The financial year end of Mendip Limited is 30 June. At 30 June 2013, the following balances
Question:
The financial year end of Mendip Limited is 30 June. At 30 June 2013, the following balances are available:
(i) The inventory at 30 June 2013 was: raw materials £22,000; finished goods £35,600. (ii) Salaries include £6,700 for directors’ fees. (iii) Depreciation is to be charged at 10% on cost of plant and machinery. Required: Prepare a manufacturing account and income statement for the year ending 30 June 2013.
Transcribed Image Text:
Freehold land and buildings at cost Plant and machinery at cost Accumulated depreciation on plant and machinery Purchase of raw materials Sales Factory rates Factory heat and light Accounts receivable Accounts payable Wages (including 15,700 for supervision) Direct factory expenses Selling expenses Office salaries and general expenses Bank General reserve Retained profits Inventory 1 July 2012: Raw materials Finished goods Dividends paid: Preference shares Ordinary shares 143,000 105,000 23,000 130,100 317,500 3,000 6,500 37,200 30,900 63,000 9,100 11,000 43,000 24,500 30,000 18,000 20,000 38,000 840 20,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
Based on the information provided and the snapshot of Mendip Limiteds financial data I will guide you through the creation of a Manufacturing Account and an Income Statement for the year ending 30 Jun...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
Question Posted:
Students also viewed these Business questions
-
The financial year end of Mendip Limited is 30 June. At 30 June 20X2, the following balances are available: (i) The stocks at 30 June 20X2 were: raw materials 22,000; finished goods 35,600. (ii)...
-
2. Derive the relationship for y, on, ot based on the following diagram. Note that A, B, and c are in the transverse plane and A', B', and c are in the normal plane, and that the length of AB equals...
-
Cryptic plc extracted its trial balance on 30 June 20X5 as follows: The following information is relevant: (i) The company discontinued a major activity during the year and replaced it with another....
-
Misty Cumbie worked as a waitress at the Vita Caf in Portland, Oregon. The caf was owned and operated by Woody Woo, Inc. Woody Woo paid its servers an hourly wage that was higher than the states...
-
If a firms earnings per share grew from $1 to $2 over a 10-year period, the total growth would be 100 percent, but the annual growth rate would be less than 10 percent true or false? Explain.
-
1. Speedy uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the...
-
a. Sketch possible arrangements for the piping and valves for Figure 14-6. Note that every tank needs to be able to receive fresh washwater or overflow from the next higher letter tank, except for...
-
Gates Video Games manufactures video game machines. Market saturation and technological innovations have caused pricing pressures that have resulted in declining profits. To stem the slide in profits...
-
After eu enlargement, vehicles arrive at a rate of 2 per minute in a Poisson distribution. There is are now 2 lanes and 2 inspectors (one inspector for one lane), each of whom can control passport at...
-
A Jean Marsh owns a small business making and selling childrens toys. The following trial balance was extracted from her books on 31 December 2013. You are given the following additional information....
-
E. Wilson is a manufacturer. His trial balance at 31 December 2013 is as follows: Prepare the manufacturing account and income statement for the year ending 31 December 2013 and a statement of...
-
Describe four types of life and health insurance. In your answer, describe the personal risk that is insured by each type of insurance.
-
Discuss considerations that should be fully taken into account when developing inventory related relevant costs for use in an economic order quantity (EOQ) model. Why do conflicts arise between the...
-
Hewlett Packard (HP) 2018 FY 10K filings highlights of financial analysis, and contrast to a non-manufacturing (or manufacturing) corporation's financial statements. about the company What areas are...
-
If the price of one of your stocks were to decline 80%, what return would it need to get back to even?
-
You plan to purchase equipment for your business. The equipment costs $ 2 5 , 0 0 0 and you plan to make a $ 5 , 0 0 0 down payment and finance the remaining amount over 1 2 months at an 8 % interest...
-
how is current ratio calculated. calculate current ratio for this : Current Assets : $ 6 0 0 0 0 . Current Liabilities : $ 1 2 0 0 0
-
Kyzera manufactures, markets, and sells cellular telephones. The average total assets for Kyzera is $250,000. In its most recent year, Kyzera reported net income of $65,000 on revenues of $475,000....
-
To balance the chemical equation SiH3 + O2 SiO2 + HO, you could introduce coefficients a, b, c, d and write aSiH3 + bO2 cSiO + dHO then write linear equations for each element. The equation for Si...
-
G plc is a holding company with subsidiaries that have diversified interests. G plcs board of directors is interested in the group acquiring a subsidiary in the machine tool manufacturing sector. Two...
-
The following are the financial statements of D Limited, a wholesaling company, for the year ended 31 December: The following information should be taken into consideration. 1 You may assume that:...
-
The following are the financial statements of D Limited, a wholesaling company, for the year ended 31 December: The following information should be taken into consideration. 1 You may assume that:...
-
Dog Up! Franks is looking at a new sausage system with an installed cost of $685,000. This cost will be depreciated straight-line to zero over the project's 5-year life, at the end of which the...
-
Pascale has just finished college and started her career. She plans to start saving money early so that she can retire at age 5 5 . She decides that she needs $ 8 0 0 0 0 0 . 0 0 when she retires. a...
-
Based on the preceding results, is the sample median an unbiased estimator of the population median? Why or why not? A. The sample median targets the population median. As such, the sample median...
Study smarter with the SolutionInn App