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...
-
What are the six common types of radioactive decay? What condition usually leads to each type of decay?
-
The regular dividend on Hecla Mining preferred stock is \($0.875\) per quarter, or \($3.50\) per year. In December 2015, Hecla Preferred shares sold for \($57.\) What was their dividend yield?
-
What are the functions of the following in an I.C. engine ? (a) Piston (b) Crankshaft (c) valve gear mechanism.
-
Buil Corporation manufactures a single product. The standard cost per unit of product is as follows. Direct materials2 pounds of plastic at $6 per pound .......$12 Direct labor2 hours at $13 per hour...
-
How are best fit and best practice HR practices similar and different, what are the benefits and limitations of each?
-
R. Wayne Computer Consultants, Incorporated develops and installs integrated computer systems and networks for large utilities. On January 2, 2015, the company signed a con-tract to deliver an...
-
Instructions Design a proposal to build an interactive mobile application, while keeping the privacy and security of the data in mind and present to the class. Details: Now that you are aware of the...
-
So, what puts the fast in fast fashion? A behind-the-scenes peek at Zara shows how, say, a womans winter coat can go from a designers sketchpad to store display racks in less than one month. The...
-
Define convergence and give an example.
-
Explain the relationship between supply chain and logistics management.
-
Discuss some of the key considerations in selecting an advertising agency.
-
Identify current trends in global e-commerce and explain how global companies are expanding their presence on the Web.
-
4. The West Lake is a retail trader in Black River. The firm has provided the following accounts details for 2016. Cashbook Receipt from debtors 55,000 Bal b/d 45,000 Cash sales Investment income...
-
Coastal Refining Company operates a refinery with a distillation capacity of 12,000 barrels per day. As a new member of Coastal's management team, you have been given the task of developing a...
-
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:...
-
Someone who exposes the ethical misdeeds of others in an organization is usually called a/an _________. (a) whistleblower (b) ethics advocate (c) ombudsman (d) stakeholder
-
If a manager fails to enforce a late-to-work policy for all workersthat is, by allowing some favored employees to arrive late without penaltiesthis would be considered a violation of _________. (a)...
-
According to research on ethics in the workplace, _________ is/are often a major and frequent source of pressures that create ethical dilemmas for people in their jobs. (a) declining morals in...
Study smarter with the SolutionInn App