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provide the cost of good sold statement of jan 2022 from the beginning balances and journal entries given

provide the cost of good sold statement of jan 2022 from the beginning balances and journal entries given

Auditing: A Risk Based-Approach (MindTap Course List)
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process
Section: Chapter Questions
Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...
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provide the cost of good sold statement of jan 2022 from the beginning balances and journal entries given

a. b. C. d. e. Materials Accounts payable Factory Overhead Control Accounts payable Work in process Factory Overhead Control Selling expenses Administrative expenses Payroll Payroll Withholding taxes payables SSS Premiums payables PhilHealth Contribution payables Pag-ibig Funds Contribution payables Payroll Accrued Payroll Accrued Payroll Cash Factory Overhead Control SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable # 250,000 # 尹 # 175,000 37,500 # 31,250 # 18,750 43,750 # 42,931.25 # € 219,568.75 218,750 17,750.00 P # € # P # € P p # 250,000 43,750 262,500 23,150 10,500 1,406.25 7,875 219,568.75 218,750 10,625 750.00 6,375 f. Selling Expenses SSS Premiums payable P 1,562.50 PhilHealth Contribution payable P 468.75 Pag-ibig Funds Contribution payable 937.50 j. Administrative Expenses k. SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable Work in process Factory Overhead Control Materials Work in process h. Finished Goods Factor Overhead Applied (P175,000*80%) i. Accounts Receivable Sales Work in process (P481,250*40% + P481250) Cost of Goods Sold Finished Goods Cash Accounts Receivable Liabilities Accrued Liabilities I. Withholding taxes payables Cash P P P P P P P P 937.50 187.50 562.50 231,250 43,750 P 673,750 P 140,000 512,500 481,250 506,250 P 275,000 23,150 P 275,000 P 140,000 P P P P P P 512,500 673,750 481,250 506,250 275,000 23,150
Transcribed Image Text:a. b. C. d. e. Materials Accounts payable Factory Overhead Control Accounts payable Work in process Factory Overhead Control Selling expenses Administrative expenses Payroll Payroll Withholding taxes payables SSS Premiums payables PhilHealth Contribution payables Pag-ibig Funds Contribution payables Payroll Accrued Payroll Accrued Payroll Cash Factory Overhead Control SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable # 250,000 # 尹 # 175,000 37,500 # 31,250 # 18,750 43,750 # 42,931.25 # € 219,568.75 218,750 17,750.00 P # € # P # € P p # 250,000 43,750 262,500 23,150 10,500 1,406.25 7,875 219,568.75 218,750 10,625 750.00 6,375 f. Selling Expenses SSS Premiums payable P 1,562.50 PhilHealth Contribution payable P 468.75 Pag-ibig Funds Contribution payable 937.50 j. Administrative Expenses k. SSS Premiums payable PhilHealth Contribution payable Pag-ibig Funds Contribution payable Work in process Factory Overhead Control Materials Work in process h. Finished Goods Factor Overhead Applied (P175,000*80%) i. Accounts Receivable Sales Work in process (P481,250*40% + P481250) Cost of Goods Sold Finished Goods Cash Accounts Receivable Liabilities Accrued Liabilities I. Withholding taxes payables Cash P P P P P P P P 937.50 187.50 562.50 231,250 43,750 P 673,750 P 140,000 512,500 481,250 506,250 P 275,000 23,150 P 275,000 P 140,000 P P P P P P 512,500 673,750 481,250 506,250 275,000 23,150
Problem 5 Wesleyan Company contained the following account balances: Cash Accounts Receivable Finished Goods Work in Process Materials Accounts Payable Accrued Payroll Common Stock Retained Earnings P 125,000 75,000 43,750 22,500 62.500 12,500 10,000 250,000 56,250
Transcribed Image Text:Problem 5 Wesleyan Company contained the following account balances: Cash Accounts Receivable Finished Goods Work in Process Materials Accounts Payable Accrued Payroll Common Stock Retained Earnings P 125,000 75,000 43,750 22,500 62.500 12,500 10,000 250,000 56,250
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