Question
Can you solve this problem according to the under the question (UNIFORM CHARTS OF ACCOUNTS OF TURKEY) FOTAS Automotive Company gives 30-day paid leaves to
Can you solve this problem according to the under the question (UNIFORM CHARTS OF ACCOUNTS OF TURKEY)
FOTAS Automotive Company gives 30-day paid leaves to its factory workers every summer. Half of the workers goon leave in July, the other half in August. Budgeted gross wages for summer leaves in 2019 is 2,520,000. In July 2,000,000 direct labor, 500,000 indirect labor and 1,000,000 leave pay accrued. In August accrued direct labor was 2,100,000, indirect labor was 400,000 and leave pay was 1,400,000. In December 4,000,000 direct labor and 800,000 indirect labor accrued.
Required:
Show all journal entries for labor cost in July, August, and December including month- and year-end entries.
1 CURRENT ASSETS
10 Cash and Equivalents
-
Cash on hand
-
Checks received
-
Banks (Cash in Bank)
-
Checks issued and money orders given (-)
108. Other cash and equivalents
11 Marketable Securities
-
Stocks (Shares)
-
Private sector bonds and other debtsecurities
-
Public sector bonds and other debt securities
-
Other marketable securities
-
Provision for diminution in value of marketable
securities (-)
12 Trade Receivables
-
Accounts receivable - customers
-
Notes receivable - customers
-
Discount on notes receivable (-)
-
Deposits and guarantees given
-
Other trade receivables
-
Doubtful trade receivables
-
Provision for doubtful trade receivables (-)
13 Other Receivables
-
Receivables from shareholders
-
Receivables from subsidiaries
-
Receivables from affiliated companies
-
Receivables from employees
-
Other miscellaneous receivables
-
Discount on other notes receivables (-)
-
Other doubtful receivables
-
Provision for other doubtful receivables (-)
15 Inventories
-
Materials and Supplies
-
Work-in-process
-
Finished goods
-
Merchandise
-
Other Inventories
-
Provision for inventory value diminutions (-)
-
Advance payments to suppliers
-
17 Progress Costs of Long-term Construction and Repair Contracts
-
18 Short-term Deferred (Prepaid) Expenses and Accrued Income
-
Deferred expenses for the coming months
-
Accrued Income
19 Other Current Assets
-
Deferred VAT
-
Deductible VAT
-
Other VAT
-
Prepaid taxes and funds
-
T ask advances
-
Employee advances
197. Asset count and delivery shortages 198. Other current assets 199. Provision for other current assets (-)
2 NONCURRENT ASSETS
22 Trade Receivables
220. Customer Accounts Receivable 221. Notes receivable 222. Discount of notes receivable (-) 226. Deposits and guarantees paid 229. Provision for doubtful trade receivables (-)
23 Other Receivables
231. Receivables from shareholders 232. Receivables from subsidiaries 233. Receivables from affiliated companies 235. Receivables from employees 236. Other miscellaneous receivables 237. Discount of other notes receivables (-) 239. Provision for other doubtful receivables (-)
24 Financial Non-Current Assets
240. Long-term marketable securities 241. Provision for diminution in value of long-term
securities (-) 242. Subsidiaries
243. Capital commitment for subsidiaries (-) 244. Provision for diminution in value of investments (-)245. Affiliated companies 246. Capital commitment to affiliated companies (-) 247. Provision for diminution in value of affiliated
companies (-) 248. Other non-current financial assets 249. Provision for other non-current financial assets (-)
25 Tangible Fixed Assets
250. Land 251. Underground and overground land
improvements 252. Buildings
253. Machinery, equipment and devices 254. Motor vehicles 255. Furniture and fixtures 256. Other tangible assets
257. Accumulated depreciation (-) 258. Construction-in-progress 259. Advances paid for fixed assets
26 Intangible Assets
260. Rights 261. Goodwill 262. Formation expenses 263. Research and development expenses 264. Leasehold improvements 267. Other intangible assets 268. Accumulated amortization (-) 269. Advances paid for intangibles
27 Depletable Assets
-
Exploration expenses
-
Preparation and development expenses
-
Other depletable assets
-
Accumulated depletion (-)
-
Advances paid for depletable assets
28 Long-term Deferred (Prepaid) Expenses and Accrued Income
-
Deferred expenses for the coming years
-
Accrued income
3 SHORT-TERM LIABILITIES
30 Financial Liabilities
300. Bank loans
-
Current instalments of and accrued interest on
long-term loans
-
Current instalments of and accrued interest on
long-term bonds issued
-
Bonds and notes issued
-
Other marketable securities issued
-
Discount on marketable securities issued (-)
-
Other financial liabilities
32 Trade Payables
-
320 Accounts payable - suppliers
-
321 Notes payable - suppliers
-
322 Discount on notes payable (-)
326 Deposits and guarantees received 329 Other trade payables
33 Other Payables
-
331 Payables to shareholders
-
332 Payables to subsidiaries
-
333 Payables to affiliated companies
-
335 Payables to personnel
-
336 Other miscellaneous payables
-
337 Discount on other notes payables (-)
34 Advances Received
340 Advances received from customers 349 Other advances received
-
35 Progress payments received on long-term construction and repair contracts
-
36 Taxes and other legal liabilities payable
-
360 Taxes and funds payable
-
361 Social security withholdings payable
368. Overdue, deferred or payable-in-instalment taxes andother liabilities
369. Other legal liabilities
37 Provisions for Liabilities,Costs and Expenses
370. Provisions for income taxes and other income related legal obligations
371. Prepaid income taxes and other income related obligations (-)
372. Provision for severance payments 373. Provision for costs 379. Provision for other liabilities, costs and
expenses
38 Deferred Income and Accrued Expenses for the Coming Months
380. Deferred income for the following months 381. Expense accruals
39 Other Short-Term Liabilities
391. VAT collected 392. Other VAT 393. Current account for head office and branches 397. Asset count and delivery surpluses 399. Other miscellaneous short-term liabilities
4 LONG-TERM LIABILITIES
40 Financial Liabilities
400. Bank loans 405. Bonds and notes issued 407. Other marketable securities issued 408. Discount on marketable securities issued (-) 409. Other financial liabilities
42 Trade Payables
420. Accounts payable - suppliers 421. Notes payable - suppliers 422. Discount on notes payable (-) 426. Deposits and guarantees received 429. Other trade payables
43 Other Payables
430. Payables to shareholders 431. Payables to subsidiaries 432. Payables to affiliated companies 436. Other miscellaneous payables 437. Discount on other notes payable (-) 438. Deferred or payable-in-instalment
liabilities to the State
44 Advances Received
440. Advances received from customers 447. Other advances received
47 Provisions for Liabilities, Costs and Expenses
472. Provisions for severance payments 479. Provisions for other liabilities, costs and
expenses
48 Deferred Income and Accrued Expenses for the coming Years
-
Deferred income for the following years
-
Expense accruals
49 Other Long-Term Liabilities
-
VAT deferred or postponed to the coming years
-
Participation shares in the facilities
499. Other miscellaneous long-term liabilities5 SHAREHOLDERS EQUITY
50 Paid-up capital
-
500 Capital
-
501 Unpaid Capital (-)
52 Capital Reserves
-
520 Share premium reserves
-
521 Profit from invalidation of shares
-
522 Revaluation fund from tangible fixed assets
-
523 Revaluation fund from affiliates
529 Other capital reserves
54 Profit Reserves
-
540 Legal reserves
-
541 Statutory reserves
-
542 General reserves
-
548 Other profit reserves
-
549 Special reserves
57 Previous Years Profits570 Previous years profits 58 Previous Years Losses580 Previous years losses 59 Profit (Loss) for the Period
-
590 Net Profit for the period
-
591 Net Loss for the period (-)
6 INCOME ST ATEMENT ACCOUNTS
60 Gross Sales
-
600 Domestic Sales
-
601 Export Sales
-
602 Other Sales
61 Deductions from Sales (-)
-
610 Returns from sales (-)
-
611 Sales discounts (-)
-
612 Other discounts (-)
62 Cost of Sales (-)
-
620 Cost of finished goods sold (-)
-
621 Cost of merchandise sold (-)
-
622 Cost of services rendered (-)
-
623 Cost of other sales (-)
63 Operating Expenses (-)
-
629 Research and development expenses (-)
-
630 Marketing, sales and distribution expenses (-)
631 General and administrative expenses (-)
64 Ordinary Revenues and Profits from Other Operations
640 Dividend income from subsidiaries 641 Dividend income from affiliated companies 642 Interest Income 643 Commission Income 644 Cancellation of Provision no longer required 645 Profit on sale of marketable securities 646 Gain from exchange rate differences 647 Discount interest income 649 Other ordinary revenue and profit
65 Ordinary Expenses and Losses from Other Operations (-)
653 Commission expenses (-) 654 Provisions (-) 655 Loss on sale of marketable securities (-) 656 Loss from exchange rate differences (-) 657 Discount interest expense (-) 659 Other ordinary expenses and losses (-)
66 Financial Expenses (-)
660 Short-term borrowing expenses (-) 661 Long-term borrowing expenses (-)
67 Extraordinary Revenues and Gains
671 Revenues and gains relating to previous periods 679 Other extraordinary revenues and gains
68 Extraordinary Expenses and Losses (-)
680 Cost of idle facilities (-) 681 Expenses and losses relating to previous periods (-)689 Other extraordinary expenses and losses (-)
69 Net Profit (Loss) for the Period
690 Net profit (loss) for the period 691 Provisions for taxes and other legal liabilities (-)692 Net profit (loss) for the period
7 COST ACCOUNTS (ALTERNATIVE 7/A)
70 Liaison Accounts
700 Cost accounting liaison account 701 Cost accounting applied account
71 Direct Material Cost
710 Direct materials control 711 Direct materials applied 712 Direct materials price variance 713 Direct materials quantity variance
72 Direct Labor Cost
720 Direct labor control 721 Direct labor applied 722 Direct labor wage variance 723 Direct labor time variance
73 Manufacturing Overhead Costs
730 Manufacturing overhead control
-
731 Manufacturing overhead applied
-
732 Overhead budget variance
-
733 Overhead efficiency variance
-
734 Overhead volume variance
74 Cost of Services Rendered
-
740 Cost of services rendered control
-
741 Cost of services rendered applied
-
742 Cost of services rendered variances
75 Research and Development Costs
-
750 Research and development costs (control)
-
751 Research and development costs applied
-
752 Research and development cost variances
76 Marketing, Sales and Distribution Costs
-
760 Marketing, sales and distribution costs (control)
-
761 Marketing, sales and distribution costs applied
-
762 Marketing, sales and distribution cost variances
77 General &Administrative Costs
-
770 General &administrative costs (control)
-
771 General & administrative costs applied
-
772 General &administrative cost variances
78 Financial Costs
-
780 Financial costs (control)
-
781 Financial costs applied
-
782 Financial cost variance
7 COST ACCOUNTS (ALTERNATIVE 7/B)
79 Cost Types
-
790 Materials and supplies
-
791 Wages and other labor costs
-
792 Salaries and other staff costs
-
793 Outsources utilities and service
-
797 Financial costs
-
798 Cost types applied
-
799 Manufacturing cost account
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