Scribd Logo
Upload

Welcome to Scribd!

  • 28 views

    Name: Pamulagan, Cherry Mae G Section: BSA 1-C Code: 3020

    Uploaded by

    Cherry Mae
    The document contains journal entries, income statements, and a statement of financial position for Candace Company for the month of January 2021. It records the purchase and use of materials to manufacture finished goods, which were then sold, generating sales revenue. The financial statements show the company's profits, assets, liabilities, and equity for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Name: Pamulagan, Cherry Mae G Section: BSA 1-C Code: 3020

    Uploaded by

    Cherry Mae
    28 views5 pages
    The document contains journal entries, income statements, and a statement of financial position for Candace Company for the month of January 2021. It records the purchase and use of materials to manufacture finished goods, which were then sold, generating sales revenue. The financial statements show the company's profits, assets, liabilities, and equity for the period.

    Original Description:

    problem solving

    Original Title

    cost accounting

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains journal entries, income statements, and a statement of financial position for Candace Company for the month of January 2021. It records the purchase and use of materials to manufacture finished goods, which were then sold, generating sales revenue. The financial statements show the company's profits, assets, liabilities, and equity for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views5 pages

    Name: Pamulagan, Cherry Mae G Section: BSA 1-C Code: 3020

    Uploaded by

    Cherry Mae
    The document contains journal entries, income statements, and a statement of financial position for Candace Company for the month of January 2021. It records the purchase and use of materials to manufacture finished goods, which were then sold, generating sales revenue. The financial statements show the company's profits, assets, liabilities, and equity for the period.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 5

    Name: PAMULAGAN, CHERRY MAE G

    Section: BSA 1-C


    Code: 3020

    CANDACE COMPANY

    1. JOURNAL ENTRIES

    ACCOUNT TITLES DEBIT CREDIT

    a) Materials Inventory 180,000


    Accounts Payable 180,000

    b) Work in Process 148,000


    Factory Overhead Control 28,000
    Material Inventory 176,000

    c) Payroll 168,000
    Witholding Tax Paybale 14,816
    SSS Preniums 6,720
    PhilHealth Prenuims 900
    Pag-ibig Preniums 5,040
    Accrued Payroll 140,524

    Work in Process 112,000


    Factory Overhead Control 24,000
    Sales Salaries 20,000
    Administrative Salaries 12,000
    Payroll 168,000

    d) Accrued Payroll 140,524


    Cash 140,524

    e) Factory Overhead Control 28,000


    Acc. Depreciation - Machinery and Equipment 6,000
    Prepaid Insurance 3,000
    Miscellaneous Account 11,000
    Prepaid Utilities 8,000

    f) Factory Overhead Control 11,360


    Selling Expenses 2,400
    Administrative Expenses 1,080
    SSS Contribution Payable 8,900
    PhilHealth Contribution Payable 900
    Pag-ibig Contribution Payable 5,040

    g) Work in process 70,856


    Factory Overhead Control 70,856

    h) Finished Goods Inventory 328,000


    Work in Process 328,000

    i) Accounts Receivable 513,333


    Sales 513,333

    Cost of Sales 308,000


    Finished Goods Inventory 308,000

    j) Cash 344,960
    Accounts Receivable 344,960

    k) Accounts Payable 176,000


    Cash 176,000

    l) Selling Expenses 6,000


    Administrative Expenses 16,000
    Accounts Payable 22,000

    2
    CANDACE COMPANY
    COST OF GOODS SOLD STATEMENT
    FOR THE MONTH ENDED JANUARY 2021

    Materials Inventory Beg. 40,000


    Add:Purchases 180,000
    Total Materials available for use 220,000
    Less: Materials Inventory End. 4,000
    Indirect Material Used 28,000 32,000
    Direct Materials Used 188,000
    Direct Labor 112,000
    Factory Overhead Control 12,504
    Total Manufacturing Cost 312,504
    Add: Work in Process beg. 14,400
    Total Cost placed in process 326,904
    Less: Work in Process End. 2,856
    Cost od Goods Manufactured 324,048
    Add: Finished Goods Beg. 28,000
    TGAS 352,048
    Less: Finished Goods End. 20,000
    Cost of Goods Sold 332,048

    3
    CANDACE COMPANY
    INCOME STATEMENT
    FOR THE PERIOD ENDED, JANUARY 2021

    Sales 431,000
    Less: Cost of Sales 332,048
    Gross Profit 98,952
    Less: Operating Expenses
    Sale Salaries 20,000
    Selling Expenses 8,400
    Administrative Salaries 12,000
    Administrative Expenses 17,080
    Acc. Depreciation - Machinery 6,000
    Miscellaneous Account 11,000 74,480
    Net Income 24,472
    4
    CANDACE COMPANY
    STATEMENT OF FINANCIAL POSITION
    FOR THE PERIOD ENDED, JANUARY 2021

    ASSETS
    Current Assets
    Cash 108,436
    Accounts Receivable 216,373
    Finished Goods 20,000
    Materials Inventory 4,000
    Working in Process Inventory 2,856
    Prepaid Insurance 3,000
    Prepaid Utilities 8,000
    Total Current Assets 362,665

    Non-current assets
    Machineries and Equipment 180,000
    Less: Acc. Depreciation - Machineries 30,000 150,000

    Total Assets 512,665

    LIABILITIES AND STOCKHOLDERS' EQUITY


    Current Liabilities
    Accounts Payable 34,000
    SSS Prenium 6,720
    Pag-ibig Prenium 5,040
    PhilHealth Prenium 900
    SSS Contrinution Payable 8,900
    Pag-ibig Contrinution Payable 5,040
    PhilHealth Contrinution Payable 900
    Withholding Tax Payable
    Total Current Liabilities 61,500

    Stockholder's Equity
    Common Stock 160,000
    Retained earnings 192,000 352,000
    413,500

    You might also like