Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw...

 

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Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 Raw materials, 12/31/20 Raw materials purchases Work-in-process, 1/1/20 Work-in-process, 12/31/20 Finished goods, 1/1/20 Finished goods, 12/31/20 Direct labor Factory manager's salary Insurance, factory P30,000 Property taxes, factory building 20,000 Sales revenue 205,000 Delivery expenses 80,000 Sales commissions 50,000 Indirect labor 110,000 Factory machinery rent 120,000 Factory utilities 350,000 Depreciation, factory building 35,000 Administrative expenses 14,000 P6,000 1,500,000 100,000 150,000 105,000 40,000 65,000 24,000 300,000 Requirement: 1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials 2. Prepare an income statement for Superman Lompany for 2020. 3. Assume that Superman Company's accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020. Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 Raw materials, 12/31/20 Raw materials purchases Work-in-process, 1/1/20 Work-in-process, 12/31/20 Finished goods, 1/1/20 Finished goods, 12/31/20 Direct labor Factory manager's salary Insurance, factory P30,000 Property taxes, factory building 20,000 Sales revenue 205,000 Delivery expenses 80,000 Sales commissions 50,000 Indirect labor 110,000 Factory machinery rent 120,000 Factory utilities 350,000 Depreciation, factory building 35,000 Administrative expenses 14,000 P6,000 1,500,000 100,000 150,000 105,000 40,000 65,000 24,000 300,000 Requirement: 1. Prepare a cost of goods manufactured schedule for Superman Company for 2X20. Note: Assume that all raw materials used were direct materials 2. Prepare an income statement for Superman Lompany for 2020. 3. Assume that Superman Company's accounting records show the balances of the following current asset accounts: Cash P17,000, Accounts Receivable (net) P120,000, Prepaid Expenses P13,000, and Short-Term Investments P26,000. Prepare the current assets section of the balance sheet for Superman Company as of December 31, 2020.

Answer rating: 100% (QA)

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