Cost Accounting Practice Set (L. Payongayong).xlsx
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NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011
Date Jan.
Description 3 WIP - Painting Materials Inventory
PR 1105b 1106
3 WIP - Molding Materials Inventory
1105a 1106
6,000.00
1101 4101 2107
268,800.00
5101 1104
120,000.00
5 Withholding Taxes Payable Cash
2101 1101
9,525.00
5 Accounts Payable Cash
2106 1101
25,000.00
6 WIP - Packaging Materials Inventory
1105c 1106
2,394.00
8 WIP - Molding WIP - Painting WIP - Packaging Applied Factory Overhead
1105a 1105b 1105c 5105
280.00 4,200.00 140.00
1101 4101 2107
56,448.00
5101 1105a 1105b 1105c
25,200.00
10 SSS, PhilHealth Payable Cash
2103 1101
4,540.00
10 Pag IBIG Payable Cash
2104 1101
2,200.00
10 Materials Inventory VAT Payable Cash
1106 2107 1101
18,630.00 2,235.60
10 Factory Overhead Control Selling and Marketing Expense Control Gen. and Admin. Expense Control Cash
5104 5103 5102 1101
4,000.00 6,000.00 5,000.00
5 Cash Sales VAT Payable Cost of Goods Sold Finished Goods Inventory
8 Cash Sales VAT Payable Cost of Goods Sold WIP - Molding WIP - Painting WIP - Packaging
Debit 990.00
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 10 Accounts Payable Cash
2106 1101
60,000.00
10 Cash
1101 1103
70,000.00
1110 1101
4,800.00
1105b 1106
3,300.00
10 Prepaid Insurance Cash
1110 1101
7,000.00
10 Accounts Receivable Sales VAT Payable
1103 4101 2107
13,440.00
5101 1104
6,000.00
11 Gen. and Admin. Expense Control Cash
5102 1101
16,000.00
14 Accrued Expense Payable Cash
2105 1101
5,400.00
14 Payroll
5106 1101
1,508.00
Cash
5106 1101
97,365.50
Cash
1105a 1105b 1105c 5104 5102 5103 5106
2,020.00 12,423.00 1,508.00 25,042.25 39,876.25 18,004.00
14 Materials Inventory VAT Payable Cash
1106 2107 1101
12,150.00 1,458.00
14 Selling and Marketing Expense Control Cash
5103 1101
3,000.00
14 Cash
1101 1103
30,000.00
Accounts Receivable 10 Prepaid Insurance Cash 10 WIP - Painting Materials Inventory
Cost of Gooods Sold Finished Goods Inventory
14 Payroll
14 WIP - Molding WIP - Painting WIP - Packaging Factory Overhead Control Gen. and Admin. Expense Control Selling and Marketing Expense Control Payroll
Accounts Receivable
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 17 Accounts Receivable Sales VAT Payable
1103 4101 2107
8,064.00
Cost of Goods Sold Finished Goods Inventory
5101 1104
3,600.00
17 Gen. and Admin. Expense Control Selling and Marketing Expense Control Factory Overhead Control VAT Payable Cash Withholding Taxes Payable
5102 5103 5104 2107 1101 2101
4,000.00 2,000.00 14,000.00 2,400.00
18 Factory Supplies Inventory Cash
1107 1101
4,500.00
18 Cash
1101 1103
13,440.00
1105a 1106
2,400.00
20 Selling and Marketing Expense Control VAT Payable Cash Withholding Taxes Payable
5103 2107 1101 2101
15,000.00 1,800.00
21 Accounts Receivable Sales VAT Payable
1103 4101 2107
26,880.00
5101 1104
8,500.00
22 WIP - Painting Materials Inventory
1105b 1106
1,320.00
22 WIP - Packaging Materials Inventory
1105c 1106
3,420.00
24 WIP - Molding WIP - Painting WIP - Packaging Applied Factory Overhead
1105a 1105b 1105c 5105
400.00 6,000.00 200.00
Accounts Receivable
20 WIP - Molding Materials Inventory
Cost of Goods Sold Finished Goods Inventory
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 24 Finished Goods Inventory WIP - Molding WIP - Painting WIP - Packaging
1104 1105a 1105b 1105c
36,000.00
25 VAT Payable Cash
2107 1101
23,262.00
25 Materials Inventory VAT Payable Cash
1106 2107 1101
2,025.00 243.00
25 Accounts Receivable Sales VAT Payable
1103 4101 2107
40,320.00
5101 1104
12,750.00
1101 1103
26,880.00
1105a 1106
6,000.00
1101 1103
40,320.00
Accounts Receivable
5106 2103 2104 1101 2108
4,212.00
SSS, PhilHealth Payable Pag IBIG Payable Cash Accrued Payroll
31 Materials Inventory VAT Payable Cash
1106 2107 1101
4,050.00 486.00
31 Payroll
5106 2103 2104 2101 1101
99,996.50
1105a 1105b 1105c 5104 5103 5102
4,040.00 14,443.00 4,212.00 24,183.75 18,079.75 39,250.00
Cost of Goods Sold Finished Goods Inventory
27 Cash Accounts Receivable 27 WIP - Molding Materials Inventory 27 Cash
31 Payroll
SSS, PhilHealth Payable Pag IBIG Payable Withholding Taxes Payable Cash 31 WIP - Molding WIP - Painting WIP - Packaging Factory Overhead Control Selling and Marketing Expense Control Gen. and Admin. Expense Control Payroll
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 31 WIP - Molding WIP - Painting WIP - Packaging Applied Factory Overhead
1105a 1105b 1105c 5105
160.00 2,400.00 80.00
1101 4101 2107
32,256.00
5101 1105a 1105b 1105c
14,400.00
1106 2107 2106
6,075.00 729.00
31 WIP - Packaging Materials Inventory
1105c 1106
1,368.00
31 Materials Inventory Materials Price Variance
1106 VA26
195.00
31 WIP - Molding Material Quantity Variance
1105a VA26
210.00
31 Labor Qty/Efficiency Variance WIP - Molding WIP - Painting
VA26 1105a 1105b
303.00
31 FOH Variances WIP - Molding WIP - Painting
VA26 1105a 1105b
120.00
31 Cash Sales VAT Payable
Cost of Goods Sold WIP - Molding WIP - Painting WIP - Packaging 31 Materials Inventory VAT Payable Accounts Payable
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 Jan.
ADJUSTING ENTRIES 31 Gen. and Admin. Expense Control 5102 Office Supplies 1108
250.00
31 Factory Overhead Control Factory Supplies
5104 1107
6,100.00
31 Selling and Marketing Expense Control Prepaid Insurance
5103 1110
200.00
Selling and Marketing Expense Control Gen. and Admin. Expense Control Factory Overhead Control Prepaid Insurance
5103 5102 5104 1110
58.33 29.17 204.17
31 Factory Overhead Control Accum. Depreciation - ME
5104 1201-A
5,000.00
31 Gen. and Admin. Expense Control Selling and Marketing Expense Control Factory Overhead Control Accum. Depreciation - FF
5102 5103 5104 1202-A
2,533.33 316.67 316.67
31 Factory Overhead Control Tools
5104 1203
41.67
31 Gen. and Admin. Expense Control Selling and Marketing Expense Control Factory Overhead Control SSS, PhilHealth Payable Pag IBIG Payable
5102 5103 5104 2103 2104
#REF! #REF! #REF!
31 WIP - Molding Applied Factory Overhead
1105a 5105
400.00
31 Gen. and Admin. Expense Control Income Tax Payable
5102 2102
86,198.52
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 CLOSING ENTRIES 31 Cost of Goods Sold 5101 Applied Factory Overhead 5105 Factory Overhead Control 5104 . 31 Sales 4101 Retained Earnings 3102
73,035.71 14,260.00
948,400.00
31 Cost of Goods Sold Material Quantity Variance Material Price Variance Labor Qty/Efficiency Variance FOH Variances
5101 VA26 VA26 VA26 VA26
18.00 210.00 195.00
31 Retained Earnings Cost of Goods Sold Gen. and Admin. Exp. Control Selling and Mktg. Exp. Control
3102 5101 5102 5103
747,211.63
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011
Credit 990.00
6,000.00
240,000.00 28,800.00
120,000.00
9,525.00
25,000.00
2,394.00
4,620.00
50,400.00 6,048.00
5,187.00 17,115.00 2,898.00
4,540.00
2,200.00
20,865.60
15,000.00
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 60,000.00
70,000.00
4,800.00
3,300.00
7,000.00
12,000.00 1,440.00
6,000.00
16,000.00
5,400.00
1,508.00
97,365.50
98,873.50
13,608.00
3,000.00
30,000.00
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011
7,200.00 864.00
3,600.00
21,400.00 1,000.00
4,500.00
13,440.00
2,400.00
16,050.00 750.00
24,000.00 2,880.00
8,500.00
1,320.00
3,420.00
6,600.00
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011 7,410.00 24,450.00 4,140.00
23,262.00
2,268.00
36,000.00 4,320.00
12,750.00
26,880.00
6,000.00
40,320.00
491.70 100.00 2,372.30 1,248.00
4,536.00
7,516.70 1,400.00 13,244.60 77,835.20
104,208.50
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011
2,640.00
28,800.00 3,456.00
2,964.00 9,780.00 1,656.00
6,804.00
1,368.00
195.00
210.00
202.00 101.00
80.00 40.00
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011
250.00
6,100.00
200.00
291.67
5,000.00
3,166.67
41.67
#REF! #REF!
400.00
86,198.52
NOVELTY CRAFTS INC. GENERAL JOURNAL January 2011
87,295.71
948,400.00
303.00 120.00
483,503.71 197,865.47 65,842.45
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Date Jan. 1 3 8 10 14 18 27 27 31
Description Balance
Cash Debit Date 109,695.00 Jan. 5 268,800.00 5 56,448.00 10 70,000.00 10 30,000.00 10 13,440.00 10 26,880.00 10 40,320.00 10 32,256.00 10 11 14 14 14 14 14 17 18 20 25 25 31 31 31 647,839.00
Description
209,803.40
Date Jan. 1
Description Balance
Date Jan. 1 10 17 21 25 31
Description Balance
1,071,164.00
Temporary Investments Debit Date 550,000.00
Accounts Receivable Debit Date 613,100.00 Jan. 10 13,440.00 14 8,064.00 18 26,880.00 27 40,320.00 27 550,000.00 1,251,804.00
Description
Description
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Date Jan. 1 24
Description Balance
Finished Goods Inventory Debit Date 417,300.00 Jan. 5 36,000.00 10 17 21 25 31 453,300.00
Desctiption
82,450.00
Date Jan .1 3 8 14 20 24 27 31 31 31
31
Date Jan. 1 3 8 10 14 22 24 31
Description Balance
10,644.00 Adjusting
Description Balance
4,780.00
WIP - Molding Debit Date 4,977.00 Jan. 8 6,000.00 24 280.00 31 2,020.00 31 2,400.00 31 400.00 6,000.00 4,040.00 160.00 210.00 26,487.00
Description
400.00 WIP - Painting Debit Date 11,190.00 Jan. 8 990.00 24 4,200.00 31 3,300.00 31 12,423.00 31 1,320.00 6,000.00 14,443.00 2,400.00 56,266.00
Description
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Date Jan. 6 8 14 22 24 31 31 31
Description
WIP - Packaging Debit Date 2,394.00 Jan. 8 140.00 24 1,508.00 31 3,420.00 200.00 4,212.00 80.00 1,368.00 13,322.00
Description
4,628.00
Date Jan. 1 10 14 25 31 31 31
Description Balance
Materials Inventory Debit Date 11,784.00 Jan. 3 18,630.00 3 12,150.00 6 2,025.00 10 4,050.00 20 6,075.00 22 195.00 22 27 31 54,909.00
Description
27,717.00
Date Jan. 1 3
Description Balance
Factory Supplies Inventory Debit Date 2,000.00 Jan. 31 4,500.00
Description Adjusting
6,500.00
Date Jan. 1
Description Balance
Office Supplies Inventory Debit Date 2,750.00 Jan. 31
Description Adjusting
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Date Jan. 1
Description Balance
Date Jan. 10 10
Description
Prepaid Rent Debit Date 15,000.00
Prepaid Insurance Debit Date 4,800.00 Jan. 31 7,000.00 31
Description
Description Adjusting Adjusting
11,800.00
Date Jan. 1
Description Balance
Date
Description
Date Jan. 1
Description Balance
Date
Description
Machinery and Equipment Debit Date 600,000.00
Description
Accumulated Depreciation - Machinery and Equipment Debit Date Description Jan. 1 Balance 31 Adjusting
Furniture and Fixtures Debit Date 380,000.00
Description
Accumulated Depreciation - Furniture and Fixtures Debit Date Description Jan. 1 Balance 31 Adjusting Tools
Date Jan. 1
Description Balance
Debit 20,500.00
Date Jan. 31
Description Adjusting
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Date Jan. 1
Description Balance
Rental Deposit Debit Date 70,000.00
Description
Date Jan. 1
Description Balance
Utilities Deposit Debit Date 25,000.00
Description
Date Jan. 5
Description
Withholding Taxes Payable Debit Date 9,525.00 Jan. 1 17 20 31 9,525.00
Description Balance
14,994.60
Date
Description
Income Taxes Payable Debit Date Jan. 1 Jan. 31
Description Balance Adjusting 114,698.52
Date Jan. 10
Description
SSS, PhilHealth Payable Debit Date 4,540.00 Jan. 1 31 31 4,540.00 31
Date Jan. 10
Description
Pag IBIG Payable Debit Date 2,200.00 Jan. 1 31 31 2,200.00 31
Description Balance
8,008.40 Adjusting
Description Balance
1,500.00 Adjusting
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Date Jan. 14
Description
Accrued Expense Payable Debit Date 5,400.00 Jan. 1 Jan. 31
Description Balance
16,011.00
Date Jan. 5 10
Description
Accounts Payable Debit Date 25,000.00 Jan. 1 60,000.00 31 85,000.00
Description Balance
25,554.00
Date Jan. 10 14 17 20 25 25 31 31
Description
VAT Payable Debit Date 2,235.60 Jan. 1 1,458.00 5 2,400.00 8 1,800.00 10 23,262.00 17 243.00 21 486.00 25 729.00 31 32,613.60
Description Balance
38,456.40
Date Jan. 31
Description
Accrued Payroll Debit Date 1,248.00 Jan. 31
Date
Description
Debit
Common Stock Date Jan. 1
Description Balance
Date Jan. 31
Description Closing
Retained Earnings Debit Date 747,211.63 Jan. 1 Jan. 31
Description Balance Closing
Description
1,397,544.37
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Date Jan. 31
Description Closing
Sales Debit Date 948,400.00 Jan. 5 8 10 17 21 25 31 31
Description
948,400.00
Date Jan. 5 8 10 17 21 25 31 31 31 31
Description
Date Jan. 10 11 14 17 31
Description
31 31 31 31 31
Closing Closing 483,503.71
104,126.25 Adjusting Adjusting Adjusting Adjusting Adjusting
Cost of Goods Sold Debit Date 120,000.00 Jan. 31 25,200.00 6,000.00 3,600.00 8,500.00 12,750.00 14,400.00 220,000.00 73,035.71 18.00
Description Closing
General and Administrative Expense Control Debit Date Description 5,000.00 Jan. 31 Closing 16,000.00 39,876.25 4,000.00 39,250.00 250.00 29.17 2,533.33 4,786.70 86,198.52
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Date Jan. 10 14 14 17 20 31 31 31 31 31
Date Jan. 10 14 17 31 31 31 31 31 31 31
Date Jan. 31
Description
62,083.75 Adjusting Adjusting Adjusting Adjusting
Description
67,226.00 Adjusting Adjusting Adjusting Adjusting Adjusting Adjusting
Description Closing
Selling and Marketing Expense Control Debit Date Description 6,000.00 Jan. 31 Closing 3,000.00 18,004.00 2,000.00 15,000.00 18,079.75 200.00 58.33 316.67 3,183.70 Factory Overhead Control Debit Date 4,000.00 Jan. 31 25,042.25 14,000.00 24,183.75 6,100.00 204.17 5,000.00 316.67 41.67 8,407.20 Applied Factory Overhead Debit Date 14,260.00 Jan. 8 24 31 31
Date Jan. 14 14 31 31
Description
Description Closing
Payroll Debit Date 1,508.00 Jan. 14 97,365.50 31 4,212.00 99,996.50 203,082.00
Description
13,860.00 Adjusting
Description
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Credit 9,525.00 25,000.00 4,540.00 2,200.00 20,865.60 15,000.00 60,000.00 4,800.00 7,000.00 16,000.00 5,400.00 1,508.00 97,365.50 13,608.00 3,000.00 21,400.00 4,500.00 16,050.00 23,262.00 2,268.00 2,372.30 4,536.00 77,835.20 438,035.60
Credit
Credit 70,000.00 30,000.00 13,440.00 26,880.00 40,320.00 180,640.00
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Credit 120,000.00 6,000.00 3,600.00 8,500.00 12,750.00 220,000.00 370,850.00
Credit 5,187.00 7,410.00 2,964.00 202.00 80.00
15,843.00
Credit 17,115.00 24,450.00 9,780.00 101.00 40.00
51,486.00
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Credit 2,898.00 4,140.00 1,656.00
8,694.00
Credit 990.00 6,000.00 2,394.00 3,300.00 2,400.00 1,320.00 3,420.00 6,000.00 1,368.00 27,192.00
Credit 6,100.00
Credit 250.00
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Credit
Credit 200.00 291.67
Credit
ent Credit 225,000.00 5,000.00
Credit
Credit 220,000.00 3,166.67
Credit 41.67
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Credit
Credit
Credit 9,525.00 1,000.00 750.00 13,244.60 24,519.60
Credit 28,500.00 86,198.52
Credit 4,540.00 491.70 7,516.70 12,548.40 14,877.60
Credit 2,200.00 100.00 1,400.00 3,700.00 1,500.00
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Credit 20,163.00 1,248.00 21,411.00
Credit 103,750.00 6,804.00 110,554.00
Credit 23,262.00 28,800.00 6,048.00 1,440.00 864.00 2,880.00 4,320.00 3,456.00 71,070.00
Credit 1,248.00
Credit 1,000,000.00
Credit 1,196,356.00 948,400.00 2,144,756.00
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011 Credit 240,000.00 50,400.00 12,000.00 7,200.00 24,000.00 36,000.00 28,800.00 550,000.00
Credit 483,503.71
Credit 197,923.97
NOVELTY CRAFTS INC. GENERAL LEDGER January 2011
Credit 65,842.45
Credit 87,295.71
Credit 4,620.00 6,600.00 2,640.00 400.00
Credit 98,873.50 104,208.50
203,082.00
NOVELTY CRAFTS INC. TRIAL BALANCE January 2011
Cash Temporary Investments Accounts Receivable Finished Goods Inventory WIP - Molding WIP - Painting WIP - Packaging Materials Inventory Factory Supplies Inventory Office Supplies Inventory Prepaid Rent Prepaid Insurance Machinery and Equipment Accumulated Depreciation - ME Furniture and Fixtures Accumulated Depreciation - FF Tools Rental Deposit Utilities Deposit Withholding Tax Payable Income Tax Payable SSS, PhilHealth Payable Pag IBIG Payable Accrued Expense Payable Accounts Payable VAT Payable Accrued Payroll Common Stock Retained Earnings Sales Cost of Goods Sold Gen. and Adm. Expense Control Sell. And Mktg. Expense Control Factory Overhead Control Applied Factory Overhead Payroll Material Price Variance Material Quantity Variance Labor Qty/Efficiency Variance FOH Variance TOTALS
Debit 209,803.40 550,000.00 1,071,164.00 82,450.00 10,644.00 4,780.00 4,628.00 27,717.00 6,500.00 2,750.00 15,000.00 11,800.00 600,000.00 380,000.00 20,500.00 70,000.00 25,000.00
410,450.00 104,126.25 62,083.75 67,226.00 -
303.00 120.00 3,737,045.40
NOVELTY CRAFTS INC. TRIAL BALANCE January 2011
Credit
225,000.00 220,000.00
14,994.60 28,500.00 8,008.40 1,500.00 16,011.00 25,554.00 38,456.40 1,000,000.00 1,196,356.00 948,400.00
13,860.00 195.00 210.00
3,737,045.40
NOVELTY CRAFTS INC. WORKSHEET January 2011
Cash Temporary Investments Accounts Receivable Finished Goods Inventory WIP - Molding WIP - Painting WIP - Packaging Materials Inventory Factory Supplies Inventory Office Supplies Inventory Prepaid Rent Prepaid Insurance Machinery and Equipment Accumulated Depreciation - ME Furniture and Fixtures Accumulated Depreciation - FF Tools Rental Deposit Utilities Deposit Withholding Tax Payable Income Tax Payable SSS, PhilHealth Payable Pag IBIG Payable Accrued Expense Payable Accounts Payable VAT Payable Accrued Payroll Common Stock Retained Earnings Sales Cost of Goods Sold Gen. and Adm. Expense Control Sell. And Mktg. Expense Control Factory Overhead Control Applied Factory Overhead Payroll Material Price Variance Material Quantity Variance Labor Qty/Efficiency Variance FOH Variance Net Income (Loss) Totals
Trial Balance Debit Credit 209,803.40 550,000.00 1,071,164.00 82,450.00 10,644.00 4,780.00 4,628.00 27,717.00 6,500.00 2,750.00 15,000.00 11,800.00 600,000.00 225,000.00 380,000.00 220,000.00 20,500.00 70,000.00 25,000.00 14,994.60 28,500.00 8,008.40 1,500.00 16,011.00 25,554.00 38,456.40
Debit
Adjustments Credit
400.00
6,100.00 250.00 491.67 5,000.00 3,166.67 41.67
86,198.52 14,877.60 1,500.00
1,000,000.00 1,196,356.00 948,400.00 410,450.00 104,126.25 62,083.75 67,226.00
93,797.72 3,758.70 20,069.71 13,860.00
400.00
Adjusted Trial Balance Debit Credit 209,803.40 550,000.00 1,071,164.00 82,450.00 11,044.00 4,780.00 4,628.00 27,717.00 400.00 2,500.00 15,000.00 11,308.33 600,000.00 230,000.00 380,000.00 223,166.67 20,458.33 70,000.00 25,000.00 14,994.60 114,698.52 22,886.00 3,000.00 16,011.00 25,554.00 38,456.40 1,000,000.00 1,196,356.00 948,400.00 410,450.00 197,923.97 65,842.45 87,295.71 14,260.00
Income Statement Debit Credit
948,400.00 410,450.00 197,923.97 65,842.45 87,295.71 14,260.00
195.00 210.00
195.00 210.00
303.00 120.00 3,737,045.40
303.00 120.00 3,737,045.40
118,026.13
118,026.13
3,848,188.19
3,848,188.19
195.00 210.00 303.00 120.00 201,129.87 963,065.00
963,065.00
NOVELTY CRAFTS INC. WORKSHEET January 2011 Balance Sheet Debit Credit 209,803.40 550,000.00 1,071,164.00 82,450.00 11,044.00 4,780.00 4,628.00 27,522.00 400.00 2,500.00 15,000.00 11,308.33 600,000.00 230,000.00 380,000.00 223,166.67 20,458.33 70,000.00 25,000.00 14,994.60 114,698.52 22,886.00 3,000.00 16,011.00 25,554.00 38,456.40 1,000,000.00 1,196,356.00
195.00
3,086,253.06
201,129.87 3,086,253.06
NOVELTY CRAFTS INC. VARIANCE ANALYSIS January 2011
Job No. A1400
Department Molding Painting Painting Packaging
Actual Output
Total 2010
Molding Painting Painting Packaging
ACTUAL COSTS MATERIALS Quantity Unit Cost Total 105 38.00 3,990.00 4 330.00 1,320.00 3 330.00 990.00 7 342.00 2,394.00 8,694.00 210.00
Quantity 14 140 72 7
LABOR Unit Cost 50.50 50.50 50.50 52.00
Quantity 14 140 72 7
OVERHEAD Unit Cost 20.00 20.00 20.00 20.00
Total
Molding Painting Painting Packaging Total
Total 707.00 7,070.00 3,636.00 364.00 11,777.00
Total 280.00 2,800.00 1,440.00 140.00 4,660.00
STANDARD COSTS MATERIALS Total Variance Price Variance Std. Qty Std. U. C. Total 105 40.00 4,200.00 210.00 210.00 4 330.00 1,320.00 3 330.00 990.00 7 342.00 2,394.00 8,904.00
LABOR Std. Qty Std. U. C. 14 50.50 140 50.50 70 50.50 7 52.00
OVERHEAD Std. Qty Std. U. C. 14 20.00 140 20.00 70 20.00 7 20.00
Total 707.00 7,070.00 3,535.00 364.00 11,676.00
Total 280.00 2,800.00 1,400.00 140.00 4,620.00
Quantity Variance
Total Variance 210.00
(101.00)
(101.00)
(101.00)
(40.00)
(40.00)
(40.00)
69.00
NOVELTY CRAFTS INC. VARIANCE ANALYSIS January 2011
Job No. A1401
Department Molding Painting Packaging
Actual Output
Total
Molding Painting Packaging
ACTUAL COSTS MATERIALS Quantity Unit Cost Total 150 38.00 5,700.00 10 330.00 3,300.00 10 342.00 3,420.00 12,420.00
Quantity 20 300 10
LABOR Unit Cost 50.50 50.50 52.00
Quantity 20 300 10
OVERHEAD Unit Cost 20.00 20.00 20.00
Total
Molding Painting Packaging Total
Total 1,010.00 15,150.00 520.00 16,680.00
Total 400.00 6,000.00 200.00 6,600.00
STANDARD COSTS MATERIALS Total Variance Price Variance Std. Qty Std. U. C. Total 150 40.00 6,000.00 300.00 300.00 10 330.00 3,300.00 10 342.00 3,420.00 12,720.00
LABOR Std. Qty Std. U. C. 20 50.50 300 50.50 10 52.00
OVERHEAD Std. Qty Std. U. C. 20 20.00 300 20.00 10 20.00
Quantity Variance
Total Variance 300.00
Total 1,010.00 15,150.00 520.00 16,680.00
Total 400.00 6,000.00 200.00 6,600.00
300.00
NOVELTY CRAFTS INC. VARIANCE ANALYSIS January 2011
Job No. A1402
Department Molding Painting Packaging
Actual Output
ACTUAL COSTS MATERIALS Quantity Unit Cost Total 60 40.50 2,430.00 4 330.00 1,320.00 4 342.00 1,368.00
STANDARD COSTS MATERIALS Total Variance Price Variance Std. Qty Std. U. C. Total 60 40.00 2,400.00 (30.00) (30.00) 4 330.00 1,320.00 4 342.00 1,368.00
Quantity Variance
Total Variance (30.00)
Total
Molding Painting Packaging
Quantity 12 120 4
LABOR Unit Cost 50.50 50.50 52.00
Total 606.00 6,060.00 208.00
Std. Qty
LABOR Std. U. C. 8 50.50 120 50.50 4 52.00
Total 404.00 6,060.00 208.00
Quantity 12 120 4
OVERHEAD Unit Cost 20.00 20.00 20.00
Total 240.00 2,400.00 80.00
Std. Qty
OVERHEAD Std. U. C. 8 20.00 120 20.00 4 20.00
Total 160.00 2,400.00 80.00
(202.00)
(202.00)
(202.00)
(80.00)
(80.00)
(80.00)
Total
Molding Painting Packaging Total
(312.00)
NOVELTY CRAFTS INC. VARIANCE ANALYSIS January 2011
Job No. A1403
Department Molding Painting Painting Packaging
Actual Output
ACTUAL COSTS MATERIALS Quantity Unit Cost Total 150 40.50 6,075.00
STANDARD COSTS MATERIALS Total Variance Price Variance Std. Qty Std. U. C. Total 150 40.00 6,000.00 (75.00) (75.00)
Total
Quantity 20
Molding Painting Painting Packaging
LABOR Unit Cost 50.50
Total 1,010.00
LABOR Std. Qty Std. U. C. 20 50.50
Total
Std. Qty
Total 1,010.00
Total
Quantity Molding Painting Painting Packaging Total
OVERHEAD Unit Cost
OVERHEAD Std. U. C.
Total
Quantity Variance
Total Variance (75.00)
NOVELTY CRAFTS INC. VARIANCE ANALYSIS January 2011
A1400
Job Numbers 2010 2011 Total
MATERIALS Price Quantity Variance Variance 210.00 210.00
A1401
300.00
A1402
(30.00)
A1403
(75.00)
Total per cost sheet Total per book Difference
195.00
LABOR Efficiency Rate Variance Variance (101.00) (101.00)
OVERHEAD Efficiency Rate Variance Variance (40.00) (40.00)
Total Variance F(UF)
69.00 300.00
210.00
(202.00)
(80.00)
(312.00)
(303.00)
(120.00)
57.00
NOVELTY CRAFTS INC. JOB ORDER COST SHEET Customer Jenny Santos Job Description Model A - Debutante Angel 4"
Job No. Quantity
Date Ordered 20-Dec-10 Date Started 20-Dec-10
Date Needed Date Completed DIRECT MATERIALS USED
Molding Department Date 20-Dec resins
Items
Total Costs Painting Department Date Items 20-Dec paint 3-Jan paint Total Costs Packaging Department Date Items 6-Jan set of boxes
MRS No. 1542
Measure kls
Quantity 105
Unit Cost 38
105 MRS No. 1543 1545
Measure gals gals
Quantity 4 3
3,990 Unit Cost 330 330
7 MRS No. 1547
Measure pcs
Total Costs TOTAL MATERIAL COSTS
Quantity 7
Total Cost 3,990
Total Cost 1,320 990 2,310
Unit Cost 342
7
Total Cost 2,394
2,394 8,694
DIRECT LABOR USED Molding Department Date Worker 31-Dec Aguas, Arnold Total Costs Painting Department Date Worker 31-Dec Baluyut, Benhur 31-Dec Cruz, Cartney 8-Jan Baluyut, Benhur 5-Jan Cruz, Cartney
Total Cost Packaging Department Date Worker 6-Jan de Leon, Dandee
Total Cost TOTAL DIRECT LABOR COSTS
Materials
Molding Actual Budget 3,990.00 4,200.00
From 20-Dec
To 21-Dec
Hours 14
Rate 50.50
14 From 22-Dec 22-Dec 3-Jan 3-Jan
To 29-Dec 29-Dec 8-Jan 5-Jan
Hours 70 70 48 24
707.00 Rate 50.50 50.50 50.50 50.50
212 From 6-Jan
To 6-Jan
Hours 7
Total Cost 707.00
Total Cost 3,535.00 3,535.00 2,424.00 1,212.00
10,706.00 Rate 52.00
7
SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget 2,310.00 2,310.00 2,394.00 2,394.00
Total Cost 364.00
364.00 11,777.00
Total Cost (Actual) 8,694.00
NOVELTY CRAFTS INC. JOB ORDER COST SHEET Labor Overhead Total Costs Variances F(UF) Contract Price
707.00 280.00 4,977.00
707.00 280.00 5,187.00 210.00
10,706.00 4,240.00 17,256.00
10,605.00 4,200.00 17,115.00 (141.00)
364.00 140.00 2,898.00
11,777.00 4,660.00 25,131.00
Remarks
Customer For Stock Job Description Model A - Cupid Angel 4" Date Ordered Date Started
364.00 140.00 2,898.00 -
Job No. A1401 Quantity 300 pcs Date Needed Date Completed
5-Jan-11
DIRECT MATERIALS USED Molding Department Date Items 3-Jan resins
Total Costs Painting Department Date Items 10-Jan paints
Total Costs Packaging Department Date Items 22-Jan set of boxes
MRS No. 1546
MRS No. 1548
MRS No. 1551
Measure kls
Measure gals
Measure pcs
Total Costs TOTAL MATERIAL COSTS
DIRECT LABOR USED Molding Department Date Worker 5-Jan Aguas, Arnold Total Costs Painting Department Date Worker 15-Jan Aguas, Arnold 22-Jan Baluyut, Benhur 22-Jan Cruz, Cartney
Total Cost
Quantity 150
Unit Cost 38
150
38
Quantity 10
Unit Cost 330
10
330
Quantity 10
Unit Cost 342
10
From 3-Jan
To 5-Jan
Hours 20
To 15-Jan 22-Jan 22-Jan
Hours 60 120 120
300
Total Cost 5,700
5,700 Total Cost 3,300
3,300 Total Cost 3,420
3,420 12,420
Rate 50.50
20 From 10-Jan 10-Jan 10-Jan
25-Jan-11
Total Cost 1,010.00 1,010.00
Rate 50.50 50.50 50.50
Total Cost 3,030.00 6,060.00 6,060.00
15,150.00
NOVELTY CRAFTS INC. JOB ORDER COST SHEET Packaging Department Date Worker 24-Jan de Leon, Dandee
From 22-Jan
To 24-Jan
Total Cost TOTAL DIRECT LABOR COSTS
Materials Labor Overhead Total Costs Variances F(UF) Contract Price
Molding Actual Budget 5,700.00 6,000.00 1,010.00 1,010.00 400.00 400.00 7,110.00 7,410.00 300.00
Hours 10
10
Total Costs Painting Department Date Items 22-Jan paints
Total Costs Packaging Department Date Items 31-Jan set of boxes
Date Needed Date Completed
MRS No. 1549
Measure kls
Worker
Quantity 60
Unit Cost 40.50
60 MRS No. 1550
Measure gals
Quantity 4
MRS No. 1553
Measure pcs
Quantity 4
Unit Cost 330.00
To
Hours
Total Cost 2,430.00
Total Cost 1,320.00
1,320.00 Unit Cost 342.00
4
From
5-Feb-11
2,430.00
4
Total Costs TOTAL MATERIAL COSTS
DIRECT LABOR USED Molding Department Date
Total Cost (Actual) 12,420.00 16,680.00 6,600.00 35,700.00
Job No. A1402 Quantity 120 pcs
20-Jan-11 20-Jan-11
DIRECT MATERIALS USED Molding Department Date Items 20-Jan resins
Total Cost 520.00
520.00 16,680.00
SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget 3,300.00 3,300.00 3,420.00 3,420.00 15,150.00 15,150.00 520.00 520.00 6,000.00 6,000.00 200.00 200.00 24,450.00 24,450.00 4,140.00 4,140.00 Remarks
Customer Bobby Roberts Job Description Model A - Bride and Groom Date Ordered Date Started
Rate 52.00
Total Cost 1,368.00
1,368.00 5,118.00
Rate
Total Cost
NOVELTY CRAFTS INC. JOB ORDER COST SHEET 21-Jan Aguas, Arnold Total Costs Painting Department Date Worker 22-Jan Aguas, Arnold 31-Jan Baluyut, Benhur 31-Jan Cruz, Cartney
Total Cost Packaging Department Date Worker 24-Jan de Leon, Dandee
20-Jan
21-Jan
Materials Labor Overhead Total Costs Variances F(UF) Contract Price
From 22-Jan 24-Jan 24-Jan
From 24-Jan
To 22-Jan 31-Jan 31-Jan
606.00
To 24-Jan
606.00
Hours 8 56 56
Rate 50.50 50.50 50.50
Total Cost 404.00 2,828.00 2,828.00
120
50.50
6,060.00
Hours 4
Rate 52.00
Total Cost 208.00
4
208.00 6,874.00
SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget 1,320.00 1,320.00 1,368.00 1,368.00 6,060.00 6,060.00 208.00 208.00 2,400.00 2,400.00 80.00 80.00 9,780.00 9,780.00 1,656.00 1,656.00 Remarks
Customer For Stock Job Description Model A - Baby Jesus Date Ordered Date Started
50.50
12
Total Cost TOTAL DIRECT LABOR COSTS
Molding Actual Budget 2,430.00 2,400.00 606.00 404.00 240.00 160.00 3,276.00 2,964.00 (312.00)
12
Total Cost (Actual) 5,118.00 6,874.00 2,720.00 14,712.00
Job No. A1403 Quantity 300 pcs Date Needed Date Completed
27-Jan-11
10-Feb-11
DIRECT MATERIALS USED Molding Department Date Items 27-Jan resins
MRS No. 1552
Measure kls
Quantity 150
Unit Cost 40.50
Total Cost 6,075.00
Total Costs Painting Department Date Items
MRS No.
Measure
Quantity
Unit Cost
Total Cost
Total Costs Packaging Department
NOVELTY CRAFTS INC. JOB ORDER COST SHEET Date
Items
MRS No.
Measure
Quantity
Unit Cost
Total Cost
DIRECT LABOR USED Molding Department Date Worker 29-Jan Aguas, Arnold
From 27-Jan
To 29-Jan
Hours 20
Rate 50.50
Total Cost 1,010.00
Total Costs Painting Department Date Worker
From
To
Hours
Rate
Total Cost
Total Cost Packaging Department Date Worker
From
To
Hours
Rate
Total Cost
Total Costs TOTAL MATERIAL COSTS
Total Cost TOTAL DIRECT LABOR COSTS
Molding Actual Budget Materials Labor Overhead Total Costs Variances F(UF) Contract Price
SUMMARY OF COSTS Painting Packaging Actual Budget Actual Budget
Remarks
Total Cost (Actual)
NOVELTY CRAFTS INC. JOB ORDER COST SHEET A1400 210 pcs 8-Jan-11
Total Cost (Budget) 8,904.00
NOVELTY CRAFTS INC. JOB ORDER COST SHEET 11,676.00 4,620.00 25,200.00 69.00
NOVELTY CRAFTS INC. JOB ORDER COST SHEET
Total Cost (Budget) 12,720.00 16,680.00 6,600.00 36,000.00 300.00
NOVELTY CRAFTS INC. JOB ORDER COST SHEET
Total Cost (Budget) 5,088.00 6,672.00 2,640.00 14,400.00 (312.00)
NOVELTY CRAFTS INC. JOB ORDER COST SHEET
Total Cost (Budget)
NOVELTY CRAFTS INC. PAYROLL Period Covered: JAN. 1 - 15, 2011 Overtime Days Present Santos, J.P Vasquez, L. Lopez, K. Kay, A.K. Mayo, M. Junio, M. Serrano, R. Valdez, S. Perez, R. Gonzales, P. Aguas, A. Baluyut, B. Cruz, C. Ruiz, R. TOTAL
Rate 36,000.00 18,000.00 15,000.00 10,500.00 15,000.00 404.00 404.00 11,000.00 10,500.00 15,000.00 404.00 404.00 404.00 404.00
Basic Pay
Hours
18,000.00 9,000.00 7,500.00 5,250.00 7,500.00 5,252.00 5,252.00 5,500.00 5,250.00 7,500.00 4,848.00 5,252.00 5,252.00 5,252.00
Late/Absences
Amount
2
126.25
2 2 2 4
126.25 126.25 126.25 252.50
Hours
Amount
Total Gross Pay
Wtax
SSS
PhilHealth
Wtax
SSS
PhilHealth
7,249.17 2,235.50 1,466.67
500.00 500.00 483.30 350.00 500.00 333.30 350.00 366.70 350.00 500.00 366.70 400.00 400.00 366.70 5,766.70
18,000.00 9,000.00 7,500.00 5,376.25 7,500.00 5,252.00 5,252.00 5,500.00 5,250.00 7,500.00 4,974.25 5,378.25 5,378.25 5,504.50
Period Covered: JAN. 16 - 31, 2011 Overtime Days Present
Santos, J.P Vasquez, L. Lopez, K. Kay, A.K. Mayo, M. Junio, M. Serrano, R. Valdez, S. Perez, R. Gonzales, P. Aguas, A. Baluyut, B. Cruz, C. Ruiz, R. TOTAL
Rate
36,000.00 18,000.00 15,000.00 10,500.00 15,000.00 404.00 404.00 11,000.00 10,500.00 15,000.00 404.00 404.00 404.00 404.00
Basic Pay
18,000.00 9,000.00 7,500.00 5,250.00 7,500.00 5,252.00 5,252.00 5,500.00 5,250.00 7,500.00 5,252.00 5,252.00 5,252.00 5,252.00
Hours
Late/Absences
Amount
2
126.25
10 22 22
631.25 1,388.75 1,388.75
Hours
Amount
8
500.00
1
50.50
Total Gross Pay
18,000.00 9,000.00 7,000.00 5,250.00 7,500.00 5,201.50 5,378.25 5,500.00 5,250.00 7,500.00 5,883.25 6,640.75 6,640.75 5,252.00 99,996.50
729.93
1,563.33
13,244.60
125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 125.00 1,750.00
NOVELTY CRAFTS INC. PAYROLL
Rate
Santos, J.P Vasquez, L. Lopez, K. Kay, A.K. Mayo, M. Junio, M. Serrano, R. Valdez, S. Perez, R. Gonzales, P. Aguas, A. Baluyut, B. Cruz, C. Ruiz, R. TOTAL
36,000.00 18,000.00 15,000.00 10,500.00 15,000.00 404.00 404.00 11,000.00 10,500.00 15,000.00 404.00
18,000.00 9,000.00 7,500.00 7,000.00 7,500.00 5,252.00 5,252.00 5,500.00 5,250.00 7,500.00 4,848.00
404.00 404.00 404.00
5,252.00 5,252.00 5,252.00
Overtime Pay Hours Amount
Total Amount
2
126.25
18,000.00 9,000.00 7,500.00 7,126.25 7,500.00 5,252.00 5,252.00 5,500.00 5,250.00 7,500.00 4,974.25
2 2 4
126.25 126.25 252.50
5,378.25 5,378.25 5,504.50
2
126.25
36,000.00 18,000.00 15,000.00 10,500.00 15,000.00 404.00 404.00 11,000.00 10,500.00 15,000.00 404.00 404.00 404.00 404.00
Gross Pay
18,000.00 9,000.00 7,000.00 5,250.00 7,500.00 5,201.50 5,252.00 5,500.00 5,250.00 7,500.00 5,252.00 5,252.00 5,252.00 5,252.00
Overtime Pay Hours Amount
2
10 22 22
126.25
631.25 1,388.75 1,388.75
Total Amount
18,000.00 9,000.00 7,000.00 5,250.00 7,500.00 5,201.50 5,378.25 5,500.00 5,250.00 7,500.00 5,883.25 6,640.75 6,640.75 5,252.00
Factory Overhead Control
Gen. and Admin Control
18,000.00 9,000.00 7,500.00 5,376.25
4,545.00 4,949.00 4,949.00 14,443.00
Rate
Santos, J.P Vasquez, L. Lopez, K. Kay, A.K. Mayo, M. Junio, M. Serrano, R. Valdez, S. Perez, R. Gonzales, P. Aguas, A. Baluyut, B. Cruz, C. Ruiz, R. TOTAL
Gross Pay
Work in Process
Work in Process
5,500.00 5,250.00 7,500.00 429.25 429.25 429.25 5,504.50 25,042.25
Factory Overhead Control
39,876.25
Gen. and Admin Control
18,000.00 9,000.00 7,000.00 5,250.00
5,757.00 6,363.00 6,363.00 18,483.00
5,500.00 5,250.00 7,500.00 126.25 277.75 277.75 5,252.00 24,183.75
39,250.00
NOVELTY CRAFTS INC. PAYROLL
Pag IBIG
Total Deduction
Net Pay 18,000.00 9,000.00 7,500.00 5,376.25 7,500.00 5,252.00 5,252.00 5,500.00 5,250.00 7,500.00 4,974.25 5,378.25 5,378.25 5,504.50 97,365.50
Pag IBIG
100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1,400.00
Total Deduction
7,974.17 2,960.50 2,174.97 575.00 1,454.93 558.30 575.00 591.70 575.00 2,288.33 591.70 625.00 625.00 591.70
Net Pay
10,025.83 6,039.50 4,825.03 4,675.00 6,045.07 4,643.20 4,803.25 4,908.30 4,675.00 5,211.67 5,291.55 6,015.75 6,015.75 4,660.30 77,835.20
NOVELTY CRAFTS INC. PAYROLL
Selling and Mktg. Control
7,500.00 5,252.00 5,252.00
18,004.00
Selling and Mktg. Control
7,500.00 5,201.50 5,378.25
18,079.75
NOVELTY CRAFTS INC. MATERIALS STOCK CARD January 2011 NAME OF ITEM: RESINS
Date P.O. No. MRS No. 1-Dec Beginning balance 15-Dec 1540 20-Dec 1542 1-Jan Beginning balance 3-Jan 1546 14-Jan 1201 20-Jan 1549 25-Jan 1202 27-Jan 1552 31-Jan 1203 31 1204
Quantity
RECEIVED Unit Cost
Total
300
40.50
12,150.00
50
40.50
2,025.00
100 150
40.50 40.50
4,050.00 6,075.00
Quantity
ISSUED Unit Cost
Total
45 105
38.00 38.00
1,710.00 3,990.00
150
38.00
5,700.00
60
40.50
2,430.00
150
40.50
6,075.00
BALANCE Quantity Unit Cost 300 38.00 255 38.00 150 38.00 150 0 300 240 290 140 240 390
38.00 38.00 40.50 40.50 40.50 40.50 40.50 40.50
Total 11,400.00 9,690.00 5,700.00 5,700.00 12,150.00 9,720.00 11,745.00 5,670.00 9,720.00 15,795.00
NOVELTY CRAFTS INC. MATERIALS STOCK CARD January 2011
NAME OF ITEM: PAINTS
Date P.O. No. MRS No. 1-Dec Beginning balance 16-Dec 1541 20-Dec 1543 1-Jan Beginning balance 3-Jan 1545 10-Jan 1200 10-Jan 1548 22-Jan
Quantity
15
RECEIVED Unit Cost
330.00
Total
ISSUED Unit Cost
Quantity
Total
3 4
330.00 330.00
990.00 1,320.00
3
330.00
990.00
10 4
330.00 330.00
3,300.00 1,320.00
4,950.00
BALANCE Quantity Unit Cost 13 330.00 10 330.00 6 330.00 6 3 18 8 4
330.00 330.00 330.00 330.00 330.00
Total 4,290.00 3,300.00 1,980.00 1,980.00 990.00 5,940.00 2,640.00 1,320.00
NOVELTY CRAFTS INC. MATERIALS STOCK CARD January 2011
NAME OF ITEM: BOXES
Date P.O. No. MRS No. 1-Dec Beginning balance 22-Dec 1544 1-Jan Beginning balance 6-Jan 10-Jan 22-Jan 31-Jan
Quantity
40
RECEIVED Unit Cost
342.00
Total
ISSUED Unit Cost
Quantity
Total
3
342.00
1,026.00
7
342.00
2,394.00
10 4
342.00 342.00
3,420.00 1,368.00
13,680.00
Quantity 15 12
BALANCE Unit Cost 342.00 342.00
Total 5,130.00 4,104.00
12 5 45 35 31
342.00 342.00 342.00 342.00 342.00
4,104.00 1,710.00 15,390.00 11,970.00 10,602.00
NOVELTY CRAFTS INC. Statement of Financial Position As of January 31, 2011 ASSETS Current Assets: Cash Temporary Investments Accounts Receivables Finished Goods Inventory WIP - Molding WIP - Painting WIP - Packaging Materials Inventory Factory Supplies Office Supplies Prepaid Insurance Prepaid Rent TOTAL Fixed Assets: Machinery and Equipment Less: Accumulated Depreciation Furniture and Fixtures Less: Accumulated Depreciation Tools TOTAL Other Assets: Rental Deposit Utilities Deposit TOTAL Total Assets
209,803.40 550,000.00 1,071,164.00 82,450.00 11,044.00 4,780.00 4,628.00 27,717.00 400.00 2,500.00 15,000.00 11,308.33
600,000.00 230,000.00 380,000.00 223,166.67
370,000.00 156,833.33 20,458.33
70,000.00 25,000.00
LIABILITIES AND SHAREHOLDER'S EQUITY Current Liabilities: Income Tax Payable 114,698.52 Withholding Taxes Payable 14,994.60 SSS, PhilHealth Payable 22,886.00 Pag IBIG Payable 3,000.00 Accrued Expense Payable 16,011.00 Accounts Payable 25,554.00 VAT Payable 38,456.40 TOTAL Stockholder's Equity: Authorized 10,000 shares at P 100 par, 10,000 shares issued and outstanding 1,000,000.00 Retained Earnings 1,397,485.87 TOTAL Total Liabilities and Stockholder's Equity
NOVELTY CRAFTS INC. Statement of Financial Position As of January 31, 2011
1,990,794.73
547,291.66
95,000.00 2,633,086.39
Y
235,600.52
2,397,485.87 2,633,086.39
NOVELTY CRAFTS INC. STATEMENT OF INCOME AND RETAINED EARNINGS For the month ended January 31, 2011
Sales Less: Cost of Goods Sold Gross Profit Less: Operating Expenses General and Administrative Expense Control: Rent Expense Salaries and Wages Taxes and Licenses SSS, PhilHealth Contributions Pag IBIG Contributions Office Supplies Expense Utilities Expense Donations and Contributions Insurance Expense Depreciation Expenses Total Selling and Marketing Expense Control: Rent Expense Depreciation Expenses Office Supplies Expense Utilities Expense Salaries and Wages SSS, PhilHealth Contributions Pag IBIG Contributions Insurance Expense Advertising Expenses Total Total Operating Expenses Net income before income taxes Less: Income taxes Net income to Retained Earnings Retained Earnings, beginning Retained Earnings, ending balance
948,400.00 483,503.71 464,896.29
4,000.00 79,126.25 16,000.00 4,386.70 400.00 250.00 5,000.00 29.17 2,533.33 111,725.45 17,000.00 316.67 6,000.00 36,083.75 2,883.70 300.00 258.33 3,000.00 65,842.45 177,567.90 287,328.39 86,198.52 201,129.87 1,196,356.00 1,397,485.87
NOVELRTY CRAFTS INC. STATEMENT OF COST OF GOODS MANUFACTURED AND SOLD (MODEL A) For the month ended January 31, 2011 Materials used: Inventory, beginning Add: Net purchases Available for use Less: Inventory, ending Direct materials used Direct labor Prime Cost Add: Factory Overhead Applied (Standard) Add (Less): Variances UF(F) Total manufacturing costs Add: WIP, beginning Total cost to account for Less: WIP, ending Total cost of goods manufactured Add: Finished goods inventory, beginning Total cost of goods available for sale Less: Finished good inventory, ending Cost of goods sold
11,784.00 42,930.00 54,714.00 27,522.00 27,192.00 27,472.00 54,664.00 14,260.00 (39.00) 68,885.00 16,167.00 85,052.00 20,452.00 64,600.00 154,800.00 219,400.00 61,200.00 158,200.00
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