Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods ii. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. At 31 December 2020 insurance paid in advance was RM150 and office general RM8,200 RM1,500 RM500 expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office Insurance are to be apportioned: % Factory Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.
Additional information: i. Inventory at 31 December 2020: a. Raw materials RM2,900 b. Finished goods ii. Depreciation for the year is to be charged as follows: a. Plant and machinery b. Car iii. At 31 December 2020 insurance paid in advance was RM150 and office general RM8,200 RM1,500 RM500 expenses unpaid were RM75 iv. Lighting and rent are to be apportioned :4/5 Factory, 1/5 Office Insurance are to be apportioned: % Factory Office vi. Jojo is the business sales person and her salary and expenses are to be treated as a selling expense. She has sole use of a business car. V. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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