User Account

All Pages

Prepare trading statement for rainbow pty ltd

Assignment Help Accounting Basics
Reference no: EM132467712

Rainbow Pty Ltd has provided the following data for the year ending 31 December 2019

Ledger balances as at 31 December 2019

  • Sales - $387,500
  • Sales Returns - $3,400
  • Work in process inventory 1 January 2019 - $8,400
  • Direct material inventory 1 January 2019 - $29,850
  • Finished goods inventory 1 January 2019 - $65,000
  • Indirect material inventory 1 January 2019 -$3,300
  • Purchases direct materials - $98,140
  • Returns of direct materials - $2,750
  • Freight inwards on direct materials - $2,060
  • Direct wages paid - $64,500
  • Indirect wages paid - $9,340
  • Indirect materials purchased - $11,090
  • Factory rates paid - $5,310
  • Other factory expenses - $23,150

Additional Information

At 31 December the following adjustments are needed:

  • Accrued direct wages - $1,550
  • Accrued indirect wages - $960
  • Factory rates prepaid - $490
  • Depreciation on factory plant - $7,030

Physical stock take at 31 December 2019:

  • Direct material inventory on hand - $24,350
  • Finished goods inventory on hand - $32,190
  • Indirect material inventory on hand - $1,730
  • Work in process inventory on hand - $8,070

Required:

Question 1: Prepare Manufacturing Statement for Rainbow Pty Ltd for the period ended 31 December 2019

Question 2: Prepare Trading Statement for Rainbow Pty Ltd for the period ended 31 December 2019

Reference no: EM132467712

Questions Cloud

How many units must spark sell : Spark Co. buys cordless phones for $125 each and sells them for $200 each. Assuming Spark desired a profit of 10% of sales, how many units must Spark sell
What is the contribution margin per kilo : How many kilograms will need to be laundered if the business wants to achieve a profit before tax of $8,640. What is the contribution margin per kilo
What amount should the production budget show for units : Inventory at the beginning of the year was budgeted at 9,000 units. What amount should the production budget show for units to be produced during first quarter
What is the contribution margin ration : What is the contribution margin ration? What is the break-even point in sales dollars? Disney Ltd has prepared the information from its records
Prepare trading statement for rainbow pty ltd : Prepare Manufacturing Statement for Rainbow Pty Ltd for the period ended 31 December 2019.Prepare Trading Statement for Rainbow Pty Ltd
What is the product target variable manufacturing cost : If the new product has variable selling and distribution costs of $3.00 per unit, what is the product's target variable manufacturing cost
How can a dishonest store clerk steal from yorkshire : How can a dishonest store clerk steal from Yorkshire? What part of company policy enables the store clerk to steal without getting caught
Prepare table for allocation of money receive on application : Prepare table for Allocation of money received on Application. Prepare the General Journal and General Ledger entries to account for the share issue up to
Perform CVP analysis to calculate break-even sales volume : Perform CVP analysis to calculate the break-even sales volume for 2018. Discuss the pros & cons and make recommendations for improvement

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd