Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
China Toys manufacturing company Ltd. had a fire that completely destroyed the factory premises. Only few accounting records that could be saved reveal following information:
Items Rs. Sales 218,800 Financial expenses 600 Cost of goods available for sale 200,000 Raw material purchased 90,000 Direct Labor 35,000 Sales return 2,800 Balance Sheet of previous year contains the following inventory balances: Items Rs. Work in process inventory 70,000 Material inventory 8,000 Finished goods inventory 50,000 Accountant of the company on the basis of his past experience presented following percentage relationship: Selling expenses 5% of Net Sales Prime cost 60% of Cost of Goods Manufactured Administrative expenses 8% of Net Sales Factory overhead 30% of Conversion Cost Gross profit 30% of Net Sales
Required
1. Prepare Cost of Goods Sold Statement for the year ended Dec 31st, 2009 by adjusting the closing inventories of work in process, finished goods and material. Also show complete working where required.
2. Income statement for the year ended Dec 31st, 2009.
Net income (or net loss) during 2010, assuming that as of December 31, 2010, assets were $960,000, liabilities were $156,000, and no additional capital stock was issued or dividends distributed.
Compute Juan's gross income assuming that he uses the cash basis of accounting.
What are the differences between a direct cost and an indirect cost? Which is the more difficult cost to track? Why? How do indirect costs affect the cost of a product? Should indirect costs be included in product cost? Why or why not?
What is the total cost of units transferred out in May? (Round calculations andfinal answer to 0 decimal places, e.g. 125.) What is the cost of the May 31inventory?
What is" balance sheet exposure". When converting a balance sheet from one currency to another currency what rate do we use? Are all balance sheet accounts adjusted as of the balance sheet date?
Write a 700- to 1,050-word paper in APA format comparing and contrasting the different types of accounting, namely accrual, cash flow, and fund accounting. Be sure to consider the following:
the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.
which of the following statements concerning users of accounting information is incorrect?management is considered an
Under the new method sales would increase by 15 percent each month, and net income would increase by one third. Fixed cost could be slashed to only $15,000 per month. Calculate the breakeven point for the company before and after the change in mar..
which of the following is not one of the activities shown on the statement of cash flows? accounting
What is Sondra's 2009 gift tax liability? What is her 2009 gift tax liability under the assumption that she made the $ 700,000 of taxable gifts in 1974 instead of 1997?
at the beginning of year 1 kare company initiated a quality improvement program. considerable effort was expended over
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd