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Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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- COGM & INCOME STATEMENT PT AMBARWATI plans to compile a Cost Of Goods Manufactured and Income Statement in September 2020. The following is the cost data needed in preparing the report: a. Purchase of raw materials of 2,000 units at a price of Rp. 18,000 / unit. Transportation costs are 1.5% of the purchase b. Employee working hours are 4,800 direct work hours at a rate of IDR 5,000 / direct work hour c. Transactions that occurred in September: Indirect material used Rp 7.000.000 Electricity ( 70% used for factories) Rp 2.000.000 Factory Maintenance Rp 1.000.000 Depreciation (40 used for office) Rp 4.000.000 Property tax ( 80% used for factories) Rp 6.000.000 Utilities ( 65% used for factories) Rp 8.000.000 Office Salaries Rp 12.000.000 Gross profit Rp 93.500.000 d. Sales of Rp. 181,000,000 with sales returns and discounts of 0.5% of gross sales e. Selling expenses were 2.5% of net sales, administrative and general expenses…Kindly answer bolded questions. Thanks Greek Manufacturing Company produces and sells a line of product that are sold usually all year round. Thecompany has a maximum production capacity of 100,000 units per year. Operating at normal capacity, thebusiness earned Operating Income of $600,000 in 2020. The following cost data has been prepared for theyear ended December 31, 2020 Selling price per unit……………………………………… $50.00Production Costs:Direct Materials …………………………………. $10.00Direct Labour ……………………………………. $8.00Variable Manufacturing Overhead ……………. $7.00Fixed Manufacturing Overhead…………....................... $450,000Fixed Selling & Administrative Expenses……………… $300,000Variable selling expense per unit ………………………. $10.00 Required: a) Using the equation method, calculate the normal capacity of the business. b) Calculate:i) the variable production cost per unitii) the total production cost per unitiii) The total variable cost per unitiv) Total Fixed costs c) Calculate Greek’s…first question An industrial company produces and markets one type of product whose planned data for 2021 was as follows:1- Planned sales for the seasons: 5000, 4800, 4700, 4500 units respectively:2- Planned production for the seasons: 4000, 3800, 4400, 4500 units, respectively:3- Raw materials used in production:The production of one unit requires two types of raw materials (A and B), as follows:Article (A): 3 kg/unit at a purchase price of 1.2 dinars/kgArticle (B): 2 kg/unit at a purchase price of 1.4 dinars/kg Required: Preparing the planning budget for the cost of raw materials for the semesters of the year / 2021 second questionAn industrial company produces and markets one type of product whose planned data for 2021 was as follows:1- Planned sales for the seasons: 9200, 8400, 6800, 7600 units respectively:2- The planned production for the seasons: 9350, 8300, 7100, 7400 units respectively:3- The rate of charging indirect industrial costs (variable costs) per unit 1.5…
- Question One God-Is-Good Company produces a single product, the following figures were extracted from their records for the year ended December 31, 2020. Units in beginning inventory:direct material (1,000 units) - GH¢30.00: direct labour. - GH¢65.00 variable overhead. - GH¢35.00 Fixed overheard. - GH¢32.00 Units produced. - 12,500 units units sold(10,000 units) - GH¢425.00 per unit. Variable costs per unit: Direct materials - GH¢50.00 Direct Labour. - GH¢100.00 Variable Overheard. - GH¢60.00 Fixed overheard per unit produced. - GH¢25.00 General and administrative cost (60% variable). - 525,350.00 Selling and distribution cost(40% fixed) - 315,500.00 a. Prepare an Income Statement for God-Is-Good Company using the full costing approach. b. Prepare an Income Statement for God-Is-Good Company using variable costing approach. c. Prepare the…Graded Discussion #3 _C-V-P AnalysisGreek Manufacturing Company produces and sells a line of product that are sold usually all year round. The company has a maximum production capacity of 100,000 units per year. Operating at normal capacity, the business earned Operating Income of $600,000 in 2020. The following cost data has been prepared for the year ended December 31, 2020.Selling price per unit……………………………………… $50.00Production Costs:Direct Materials …………………………………. $10.00Direct Labour ……………………………………. $8.00Variable Manufacturing Overhead ……………. $7.00Fixed Manufacturing Overhead…………....................... $450,000Fixed Selling & Administrative Expenses……………… $300,000Variable selling expense per unit ………………………. $10.00 d)Assuming sales equal to the normal capacity calculated in a) above, prepare a contribution margin income statement for the year ended December 31, 2020, detailing the components of total variable costs and total fixed costs, and clearly showing contribution and net…PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
- Q47 Mixing Company manufactured 1,600 units of its only product during 2022. The inputs for this production are as follows: 460 pounds of Material A at a cost of $1.60 per pound 310 pounds of Material H at a cost of $2.85 per pound 340 direct labor hours at $24 per hour The firm manufactured 1,620 units of the same product in 2021 with the following inputs: 540 pounds of Material A at a cost of $1.20 per pound 370 pounds of Material H at a cost of $2.50 per pound 420 direct labor hours at $22 per hour In 2021, the partial financial productivity of Material A is: Multiple Choice 0.27. 0.23. 2.50. 2.78. 3.00.Q42 Mixing Company manufactured 2,709 units of its only product during 2022. The inputs for this production are as follows: 515 pounds of Material A at a cost of $2.15 per pound 430 pounds of Material H at a cost of $3.40 per pound 560 direct labor hours at $46 per hour The firm manufactured 2,775 units of the same product in 2021 with the following inputs: 630 pounds of Material A at a cost of $1.85 per pound 490 pounds of Material H at a cost of $3.15 per pound 530 direct labor hours at $44 per hour In 2022, the partial operational productivity of Material H is: Multiple Choice 6.25 units per pound. 6.30 units per pound. 5.26 units per pound. 2.29 units per pound. 6.20 units per pound.Question 2 Mika Sdn Bhd manufacture vase branded as Flora for local market. The following is the information on production cost and other expenses related to July 2021. Details of cost elements 2000 Units of Vases (RM) Fixed Administration expenses 4,500 Indirect labour 9,500 Power 1,000 Fixed Rental 1,400 Selling and Distribution 6,500 Direct labour 25,000 Factory supplies 2,500 Direct materials 50,000 Total cost 64,200 The averages selling price of the vase is RM50.20 per unit. The maximum capacity of the production is 10,000 vase per month. Required: (a). Calculate the break even point (in unit and RM) for Mika Sdn Bhd. (b). What should be the new selling price for the company to break even if it can only sell 1,500 vases per month? (c). Based on (a) above, calculate the expected net profit at a sales level of 3,000 vases when an additional commission of RM1 per vase is incurred after the…
- 6. Honda, Inc. is using Just-in-Time Production system and Backflush Cost Accounting System for the year ended December 31,2020. The following information was provided for the year 2020:a. Raw materials purchased for year 2020 totaled Php 1,000,000.00. b, Direct Labor for the year 2020 totaled Php 500,000.00. c. Actual overhead for the year 2020 totaled Php 300,000.00 and the standard overhead rate is 50% of direct labor cost. d. The production report for year 2020 showed that the Finished Goods Inventory at December 31 was Php 200,000.00 consisting of: Direct Materias 110,000.00, Direct labor 60,000.00, and Factory Overhead 30,000.00. What is the Cost of Goods Sold for the year ended December 31,2020?Questions (d) and (e) are based on the information below. Sanit Ltd is an alcohol sanitizer manufacturing company that produced 175 000 units of 100 ml hand sanitizer bottles during the financial year ended 31 August 2020. The normal capacity is 100 000 units of hand sanitizer 100 ml bottles per year. The total cost per unit, excluding fixed production overheads, amounts to R50 per unit. The fixed production overheads incurred amounts to R700 000 for the year. The closing balance of finished goods is 5 000 units. Assume there is no opening balance. (d) The under / over recovered fixed production overheads that is recognised as an expense (cost of sales) according to IAS 2, Inventories, amounts to: 1) R525 000 over recovery 2) R525 000 under recovery 3) R700 000 over recovery 4) R0 (e) Calculate the cost of sales in the statement of profit or loss and other comprehensive income for the financial year end 31 August 2020 of Sanit Ltd: 1) R9 000 000 2) R9 180 000…QUESTION 5 A) A company sells product X & Y Sales for the year ended 2019 are: X: 5000 units @ ¢10 each Y: 3000 units @ ¢12 each The company expects to sell the following units in 2020: X: 6000 units @ ¢15 each Y: 4500 units @ ¢18 each Additional information: i) Budgeted opening stock X: 1000 units Y: 800 units Budgeted closing stock: X: 2000 units Y: 1500 units ii) Materials A and B are used to produce products X and Y based on the following ratio in order to produce one unit of X & Y Product Material A Material B X 3kg 2kg Y 2kg 1kg Purchase price ¢10 per Kg ¢12 per kg iii) Material A Material B Opening stock 8000 5000 Closing stock 6000 3500 (iv) The company has only one grade of labour and uses 3 hours to produce one unit of X 2 hours to produce one unit of Y Labour rate would be ¢20 per hour Required: Prepare the following budgets for 2020 Sales budget Production budget Direct Material usage budget Direct Material purchase budget Direct labour…