The opening balance sheet of PT.Twinkel on September, 1 2017 as follow: Cash Account Receivables Finished...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The opening balance sheet of PT.Twinkel on September, 1 2017 as follow: Cash Account Receivables Finished Goods Work-In Process Material Machines Accumulated Depreciation on Machines Account Payable Notes Payable Common Stocks Retained Earnings Detailed Inventory: Finished Good of Job A21 Work-In Process Direct Material Direct Labor Applied FOH rate : 600 units x @ IDR 7.000 : 300 units x @ IDR 3.750 : 60 hours x @IDR 50.000 :30 hours x @IDR 60.000 IDR 27.500 pesr DLH 30.500.000 Job A21 4.200.000 3.000.000 1.650.000 8.850.00 0 IDR 70.000.000 65.000.000 30.500.000 12.600.000 27.000.000 60.800.000 15.000.000 24.500.000 40.000.000 105.000.000 ??????? Job A22 1.125.000 1.800.000 825.000 3.750.00 0 During September, the following transactions were completed: a. Material purchases on credit on the amnout of IDR 150.000.000,-; downpayment 30%. b. Accrued Payroll was IDR 119.000.000 c. Payroll was distributed as follows :direct labour for Job A21, 250 hours @ IDR 90.000, Job A22, 400 hours @ IDR 100.000,-, and Job A23, 300 hours @ IDR 70.000,-, inidirect labor IDR 15.000.000,- and Marketing and Administration Salary, IDR 20.500.000,- d. Materials were issued as follows: Job A21, IDR 56.000.000,-; Job A22, IDR 44.000.000,-; Job A23, IDR 16.500.000,-; and indirect material costing IDR 8.250.000,- e. Factory overhead was applied to Job A21, Job A22 and Job A23 at rate IDR 5.000,- per direct labor hour. f. At the end of the process, the 2.000 units of Job A21 were inspected. Inspection revealed that, 150 had defects and required to correct each defective unit. The rework costs were as follow: direct material IDR 5.000 per unit, and ½ hour of labor per unit and overhead cost at rate 150% of direct labour cost. g. In the middle of production process for making 2,000 units of Job A22, customer changed the specification and 200 units should be reworked. Material costing IDR 2.000 and 20 minutes of labor are required to correct each defective unit. Factory overhead is charged to production on the basis of direct labor hours. h. Jobs A21 (including Finished Goods) and Job A22 were completed and immediately sold on account at 150% of total cost. i. Cash collections from Account Receivables were IDR 250.000.000,- j. Administration and Marketing expenses (other than salaries) paid during the month amounted to IDR 15.500.000,-. Miscellaneous factory overhead of IDR 28.000.000,-. was paid on cash. Depreciation on factory machinery was IDR 5.000.000,-. k. Payment on account for payroll, amounted to IDR 105.000, 000,- 1. Applied Factory Overhead is closed to Factory Overhead Control. The overapplied or Underapplied overhead is the closed to Cost of Goods Sold Questions 1. Calculate the Retained Earnings and record 1st September 2017 transaction into General Ledger Accounts (T-Accounts) (10) 2. Record all the transactions in general ledger accounts (70) 3. Prepare the Income Statement for 30 September 2017 (10) 4. Prepare the Balance Sheet for 30 September 2017 (10) The opening balance sheet of PT.Twinkel on September, 1 2017 as follow: Cash Account Receivables Finished Goods Work-In Process Material Machines Accumulated Depreciation on Machines Account Payable Notes Payable Common Stocks Retained Earnings Detailed Inventory: Finished Good of Job A21 Work-In Process Direct Material Direct Labor Applied FOH rate : 600 units x @ IDR 7.000 : 300 units x @ IDR 3.750 : 60 hours x @IDR 50.000 :30 hours x @IDR 60.000 IDR 27.500 pesr DLH 30.500.000 Job A21 4.200.000 3.000.000 1.650.000 8.850.00 0 IDR 70.000.000 65.000.000 30.500.000 12.600.000 27.000.000 60.800.000 15.000.000 24.500.000 40.000.000 105.000.000 ??????? Job A22 1.125.000 1.800.000 825.000 3.750.00 0 During September, the following transactions were completed: a. Material purchases on credit on the amnout of IDR 150.000.000,-; downpayment 30%. b. Accrued Payroll was IDR 119.000.000 c. Payroll was distributed as follows :direct labour for Job A21, 250 hours @ IDR 90.000, Job A22, 400 hours @ IDR 100.000,-, and Job A23, 300 hours @ IDR 70.000,-, inidirect labor IDR 15.000.000,- and Marketing and Administration Salary, IDR 20.500.000,- d. Materials were issued as follows: Job A21, IDR 56.000.000,-; Job A22, IDR 44.000.000,-; Job A23, IDR 16.500.000,-; and indirect material costing IDR 8.250.000,- e. Factory overhead was applied to Job A21, Job A22 and Job A23 at rate IDR 5.000,- per direct labor hour. f. At the end of the process, the 2.000 units of Job A21 were inspected. Inspection revealed that, 150 had defects and required to correct each defective unit. The rework costs were as follow: direct material IDR 5.000 per unit, and ½ hour of labor per unit and overhead cost at rate 150% of direct labour cost. g. In the middle of production process for making 2,000 units of Job A22, customer changed the specification and 200 units should be reworked. Material costing IDR 2.000 and 20 minutes of labor are required to correct each defective unit. Factory overhead is charged to production on the basis of direct labor hours. h. Jobs A21 (including Finished Goods) and Job A22 were completed and immediately sold on account at 150% of total cost. i. Cash collections from Account Receivables were IDR 250.000.000,- j. Administration and Marketing expenses (other than salaries) paid during the month amounted to IDR 15.500.000,-. Miscellaneous factory overhead of IDR 28.000.000,-. was paid on cash. Depreciation on factory machinery was IDR 5.000.000,-. k. Payment on account for payroll, amounted to IDR 105.000, 000,- 1. Applied Factory Overhead is closed to Factory Overhead Control. The overapplied or Underapplied overhead is the closed to Cost of Goods Sold Questions 1. Calculate the Retained Earnings and record 1st September 2017 transaction into General Ledger Accounts (T-Accounts) (10) 2. Record all the transactions in general ledger accounts (70) 3. Prepare the Income Statement for 30 September 2017 (10) 4. Prepare the Balance Sheet for 30 September 2017 (10)
Expert Answer:
Answer rating: 100% (QA)
1 To calculate Retained Earnings we need to add net income to the beginning balance of Retained Earnings and subtract dividends paid We do not have information about dividends paid so lets assume ther... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
Posted Date:
Students also viewed these accounting questions
-
During May, the following transactions were completed and reported by Jerico Company: a. Materials purchased on account, $60,100. b. Materials issued to production to fill job-order requisitions:...
-
According to the law of demand: an excess supply will lower the price level. the quantity demanded will rise If the price rises. a consumer will demand more of a good if its price falls. an Increase...
-
During September, the following transactions were completed and reported by Golder Products, Inc.: a. Purchased materials on account for $50,100. b. Issued materials to production to fill job-order...
-
An experiment showed that subjects fed the DASH diet were able to lower their blood pressure by an average of 6.7 points compared to a group fed a "control diet." All meals were prepared by...
-
Your bank is asset sensitive, and management wants to protect against loss from interest rate changes. a. Would an interest rate cap or floor serve as a better hedge? Explain. b. Would a collar or...
-
Simplify the given algebraic expressions. 7y {y [2y (x y)]}
-
Determine if \(\frac{8}{14}\) and \(\frac{12}{26}\) are equivalent fractions.
-
What is the nominal and effective cost of trade credit under the credit terms of 3/15, net 30?
-
Exercise 4-11 (Algo) Computing product cost per unit using plantwide method and activity-based costing LO P1, P3 Consider the following data for two products of Vigano Manufacturing Activity Machine...
-
What four environmental conditions that increase user demand for relevant and reliable information?
-
1- Write a program that simulates a game of dice. In this game, 3 players will take alternate turns rolling two dice. On each turn, they record the sum of the two dice and add this to their total. If...
-
You create a new project roadmap that is visually appealing and contains all the information for the stakeholders to reference. However, this document took a lot of time to create and has caused some...
-
Discuss tools available to the government to correct a market failure. Supply and Demand Equilibrium: Describe how government intervention affects the supply and demand equilibrium. Consumer or...
-
If a firm finds that advertising increases the total number of customers, for how many hours should it advertise? Assume that each extra customer spends an average of $10 at the store, and an extra...
-
Strategic rivalry in the social media industry has been intense with the markets dominant player Facebook fending off rivals such as Twitter, LinkedIn, and a host of smaller players. As these...
-
You bring up a good point of the shifting of manufacturing jobs has caused greater rural poverty in Mexico, which is a negative byproduct of NAFTA and not one that I had considered. What do you think...
-
the compromise for the final structure of the legislature at the convention was
-
What key concerns must functional tactics address in marketing? Finance? POM? Personnel?
-
The accounts of Victoria Garden Care Ltd. follow with their normal balances at September 30, 2017. The accounts are listed in no particular order. Requirements 1. Prepare the company's trial balance...
-
This problem demonstrates the dramatic effect that consolidation accounting can have on a company's ratios. ABC Company owns 100% of ABC Credit Corporation, its financing subsidiary. ABC's main...
-
The assets and liabilities of Beckwith Garden Supply, Inc., as of December 31, 2017, and revenues and expenses for the year ended on that date follow:...
-
Rowe Corporation authorized \(\$ 5,000\) of \(8 \%\) (cash interest payable semiannually) 10 -year bonds. The bonds were dated January 1, 2020; interest dates are June 30 and December 31. Assume...
-
For each of the following debt scenarios described below, identify the bond type that applies. a. Bonds issued by a public corporation b. Mortgage note issued for commercial property c. Bonds issued...
-
An eight-year, \(6 \%, \$ 1,000\) bond (cash interest payable annually) is sold to yield \(6 \%\) interest. Compute the bond selling price.
Study smarter with the SolutionInn App