Practice set is on job order cost managerial accounting

Assignment Help Cost Accounting

Reference no: EM131031519

Practice Set - HYDRO PADDLE BOARDS

- This practice set is on Job Order Cost managerial accounting.
- This practice set provides the narrative form approach.
- Follow the general instructions from pages 3 to 4.
- Journalize the transactions that are on pages 5 to 7.
- Ignore instructions for software from pages 1 to 2.
- Always refer to the Chart of Accountson page 10for the correct account titles.
- Adjusting and closing entries data is on page 7.
- Prepare financial statements in the format you have learned before.
- Employer Payroll Taxes Allocation on page 46 is not required.
Journal entry for employer payroll on Jan 31st is shown below.
- Write your name and student ID number on the front page of the practice set.
- Your project, in hard copy (handwritten) (I will not accept e-mail attachment or flash disk), is due at 9 am on Tuesday 05/03/2016. No late practice set will be accepted.

Jan 31stEmployer Payroll Journal Entries:
Factory Overhead 10,230.34
Payroll Taxes Expense-General 6,966.48
FICA Tax Payable 9,414.32
Federal Unemployment Tax Payable 1,004.19
State Unemployment Tax Payable 6,778.31

Here are some check figures:

Account Balanceson Jan 31^st
Cash	$ 140,129.81
Unadjusted Trial Balance (Debit Balance)	$ 1,838,846.48
Adjusted Trial Balance (Debit Balance)	$ 1,866,509.53
Net Income	$ 20,360.62
Balance Sheet (Total Assets)	$ 1,205,724.89
Post-Closing Trial Balance (Debit Balance)	$ 1,468,645.37

Reference no: EM131031519

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