Lanikai Company has the following projected account balances for June 30, 2023: Accounts payable $40,000 $800,000 Accounts receivable 100,000 400,000 24,000 180,000 200,000 80,000 4,000 140.000 160 000 Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable Required: a. Sales Common Shares Retained earnings Cash Equipment, net Buildings, net Utilities, factory Selling expenses Maintenance, factory Prepare a budgeted income statement for the month of June 2023. Prepare a budgeted balance sheet as of June 30, 2023. 56,000 240,000 400,000 16,000 60,000 28,000
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- Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. Questions 3. What is the amount of selling and distribution expense for the current period?4. How much is the net income for…
- Company ABC has the following Monthly Incurred Costs for the Year 2021: January = P 174, 000.00 February = P 135,200.00 March = P 200,000.00 April = P 230,000.00 May = P 260,000.00 June = P 132,000.00 July = P 35,000.00 August = P 340,000.00 September = P 170,000.00 October = P 30,000.00 November = P 230,000.00 December = P 180,000.00 What is the Equivalent Uniform Quarterly Cost incurred by the company the the available Interest rate is 12% compounded semi-annually.Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?The following information relates to Unique Ltd for the year 2020: Annual Demand 408,375 units Annual cost of Holding £1.50 Annual cost of placing an order £ 500Required:(i) Calculate the EOQ
- A manufacturing company provided the following information for May 2021: Sales 24,000 Variable costs 8,000 Fixed costs 5,000 Operating income £11,000 If sales doubled in June 2021, what was the projected operating income?Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit RM Credit RM Inventory of raw materials 1 Jan 2020 21,000 Inventory of finished goods 1 Jan 2020 38,900 Work in progress 1 Jan 2020 13,500 Wages (direct RM180,000, factory indirect RM145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost RM280,000) 230,000 Administration computers (cost RM20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administration salaries 44,000 Sales representative salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discount allowed 4,800 Carriage outwards 5,900 Sales 1,000,000 Account…
- The information provided below was taken from the records of Chotoo Projects for the financialyear ended 31 May 2020.Extract of statement of comprehensive income for the year ended 31 May 2020RRevenue 480 000Direct costs 240 000Rent income 150 000Advertising 4 800Salaries and wages 90 000Rates and taxes 1 200Other operating expenses 80 000Additional information1. Revenue is calculated as direct cost plus 25%.2. Revenue is divided equally each month. Revenue is expected to increase by 18% for thefinancial year ending 31 May 2021.POSTGRADUATE DIPLOMA IN PROJECT MANAGEMENT – ACADEMIC AND ASSESSMENT CALENDARREGENT BUSINESS SCHOOL (RBS) January 2021 173. Fifty percent (50%) of the revenue is for cash and the balance is on credit. Debtorsnormally pay their accounts as follows:• 40% in the month of the invoice, and these debtors are entitled toa 5% discount;• 55% one month after the invoice;The balance is usually written off as bad debts.4. Purchases for June and July are expected to be 30…At the end of 2020, ABC Company had the following balances: $300,000 was paid for the sold products. $50,000 was spent on advertising. 1,000,000 in net sales Utility costs are 10,000. Salary costs equal $50,000. Create the company's income statement.In 2020 the budget for a machine shop showed overheads of $60,000 and volume of activity of12,000 machine hours.In January of 2020, the machine shop incurred $5,400 of overhead and 1,050 machine hourswere worked. Required:a. Determine:i. The predetermined absorption rate. ii. The under/over absorption rate. b. With the use of calculation, explain the factors that contributed to the under/over absorptionof overheads.