower of cost or net realizable value for each inventory item for Gator Company. Item 1 2 3 4 5 6 b. Determine the lower of cost or net realizable value for Gator Company's inventory if the lower of cost or net realizable value rule is applied to the total inventory.$_______
Gant Accounting performs two types of services, Audit and Tax. Gant’s overhead costs consist of computer support, $288000; and legal support, $144000. Information on the two services is: Audit Tax Direct labor cost $50000 $100000 CPU minutes 40000 10000 Legal hours used 200 800 Overhead applied to tax services using traditional costing is $172800. $288000. $144000. $259200.
53. The information provided by ABC Manufacturing Corp. disclosed the following: INCOME STATEMENT Gross Sales – Php 50M Cost of goods/sales: Direct materials – Php 10M Direct labor – Php 10M Manufacturing overhead – Php 5M Operating expenses: Salaries and wages – Php 1M Professional fees – Php 1M Supplies – Php 1M Depreciation – Php 1M Training expenses* – Php 1M BALANCE SHEET Assets – Php 20M Liability – Php 5M SHE – Php 15M *Requirements for additional deduction on training expenses are complied with. Compute the income tax. Group of answer choices b. 4,000,000 c. 3,900,000 a. 5,000,000 d. 4,875,000
The following information is available for Robstown Corporation for 20Y8:Please see the attachement:Instructions1. Prepare the statement of cost of goods manufactured.2. Prepare the income statement.
Required:For Minmin Company, how much was allocated to: i. Landii. Buildingiii. Machineryiv. Office equipmentv. Delivery equipment
The follooving information relates to Snorbird Corporation Sales at the breakeven point P312.500 lotal foed expenses 250,000 et opetating income 150,000 what is Sncwbird s margin of safety
Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.
Profit center responsibility reporting On-Demand Sports Co. operates two divisions—the Action Sports Division and the Team Sports Division. The following income and expense accounts were provided as of November 30. 20Y1, the end of the current fiscal year, after all adjustments, including those for inventories, were recorded The bases to be used in allocating expenses, together with other essential information, are as follows a.Advertising expense—incurred al headquarters, charged back to divisions on the basis of usage: Action Sports Division. $1,200,000; Team Sports Division, $1,800,000. b. Transportation expense—charged hack lo divisions at a charge rale of $18.50 per bill of lading: Action Sports Division, 14.000 bills of lading; Team Sports Division. 21.400 bills of lading. C. Accounts receivable collection expense—incurred al headquarters, charged back to divisions at a charge rate of $9-00 per invoice: Action Sports Division. 32.000 sales invoices; Team Sports Division, 12.500 sales invoices. d. Warehouse expense—charged back to divisions on the basis of floor space used in storing division products: Action Sports Division. 120.000 square feet; Team Sports Division. 80.000 square feet. Prepare divisional income statements with two column headings: Action Sports Division and Team Sports Division. Provide supporting schedules for determining service department charges.
Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Labor time to repair products under warrantyb. Design 2. TV commercial spotsc. Production 3. Labor costs of fi lling customer ordersd. Marketing 4. Testing of competitor’s producte. Distribution 5. Direct manufacturing labor costsf. Customer service 6. Development of order tracking system forthe Internet7. Printing cost of new product brochures8. Hours spent designing childproof bottles9. Training costs for representatives to staff the customer call center10. Installation of robotics equipment in manufacturing plant
What is the total costs of work in process at December 31, 2021 in Department C? P40,932.58 P46,035.41 P42,352.58 P22,097.00