Cost acc
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EXECUTIVE MODERN FURNISHER Trial Balance March 31, 1997 No. Account Title Debit 102 Cash In Bank - UCPB (C/A) P113,791.31 103 Petty Cash Fund 5,000.00 104 Accounts Receivable 9,262.50 104.1 Allowance for Doubtful Accounts 107 Finished Goods Inventory, February 28 95,658.52 108 Goods In Process Inventory, February 28 7,628.00 109 Materials Inventory, February 28 32,832.00 110 Prepaid Insurance 2,500.00 201 Land 75,000.00 202 Building 500,000.00 202.1 Accumulated Depreciation - Building 203 Machinery and Equipment 138,000.00 203.1 Accumulated Depreciation - Machinery and Equipment 204 Furniture and Fixtures 68,000.00 204.1 Accumulated Depreciation - Furnitures and Fixtures 205 Delivery Equipment 145,000.00 205.1 Accumulated Depreciation - Delivery Equipment 206 Office Equipment 16,000.00 206.1 Accumulated Depreciation -Office Equipment 401 Vouchers Payable 403 Deposits from Customers 404 SS Premiums Payable 405 Medicare Premiums Payable 407 HDMF Premiums Payable 408 Withholding Taxes Payable 413 Value Added Taxes Payable 413.1 Input Tax 2,352.00 413.2 Output Tax 501 Mortgage Payable 601 Capital Stock 603 Retained Earnings 701 Sales 801 Cost of Goods Sold 188,655.98 901 Factory Overhead 73,366.24 905 Applied Factory Overhead - Cutting Department 906 Applied Factory Overhead - Assembling Department 907 Applied Factory Overhead - Finishing Department 1001 Marketing Expense Control 47,795.13 1002 Administrative Expense Control 125,650.85 1302 Income from Scrap Sales 1303 Purchase Discount 1401 Interest Expense 3,450.00 TOTALS ###
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Transcript of Cost acc
EXECUTIVE MODERN FURNISHERTrial Balance
March 31, 1997
No. Account Title Debit Credit102 Cash In Bank - UCPB (C/A) P 113,791.31 103 Petty Cash Fund 5,000.00 104 Accounts Receivable 9,262.50
104.1 Allowance for Doubtful Accounts P 300.00 107 Finished Goods Inventory, February 28 95,658.52 108 Goods In Process Inventory, February 28 7,628.00 109 Materials Inventory, February 28 32,832.00 110 Prepaid Insurance 2,500.00 201 Land 75,000.00 202 Building 500,000.00
202.1 Accumulated Depreciation - Building 5,625.00 203 Machinery and Equipment 138,000.00
203.1 Accumulated Depreciation - Machinery and Equipment 2,354.17 204 Furniture and Fixtures 68,000.00
204.1 Accumulated Depreciation - Furnitures and Fixtures 1,500.00 205 Delivery Equipment 145,000.00
205.1 Accumulated Depreciation - Delivery Equipment 3,500.00 206 Office Equipment 16,000.00
206.1 Accumulated Depreciation -Office Equipment 933.33 401 Vouchers Payable 14,066.25 403 Deposits from Customers 6,875.00 404 SS Premiums Payable 3,033.40 405 Medicare Premiums Payable 587.50 407 HDMF Premiums Payable 900.00 408 Withholding Taxes Payable 9,903.28 413 Value Added Taxes Payable 11,325.09
413.1 Input Tax 2,352.00 413.2 Output Tax 18,050.00 501 Mortgage Payable 335,000.00 601 Capital Stock 650,000.00 603 Retained Earnings 103,289.50 701 Sales 396,339.30 801 Cost of Goods Sold 188,655.98 901 Factory Overhead 73,366.24 905 Applied Factory Overhead - Cutting Department 26,174.83 906 Applied Factory Overhead - Assembling Department 30,315.24 907 Applied Factory Overhead - Finishing Department 29,700.64
1001 Marketing Expense Control 47,795.13 1002 Administrative Expense Control 125,650.85 1302 Income from Scrap Sales 100.00 1303 Purchase Discount 70.00 1401 Interest Expense 3,450.00
TOTALS 1,649,942.53 1,649,942.53
Executive Modern FurnishingWORKSHEET
For the Quarter Ended March 31, 1997
Unadjusted Trial Balance Adjustments Adjusted Trial Balance Statement of Financial Position
No. Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit102 Cash In Bank - UCPB (C/A) P 113,791.31 P 113,791.31 P 113,791.31 103 Petty Cash Fund 5,000.00 5,000.00 5,000.00 104 Accounts Receivable 9,262.50 9,262.50 9,262.50
104.1 Allowance for Doubtful Accounts P 300.00 5,689.57 5,989.57 5,989.57 107 Finished Goods Inventory, February 28 95,658.52 95,658.52 95,658.52 108 Goods In Process Inventory, February 28 7,628.00 P 6,840.84 14,468.84 14,468.84 109 Materials Inventory, February 28 32,832.00 32,832.00 32,832.00 110 Prepaid Insurance 2,500.00 750.00 1,750.00 1,750.00 201 Land 75,000.00 75,000.00 75,000.00 202 Building 500,000.00 500,000.00 500,000.00
202.1 Accumulated Depreciation - Building 5,625.00 5,625.00 11,250.00 11,250.00 203 Machinery and Equipment 138,000.00 138,000.00 138,000.00
203.1 Accumulated Depreciation - Machinery and Equipment 2,354.17 2,825.00 5,179.17 5,179.17 204 Furniture and Fixtures 68,000.00 68,000.00 68,000.00
204.1 Accumulated Depreciation - Furnitures and Fixtures 1,500.00 1,500.00 3,000.00 3,000.00 205 Delivery Equipment 145,000.00 145,000.00 145,000.00
205.1 Accumulated Depreciation - Delivery Equipment 3,500.00 3,500.00 7,000.00 7,000.00 206 Office Equipment 16,000.00 16,000.00 16,000.00
206.1 Accumulated Depreciation - Office Equipment 933.33 700.00 1,633.33 1,633.33 401 Vouchers Payable 14,066.25 14,066.25 14,066.25 403 Deposits from Customers 6,875.00 6,875.00 6,875.00 404 SS Premiums Payable 3,033.40 4,610.80 7,644.20 7,644.20 405 Medicare Premiums Payable 587.50 587.50 1,175.00 1,175.00 407 HDMF Premiums Payable 900.00 900.00 1,800.00 1,800.00 408 Withholding Taxes Payable 9,903.28 9,903.28 9,903.28 413 Value Added Taxes Payable 11,325.09 15,698.00 27,023.09 27,023.09
413.1 Input Tax 2,352.00 2,352.00 413.2 Output Tax 18,050.00 18,050.00 501 Mortgage Payable 335,000.00 335,000.00 335,000.00 601 Capital Stock 650,000.00 650,000.00 650,000.00 603 Retained Earnings 103,289.50 103,289.50 103,289.50 701 Sales 396,339.30 396,339.30 396,339.30 801 Cost of Goods Sold 188,655.98 188,655.98 188,655.98 901 Factory Overhead 73,366.24 12,190.70 85,556.94 85,556.94 85,556.94 905 Applied Factory Overhead - Cutting Department 26,174.83 2,588.26 28,763.09 28,763.09 28,763.09 906 Applied Factory Overhead - Assembling Department 30,315.24 1,633.92 31,949.16 31,949.16 31,949.16 907 Applied Factory Overhead - Finishing Department 29,700.64 1,963.66 31,664.30 31,664.30 31,664.30
1001 Marketing Expense Control 47,795.13 4,403.00 52,198.13 52,198.13 1002 Administrative Expense Control 125,650.85 10,679.17 136,330.02 136,330.02 1302 Income from Scrap Sales 100.00 100.00 100.00 1303 Purchase Discount 70.00 70.00 70.00 1401 Interest Expense 3,450.00 3,450.00 6,900.00 6,900.00
TOTALS P 1,649,942.53 P 1,649,942.53 Accrued Payroll 1,080.00 1,080.00 1,080.00 EC Premiums Payable 160.00 160.00 160.00 Interest Payable 3,450.00 3,450.00 3,450.00 Factory Overhead - Cutting Department 37,645.54 37,645.54 Factory Overhead - Assembling Department 24,073.06 24,073.06 Factory Overhead - Finishing Department 23,838.34 23,838.34 OverApplied Factory Overhead 6,819.61 Income Tax Expense 6,735.67 6,735.67 6,735.67 Income Tax Payable 6,735.67 6,735.67 6,735.67 TOTALS P 55,613.71 P 55,613.71 P 1,684,404.24 P 1,684,404.24 P 654,310.23 P 666,819.34 P 1,214,763.17 P 1,202,254.06
Net Income 12,509.11 12,509.11
Statement of Recognized Income and Expense
P 666,819.34 P 666,819.34 P 1,214,763.17 P 1,214,763.17
EXECUTIVE MODERN FURNISHERWorksheet for Departmentalization of Applied Overhead Rates
March 31, 1997
Factory Overhead Accounts Basis TOTAL CUTTING ASSEMBLING FINISHING
Depreciation - Building Floor Area P 5,625.00 P 2,109.38 P 2,109.37 P 1,406.25 Depreciation - Machine & Equipment Machine Cost 2,825.00 2,330.23 175.56 319.21 Factory Supplies & Indirect Materials Direct Charge 2,619.00 420.00 814.00 1,385.00 Light, Power and Water KW-Hours 2,970.00 1,485.00 594.00 891.00 Insurance Expense Floor Area 750.00 281.25 281.25 187.50 Supervision No. of Workers 37,500.00 16,071.43 10,714.29 10,714.28 Indirect Labor No. of Workers 16,825.00 7,210.71 4,807.15 4,807.14 Repairs and Maintenance - Building Floor Area 1,639.64 614.87 614.86 409.91 SS, Medicare and EC Premiums Direct Charge 4,410.30 2,074.10 1,328.50 1,007.70 SS. Medicare, EC and HDMF - Others No. of Workers 3,393.00 1,454.14 969.43 969.43 COLA - Workers Direct Charge 4,200.00 1,800.00 1,200.00 1,200.00 COLA - Others No. of Workers 1,300.00 557.14 371.43 371.43 Repairs and Maintenance - Machinery Machine Cost 1,500.00 1,237.29 93.22 169.49 Miscellaneous Labor Hours
TOTAL P 85,556.94 P 37,645.54 P 24,073.06 P 23,838.34
TOTAL
5,625.00 2,825.00 2,619.00 2,970.00 750.00 37,500.00 16,825.00 1,639.64 4,410.30 3,393.00 4,200.00 1,300.00 1,500.00
85,556.94
EXECUTIVE MODERN FURNISHERStatement of Cost of Goods Manufactured
For the quarter ended March 31, 1997
NotesDirect Materials
Materials Inventory, January 1 P 31,804.00 Add: Net Purchases (1) 51,424.40
Materials Available For Use 83,228.40 Less: Indirect Materials Used (2) P 2,619.00
Materials Inventory, March 31 32,832.00 35,451.00
Direct Materials Consumed P 47,777.40
Direct Labor (3) 39,032.32
Applied Factory OverheadCutting Department P 28,763.09 Assembling Department 31,949.16 Finishing Department 31,664.30 92,376.55
Total Manufacturing Cost P 179,186.27
Add: Good In Process Inventory, January 1 24,888.36 Cost of Goods In Process for First Quarter P 204,074.63 Less: Goods In Process Inventory, March 31 14,468.84
COST OF GOODS MANUFACTURED P 189,605.79
Note 1: Net PurchasesPurchases (January to February) P 27,834.40 Purchases (March) 23,590.00
Total Purchases P 51,424.40
Note 2: Indirect Materials UsedIndirect Materials (January to February) P 2,429.00 Indirect Materials (March) 190.00
Total Indirect Materials Used P 2,619.00
Note 3: Direct LaborDirect Labor (January to February) P 20,937.32 Direct Labor (March) 18,095.00
Total Direct Labor P 39,032.32
EXECUTIVE MODERN FURNISHERStatement of Recognized Income and Expense
For the quarter ended March 31, 1997
NotesNet Sales P 396,339.30 Less: Cost of Goods Sold (4) 181,836.37
Gross Profit P 214,502.93
Less: ExpensesAdministrative Expenses P 136,330.02 Marketing Expenses 52,198.13 188,528.15
Income from Operations P 25,974.78 Add: Other Income (5) 170.00 Less: Interest Expense 6,900.00
Net Income Before Income Tax P 19,244.78
Less: Income Tax Expense (6) 6,735.67
NET INCOME AFTER INCOME TAX P 12,509.11
Note 4: Cost of Goods SoldFinished Goods Inventory, January 1 P 94,708.71 Add: Cost of Goods Manufactured 189,605.79 Cost of Goods Available for Sale P 284,314.50 Less: Finished Goods Inventory, March 31 P 95,658.52
Overapplied Factory Overhead 6,819.61 102,478.13 Cost of Goods Sold P 181,836.37
Note 5: Other IncomeIncome from Scrap Sales P 100.00 Purchase Discount 70.00 Other Income P 170.00
Note 6: Income Tax ExpenseNet Income Before Income Tax P 19,244.78 Multiply by Income Tax Rate 35%Income Tax Expense P 6,735.67
EXECUTIVE MODERN FURNISHERStatement of Changes in Shareholders' Equity
For the quarter ended March 31, 1997
Capital Stock Retained EarningsBalance, January 1 P 650,000.00 P 103,289.50 Profir for the Quarter 12,509.11
Balance, March 31 P 650,000.00 P 115,798.61
EXECUTIVE MODERN FURNISHERStatement of Financial Position
March 31, 1997
ASSETSCurrent Assets:
Cash In Bank - UCPB (C/A) P 113,791.31 Petty Cash Fund 5,000.00 Accounts Receivable P 9,262.50
Less: Allowance for Doubtful Accounts 5,989.57 3,272.93 Finished Goods Inventory, March 31 95,658.52 Goods In Process Inventory, March 31 14,468.84 Materials Inventory, March 31 32,832.00 Prepaid Insurance 1,750.00
Non-Current AssetsLand 75,000.00 Building P 500,000.00
Less: Accumulated Depreciation - Building 11,250.00 488,750.00 Machinery and Equipment P 138,000.00 Less: Accumulated Depreciation - Machinery and Equipment 5,179.17 132,820.83 Furnitures and Fixtures P 68,000.00
Less: Accumulated Depreciation - Furnitures and Fixtures 3,000.00 65,000.00 Delivery Equipment P 145,000.00
Less: Accumulated Depreciation - Delivery Equipment 7,000.00 138,000.00 Office Equipment P 16,000.00
Less: Accumulated Depreciation - Office Equipment 1,633.33 14,366.67
TOTAL ASSETS P 1,180,711.10
LIABILITIES AND SHAREHOLDERS' EQUITYCurrent Liabilities
Vouchers Payable P 14,066.25 Deposits from Customers 6,875.00 SS Premiums Payable 7,644.20 Medicare Premiums Payable 1,175.00 EC Premiums Payable 160.00 HDMF Premiums Payable 1,800.00 Withholding Taxes Payable 9,903.28 Interest Payable 3,450.00 Accrued Payroll 1,080.00 Income Taxes Payable 6,735.67 VAT Payable 27,023.09
Non Current LiabilitiesMortgage Payable 335,000.00
Shareholders' EquityCapital Stock 650,000.00 Retained Earnings 115,798.61
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY P 1,180,711.10
