Question
During the year 2020, it presents the following balances: Cash and cash equivalent $100,800.00 banks Accounts receivable $84,000.00 Inventory of raw materials $ 42,000.00 Inventory
During the year 2020, it presents the following balances: Cash and cash equivalent $100,800.00 banks Accounts receivable $84,000.00 Inventory of raw materials $ 42,000.00 Inventory of products in process $ 28,560.00 Inventory of finished products $ 50,400.00 Property, plant, and equipment Factory machinery and equipment $100,800.00 Delivery team $ 50,000.00 Trade accounts payable $ 90,800.00 Share capital $335,600.00 Accumulated profit $30,160.00 During the year 2021, the following operations will be carried out: 1. Raw materials were purchased on credit in the amount of $67,200.00 2. The production department required $78,960.00 of raw material, of which $67,200.00 were of a direct nature and $11,760.00 of an indirect nature. 3. The amount of labor paid in the period amounted to the amount of $ 30,240.00, of which $25,200.00 were of a direct nature and $5,040.00 of a indirect. 10. The payment to suppliers in the year was $84,000.00 11. Administration expenses were $29,760.00. 12. Selling expenses were $36,240.00. 4. Various indirect payments will be made (electricity, rent, etc.) amounting to $ 3,360.00. 5. Factory machinery depreciated by 10% per year. 6. Transportation equipment (sales department) depreciated by 25% per year. 7. Articles with an import of $151,200.00 were finished. 8. Sales for the year were $600,000.00, the cost of which amounted to the amount of $ 201,600.00. 9. The collection to customers was $240,000.00. 10. The payment to suppliers in the year was $84,000.00 11. Administration expenses were $29,760.00. 12. Selling expenses were $36,240.00.
- Record operations in daily journal and ledger (3-column format) - Prepare the statement of costs of production and sales. - Prepare the income statement. - Prepare the statement of financial position.
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