Wayang, also spelled Wajang. (Javanese: shadow), is a classical Javanese puppet drama that uses the shadows...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash Wayang, also spelled Wajang. (Javanese: "shadow"), is a classical Javanese puppet drama that uses the shadows thrown by puppets manipulated by rods against a translucent screen lit from behind. Developed before the 10th century, the form had origins in the Thalubomalata, the leather puppets of southern India. Indah Dewei had fallen involve with ancient cultural artform and started her own production facility for her business Shadow Light (SL) in Melbourne, Australia in 1990 and was examining select accounts form last year (Exhibit 1) and want to start by recording all cash receipts and disbursements for the 2021 fiscal year (Exhibit 2). SL had sold only to commercial customers on credit consisting of cultural groups around the globe who she offered credit terms of 5/10 net 90 and Shipped FOB destination. Based on the fiscal year's collections she believed 40% paid in time for the discount and with no outstanding accounts. She started the year with no outstanding delivery fee invoices. THE MANUFACTURING PROCESS SL used two suppliers for the fabrics and wood. Indo-Fabrica (IF) produced various fabrics they would use to form the puppets and screens. Slyfox Materials (SM) provided the wood used for the framing of puppets and screens. The fabric consumption was spread even throughout the process. Dewei would assist from time to time with finishing touches but left the majority to the labourers. TRANSPORTATION AND RAW MATERIALS Dewei employed the services of a delivery company for both delivery of the finished good and to pick up raw materials when necessary and paid cash on arrival. At year end (for fiscal 2021), a bill for $800 of transit services remained outstanding. Dewei estimated that 25% of the cost for transit related to bringing in raw materials and the rest was delivering to customers. The Fabric was order several times per year from IF who shipped FOB Shipping point. Each pickup of raw materials was allocated the same cost per trip regardless of the number of units being picked up. Dewei used Specific Id to account for ending Inventory. Order Number 101 Date Shipped November 1st, 2020 Date Delivered November 24th, 2020 Date Paid December 16th, 2020 Quantity (units) 140 Net Cost¹ 1180 Units Remaining at year end 0 102 103 104 February 4th, 2021 July 27th, 2021 October 29th, 2021 February 7th, 2021 August 3rd, 2021 November 27th, 2021 February 17th, 2021 August 15th 2021 320 BANK LOAN 60 600 $1400 $540 $3600 0 20 600 SM shipped FOB Melbourne and did not offer credit terms for the wood. Dewei would transfer funds upon taking ownership of the wood and no orders were outstanding or in transit at year end. The wood was a fairly homogeneous, so Dewei used the average method of inventory valuation with 2000ft being available for use all year and 75ft remaining on unused at year end. PRODUCTION FACILITY A new space was rented September 1st, 2021 with an agreed upon rate of $6000 per month with first and last being paid. 75% of the space was for production and 5% was for storage of finish goods with the rest being office space². INSURANCE An insurance policy was signed to replace the expiring existing one with similar terms on August 1¹, 2021 for 48 months. The insurance covered 25% of production. THE WORKERS The production labourers directly worked to create the puppets from fabric and wood to finish product. They were paid on Friday for the weeks work. With fiscal year end falling on a Tuesday they had $777 of unpaid wages. At fiscal year-end (2021) they had spent $45 on labour of the partially built goods. Dewei also did many roles with the company. She spent 10% of her time directly producing puppets, 40% of her time as administrator not related to production and 50% of her time supervising production. Dewei was paid on the last day of the month for that month's work. Dewei also gave herself a $2,000 dividend as the sole owner of the business. She had not spent any time on the partially built items at physical year end. The bank loan was paid back in monthly installments of interest plus principle on the last day of the month. END OF YEAR Dewei was not involved in the production during the last two weeks and at year end she estimated there was $70 of raw materials used in the partially completed puppets. Dewei estimated that they produced 400 finished units. At year end they had 22 unsold units. REQUIRED Using the super-T provided, post all transactions beginning with the cash receipts and disbursements. After posting cash receipts and disbursements perform adjusting entries Closing entries are not required. Failure to post the cash receipts and disbursements prior to performing the required adjusting entries will result in a score of zero on any transaction impacted. ASSETS Cash Exhibit 1 Select Accounts As at November 30, 2020 Accounts receivable+ Prepaid insurance Prepaid Rent Inventory Sewing Machine Accumulated depreciation - Sewing Machine LIABILITIES AND SHAREHOLDERS' EQUITY Current portion, bank loan Income tax payable Bank Loan, LT Common stock (10,000 outstanding, unlimited authorization) Retained earnings Exhibit 2 1,000 300 $ 12,450 2,000 380 1600 1800 700 850 166 2050 3,000 11,184 BOOKKEEPER RECORDS: POSTING OF CASH RECEIPTS AND DISBURSEMENTS For Fiscal 2021 CASH RECEIPTS Cash sales Accounts receivable collections Total CASH DISBURSEMENTS Rental payments Bank loan? Delivery fees Insurance Wages Dewei's Salary Raw materials payments - Wood Raw materials payments - Fabric Dividend Total $ 235,450 1550 237.000 $ 21,600 931 $11,200 6780 91,400 60,000 4,534 3,120 2000 201.565 ACCOUNT POSTED TO Sales revenue Accounts receivable Cash Rent expense Current portion, bank loan Delivery Expense Insurance expense Wages expense Dewei Salary expense Raw materials, Wood Raw materials, Fabric Dividend Payable Cash
Expert Answer:
Answer rating: 100% (QA)
CASH RECEIPTS Date Description Amount November 1 Sales 12450 November 2 Accounts receivable ... View the full answer
Related Book For
Spreadsheet Modeling & Decision Analysis A Practical Introduction to Management Science
ISBN: 978-0324656633
5th edition
Authors: Cliff T. Ragsdale
Posted Date:
Students also viewed these accounting questions
-
Part (d) (10 points) Reproduce your diagram from part (c). Suppose that the household were offered Plan 2 instead of Plan 1. Would the household be better off, worse off, or indifferent? Support your...
-
Century Company, a diversified manufacturing company, had four separate operating divisions engaged in the manufacture of products in each of the following areas: food products, health aids,...
-
On 1 July 2016, Indah Trading sold a car, under hire purchase agreement to Nizam Enterprise. The cash price of the car was RM96,000, while the cost to Indah Trading was 20% below the cash price. The...
-
On January 1, 2021, Access IT Company exchanged $980,000 for 40 percent of the outstanding voting stock of Net Connect. Especially attractive to Access IT was a research project underway at Net...
-
A governments unassigned fund balance in the general fund at year-end should be indicative of the amount that the government has available for appropriation in future years. Explain and provide an...
-
Vince Rizzo, played by Andy Garcia, is a corrections officer who secretly wants to be an actor. He hides this fact and his secret acting lessons from his wife Joyce, played by Julianna Margulies, so...
-
Determine the sidelighting workplace illuminances for a \(20 \mathrm{ft}\) long, \(15 \mathrm{ft}\) wide (deep), \(8 \mathrm{ft}\) high light-colored room with a \(15 \mathrm{ft}\) long by \(5...
-
Wriston Company has $300,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are as follows: The working capital needed for project B will be...
-
Newburg Company started 2 0 2 3 with 4 0 , 0 0 0 outstanding shares of common stock. On 2 / 1 / 2 3 , it issued an additional 1 0 , 0 0 0 shares and bought back 1 5 , 0 0 0 shares on 9 / 3 0 / 2 3 ....
-
In the appendix to this chapter, the Statement of Revenues, Expenditures, and Changes in Fund Balances for the General Fund for the City of Atlanta is reported. 1. How is the format used on the...
-
Suppose that r: R R3 by perpendicular reflection across the plane 2x - 3y - 3z = 0 4. Find r-1 (Does this result surprise you? It should make sense if you think about it.) 5. Find (ror) (Does this...
-
Lakeside Incorporated manufactures four lines of remote control boats and uses activity-based costing to calculate product cost. Activity Pools Machining Estimated Total Cost Setup $639,600 101,625...
-
Explain what is a "Balanced Scorecard" approach to performance management. Explain if this approach is suitable for designing a competency-based structure. Name four (4) key elements that were...
-
Cobalt Industries produces widgets. The 2023 budget and actuals were as follows: Budget Actual Production and sales (units) 6,000 5,400 Sales Revenue $ 1,380,000 $ 1,296,000 Variable costs $ 660,000...
-
Define ADR. Provide an example of when you would want to use ADR and another example of when you would not want to use ADR and use a different method. Identify that second method and explain why you...
-
The following information is from the annual financial statements of Raheem Company. Net sales Accounts receivable, net (year-end) Year 3 $ 430,000 28,400 Year 2 $ 361,000 26,200 Year 1 $ 420,000...
-
For the reaction 2A + B A2B, the following data were obtained. Find the value of the rate constant, k. Show your work * (5 Points) Trial Initial [A] Initial [B] Initial Rate (mol/Ls) 1 0.420 M 0.530...
-
U.S. households have become smaller over the years. The following table from the 2010 GSS contains information on the number of people currently aged 18 years or older living in a respondent's...
-
Consider the revised Coal Bank Hollow recycling problem discussed in section 5.5.4 of this chapter. We said that it is safest to assume the supply in a generalized network flow problem is capable of...
-
Suppose that a gift shop in Myrtle Beach has an annual demand for 15,000 units for a souvenir kitchen magnet that it buys for $0.50 per unit. Assume that it costs $10 to place an order and the...
-
DeColores Paint Company owns ten trucks that it uses to deliver paint and decorating supplies to builders. On average, each truck returns to the companys single loading dock at a rate of three times...
-
In an audit of a corporation that has a bond issue outstanding, the trust indenture is reviewed and confirmation as to the issue is obtained from the trustee. List eight matters of importance to the...
-
Robertson Company had accounts receivable of \(\$ 200,000\) at December 31, 200X, and had provided an allowance for uncollectible accounts of \(\$ 6,000\). After performing all normal auditing...
-
Tom Jones, CPA, is auditing the financial statements of a manufacturing company with a significant amount of trade accounts receivable. Jones is satisfied that the accounts are properly summarized...
Study smarter with the SolutionInn App