Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated...

  

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Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 48,000 Income tax payable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 30,000 Payroll deductions were as follows: Withholding taxes P19,800 7,100 Sales salaries Phil health contributions P2,000 SSS contributions HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions P5,700 P2,000 P1,100 300 Philhealth Contributions 1,200 400 500 EC Contributions 300 200 HDMF contributions 1,600 5. Other costs incurred on account: 700 400 Indirect factory overhead- P42,000 Selling Administrative 6. Depreciation for the month: Factory overhead- P2,000 Selling Administrative 30,000 - 10,000 1,000 1,000 7. Factory overhead control account was transferred to work in process, P82,900. 8. Work finished and placed in stock, P178,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. 10. Cash collected from customers, P260,000 11. Materials returned to supplies, P15,000. 12. Payment of accounts payable, P190,000. 13. Provision for income tax, P6,000. Required: a. Journals entries to record the above transactions b. Statement of cost of goods manufactured c. Income statement d. Balance sheet as of October 31, 2020 Peter Senen Corporation provided the following account balances as of September 30, 2020: Cash P112,000 Accumulated depreciation P 36,000 Accounts Receivable 64,000 Accounts payable 48,000 Income tax payable 40,000 Finished Goods 9,000 Work in process 500,000 36,000 Share Capital Raw materials 52,000 Retained Earnings 480,000 207,000 Property and Equipment The following transactions occurred during October: 1. Materials purchased on account, P150,000 2. Materials issued to production: direct materials- P90,000, Indirect materials- P10,000. 3. Payroll for the month of October 2020 consisted of the following (also paid during the month): Direct labor P62,000 Administrative salaries P16,000 Indirect Labor 20,000 30,000 Payroll deductions were as follows: Withholding taxes P19,800 7,100 Sales salaries Phil health contributions P2,000 SSS contributions HDMF contributions 2,000 4. Employer contributions for the month were accrued: Factory Selling Administrative SSS contributions P5,700 P2,000 P1,100 300 Philhealth Contributions 1,200 400 500 EC Contributions 300 200 HDMF contributions 1,600 5. Other costs incurred on account: 700 400 Indirect factory overhead- P42,000 Selling Administrative 6. Depreciation for the month: Factory overhead- P2,000 Selling Administrative 30,000 - 10,000 1,000 1,000 7. Factory overhead control account was transferred to work in process, P82,900. 8. Work finished and placed in stock, P178,000 9. Cost of goods sold, P200,000. The markup was 60% of cost. 10. Cash collected from customers, P260,000 11. Materials returned to supplies, P15,000. 12. Payment of accounts payable, P190,000. 13. Provision for income tax, P6,000. Required: a. Journals entries to record the above transactions b. Statement of cost of goods manufactured c. Income statement d. Balance sheet as of October 31, 2020

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aJournal 1 Rawmaterials Account Dr 150000 To Accounts payable 150000 2 Tradin... View the full answer