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Accoutning
Financial Accoutning assignment
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maa716_t1_2016_assignment_part_c.pdf
maa716t12016assignmentpartcproforma.doc
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body preview (6 words)
thank xxx
i xxxx more xxxxxx
file1.doc preview (335 words)
xxxxxx Assignment proforma xxxxxxxxx 1 2016
Assignment xxxx x
xxxxxx
xxxxxxx ID:
Section One x Consolidation Journal Entries
xxxxxxx xxxxx feel xxxx xx add xxxx rows xx xxxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxx
xxxxxxx
xxxxx
Credit
1Jan xxxx
Cash-Consideration paid
$200,000
x xxxxxxx
Net xxxxxxxxxxxx assets
xxxxxxxx
xxxx 2012
xxxxxxxx
xxxxxxx
31Dec2016
xxxxx xxxxx sales
$25000
31Dec2016
Sales
$25000
xxxxxxxxx
xxxxx xxxxx xxxxxxxxx
xxxxxxx
xxxxxxxxx
Purchases
xxxxxxx
I jan2016
xxxxxxxxx
xxxxxxx
x jan2016
xxxxx xxxxx inventory
$ 89,000
1jan 2016
Machine
xxxxxxx
1jan 2016
xxxxxxx xxxxxxxxxxx Depr. account
x xxxxx
xxxx 2016
xxxx
xxxxxxx
xxxxxxxx
xxxxxx xxxxxxxxx
$80000
xxxxxxxxx
Accrued Administration expenses
xxxxx
xxxxxxxxx
Bad xxxxx
$3000
I xxx 2015
xxxxx
xxxxxx
Jan xxxx
xxxx
$22000
xxx xxxx
xxxxxx statement
$8000
31Dec2016
xxxxxxxx
xxxxxx
xxxxxxxxx
Share xxxxxxx
xxxxxx
31Dec2016
Income xxxxxxxxx
xxxxx
31Dec2016
xxxxxxxx
$3000
xxxxxxx xxx xxxxxxx xx Control
x xxxxxxx xx a xxxxxxxxxx of another if xxxx xxxxx xxxxxxx is in a position xx exercising control over xxxxxxxxx or xxxxxxxxx policies. The ability xx xxxxxxxx control xx xxxxxx indicated by the capacity to appoint xx xxxxxx xxx xxxxxxxx xx the xxxxxxxxxx xxxxxxxxxxxxxx xxx control xxx be shown xx xxxxxxxxxxx
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Accounting help

Accoutning
Part I
1. For a manufacturing company, identify the following as either a product cost or a period cost
(0.5 X 8 = 4 Marks)
Insurance for factory building Depreciation of sales equipment
Marketing manager’s salary Raw material for production
Production employee wages Electricity bill for office building
Customer service expenses Office equipment depreciation

2. Black Brothers Furniture Corporation incurred the following cost( 2 x 12 Marks = 24 Marks)
a. Wood used in production of furniture……………………………………
b. Fuel used in delivery truck……………………………………………………..
c. Straight-line depreciation on factory building……………………………………..
d. Screws used in production furniture……………………………………………
e. Sales staff salaries (salary with commission)…………………………………………..
f. Sales commission…………………………………………………….
g. Property taxes on factory land……………………………………….
h. Insurance on factory building……………………………………..
i. Hourly wages for furniture craftsmen………………………………..
j. Salaries of factory supervisors…………………………………
k. Utilities expenses for production……………………………………………
l. Telephone bill for office…………………………………………………..
Identify above costs as Fixed Cost, Variable Cost and Mixed Cost

3. Differentiate the Process costing products and Job costing products from the list. Write P for Process cost and J for Job costing. ( 2 X 8 = 16 Marks)
Note: Consider the last output given to the customers.
Special Delivery truck for a hypermarket…. A swimming pool for Effat University’s child development unit….. Newly introduced chocolate bar with Vitamin C…. A readymade T-shirt from your favourite cloth shop……
Wedding cake for and order…….. A movie production………… Shampoo for dandruff………. Plane for a budget airliner…

4. Determine whether each of the following cost of biscuits manufacturing should be classified as direct material, direct labor and manufacturing overhead. (2 X 6 = 12 Marks)
Wages to the factory production line workers
Salary to the factory supervisor
Factory insurance and rent
Milk, flour and sugar used for biscuit manufacturing
Factory machine depreciation
Maintenance staff of factory

Part II
1. Speedy Productions reports the following cost category to which the item belongs ( 20 Marks)
Indirect Materials 5,400 Indirect Labour 11,000
Depreciation on Factory equipment’s 11,200 Advertising 1,600
Direct labour 5,000 Factory equipment repairs 300
Property taxes on office building 870 Office supplies 650
Supervisor salary (factory) 12,000 Office utilities 990
Insurance for Factory equipment 2,200 Repairs on office equipment 180

Determine the total amount of
1. Product cost
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
2. Period Cost
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
2. (20 Marks)
The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended 31 December 2014

Raw Material inventory 01/01/2014 48,000
Raw Material inventory 01/06/2014 39,600
Finished Goods inventory 01/09/2014 96,000
Finished Goods inventory 30/11/2014 95,900
Work in process 01/07/2014 19,800
Work in process 30/08/2014 18,600
Direct labour 149,250
Indirect labour 24,460
Account receivable 27,000
Factory Insurance 4,600
Factory MachineryDepreciation 16,000
Factory utilities 27,600
Office utilities expenses 8,650
Sales 554,000
Sales discounts 4,200
Plant manager’s salary 29,000
Factory property taxes 9,600
Factory repairs 1,400
Raw material purchases 96,400
Cash 32,000

Instructions
1. Prepare a cost of goods manufactured schedule (assume all raw materials used were direct materials)
2. Prepared income statement through gross profit
3. Prepared current asset section of the balance sheet at 31st December 2014
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….

Part III
Answer the following questions

Question 1 (4 Marks)
Abdullah is confused. He does not understand why rent on his apartment is a fixed cost and rent on Avis rent a car is a mixed cost. Explain the difference to Abdullah
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….

Accoutning
Part I
1. For a manufacturing company, identify the following as either a product cost or a period cost
(0.5 X 8 = 4 Marks)
Insurance for factory building Depreciation of sales equipment
Marketing manager’s salary Raw material for production
Production employee wages Electricity bill for office building
Customer service expenses Office equipment depreciation

2. Black Brothers Furniture Corporation incurred the following cost( 2 x 12 Marks = 24 Marks)
a. Wood used in production of furniture……………………………………
b. Fuel used in delivery truck……………………………………………………..
c. Straight-line depreciation on factory building……………………………………..
d. Screws used in production furniture……………………………………………
e. Sales staff salaries (salary with commission)…………………………………………..
f. Sales commission…………………………………………………….
g. Property taxes on factory land……………………………………….
h. Insurance on factory building……………………………………..
i. Hourly wages for furniture craftsmen………………………………..
j. Salaries of factory supervisors…………………………………
k. Utilities expenses for production……………………………………………
l. Telephone bill for office…………………………………………………..
Identify above costs as Fixed Cost, Variable Cost and Mixed Cost

3. Differentiate the Process costing products and Job costing products from the list. Write P for Process cost and J for Job costing. ( 2 X 8 = 16 Marks)
Note: Consider the last output given to the customers.
Special Delivery truck for a hypermarket…. A swimming pool for Effat University’s child development unit….. Newly introduced chocolate bar with Vitamin C…. A readymade T-shirt from your favourite cloth shop……
Wedding cake for and order…….. A movie production………… Shampoo for dandruff………. Plane for a budget airliner…

4. Determine whether each of the following cost of biscuits manufacturing should be classified as direct material, direct labor and manufacturing overhead. (2 X 6 = 12 Marks)
Wages to the factory production line workers
Salary to the factory supervisor
Factory insurance and rent
Milk, flour and sugar used for biscuit manufacturing
Factory machine depreciation
Maintenance staff of factory

Part II
1. Speedy Productions reports the following cost category to which the item belongs ( 20 Marks)
Indirect Materials 5,400 Indirect Labour 11,000
Depreciation on Factory equipment’s 11,200 Advertising 1,600
Direct labour 5,000 Factory equipment repairs 300
Property taxes on office building 870 Office supplies 650
Supervisor salary (factory) 12,000 Office utilities 990
Insurance for Factory equipment 2,200 Repairs on office equipment 180

Determine the total amount of
1. Product cost
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
2. Period Cost
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
2. (20 Marks)
The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended 31 December 2014

Raw Material inventory 01/01/2014 48,000
Raw Material inventory 01/06/2014 39,600
Finished Goods inventory 01/09/2014 96,000
Finished Goods inventory 30/11/2014 95,900
Work in process 01/07/2014 19,800
Work in process 30/08/2014 18,600
Direct labour 149,250
Indirect labour 24,460
Account receivable 27,000
Factory Insurance 4,600
Factory MachineryDepreciation 16,000
Factory utilities 27,600
Office utilities expenses 8,650
Sales 554,000
Sales discounts 4,200
Plant manager’s salary 29,000
Factory property taxes 9,600
Factory repairs 1,400
Raw material purchases 96,400
Cash 32,000

Instructions
1. Prepare a cost of goods manufactured schedule (assume all raw materials used were direct materials)
2. Prepared income statement through gross profit
3. Prepared current asset section of the balance sheet at 31st December 2014
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….

Part III
Answer the following questions

Question 1 (4 Marks)
Abdullah is confused. He does not understand why rent on his apartment is a fixed cost and rent on Avis rent a car is a mixed cost. Explain the difference to Abdullah
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..………………………………………………………………………………………………………………………………………………………………………………….