A manufacturer pald total factory payroll of $200,000 In cash. The journal entry for this transaction includes is 19 Multiple Cholce S138 Debit to Factory Overhead for $200,000. Credit to Cash for $200,000. Debit to Cash for $200,000.
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- Payment and distribution of payroll The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: Direct labor earnings amounted to 10,500 from January 16 to 31. Indirect labor was 5,700, and sales and administrative salaries for the same period amounted to 3,800. All wages are subject to FICA, FUTA, state unemployment taxes, and 10% income tax withholding. Required: 1. Prepare the journal entries for the following: a. Recording the payroll. b. Paying the payroll. c. Recording the employers payroll tax liability. d. Distributing the payroll costs for January 1631. 2. Prepare the journal entry to record the payment of the amounts due for the month to the government for FICA and income tax withholdings. 3. Calculate the amount of total earnings for the period from January 1 to 15. 4. Should the same person be responsible for computing the payroll, paying the payroll and making the entry to distribute the payroll? Why or why not?JOURNAL ENTRIES - ACTUAL COST SYSTEM The following transactions of Lakay Manufacturers were incurred during the month of May. a. Materials purchases on account, P750,000. b. Purchase returns and allowances, P50,000. c. Payment of payroll: Total Earnings P655,000 Less: SSS premiums P17,500 Philhealth premiums 8,000 Pag-IBIG premiums 2,500 Withholding taxes 12,000 Advances to employees 65,000 Union dues 30,000 135,000 Net amount P520,000 d. Breakdown of the payroll: factory, 60% (Direct labor - 50%, Superintendence - 40%; Indirect labor - 10%); sales, 25%; and, office, 15%. e. Disbursements are made for the following: Insurance premiums - factory building and contents P2,500 Lubricants, rags, brooms and insecticide 800 Electricity bill 4,100 Water bill 900 f. Sales on account, P2,200,000. g. Sales returns and allowances, P60,000. h. The following are paid: Bond paper, pencils and other office supplies P1,500 TV and radio advertisements 6,000 Plastic bags, masking tapes and…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
- The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour: Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax: Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211Balances on 30 June 2020 RWork in process goods on hand 617…The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…
- 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?The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
- The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)Black Mink 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 Black Mink report as inventories in its balance sheet?The following information taken from Jejai Limited: Particulars Debit RM Credit RM Purchase of raw materials 258,000 Fuel and light 21,000 Administration salaries 17,000 Factory wages 59,000 Carriage outwards 4,000 Rent and business rates 21,000 Sales 482,000 Return inward 7,000 General office expenses 9,000 Repairs to plant and machinery 9,000 Inventory at 1 January 2020: Raw materials Work in process Finished goods 21,000 14,000 23,000 Sundry accounts payable 37,000 Capital 457,000 Freehold premises 410,000 Plant and machinery 80,000 Accounts receivable 20,000 Accumulated provision for depreciation on plant and machinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Additional information: Inventory in hand at 31 December 2020: Raw materials RM25,000 Work in process RM11,000 Finished…