Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 19 views

    Ho2 Sci

    Uploaded by

    Abdullah Julkanain
    The document contains 3 problems providing financial statement information for different companies. Problem 1 asks to calculate the profit/loss, other comprehensive income, and total comprehensive income based on income statement accounts provided for Margaery Tyrell Co. Problem 2 provides adjusted trial balance accounts for Roxas Company and asks to calculate cost of sales, total selling/distribution costs, profit/loss, and total comprehensive income. It also provides additional information. Problem 3 provides inventory balances and production costs for Quirino Manufacturing Company and asks to calculate cost of goods sold, with factory overhead cost given as a percentage of direct labor cost.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Ho2 Sci

    Uploaded by

    Abdullah Julkanain
    19 views2 pages
    The document contains 3 problems providing financial statement information for different companies. Problem 1 asks to calculate the profit/loss, other comprehensive income, and total comprehensive income based on income statement accounts provided for Margaery Tyrell Co. Problem 2 provides adjusted trial balance accounts for Roxas Company and asks to calculate cost of sales, total selling/distribution costs, profit/loss, and total comprehensive income. It also provides additional information. Problem 3 provides inventory balances and production costs for Quirino Manufacturing Company and asks to calculate cost of goods sold, with factory overhead cost given as a percentage of direct labor cost.

    Original Title

    HO2-SCI (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains 3 problems providing financial statement information for different companies. Problem 1 asks to calculate the profit/loss, other comprehensive income, and total comprehensive income based on income statement accounts provided for Margaery Tyrell Co. Problem 2 provides adjusted trial balance accounts for Roxas Company and asks to calculate cost of sales, total selling/distribution costs, profit/loss, and total comprehensive income. It also provides additional information. Problem 3 provides inventory balances and production costs for Quirino Manufacturing Company and asks to calculate cost of goods sold, with factory overhead cost given as a percentage of direct labor cost.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    19 views2 pages

    Ho2 Sci

    Uploaded by

    Abdullah Julkanain
    The document contains 3 problems providing financial statement information for different companies. Problem 1 asks to calculate the profit/loss, other comprehensive income, and total comprehensive income based on income statement accounts provided for Margaery Tyrell Co. Problem 2 provides adjusted trial balance accounts for Roxas Company and asks to calculate cost of sales, total selling/distribution costs, profit/loss, and total comprehensive income. It also provides additional information. Problem 3 provides inventory balances and production costs for Quirino Manufacturing Company and asks to calculate cost of goods sold, with factory overhead cost given as a percentage of direct labor cost.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    HANDOUT 2 STATEMENT OF COMPREHENSIVE INCOME

    PROBLEM 1
    The records of Margaery Tyrell Co. on December 31, 2019 showed the following information:
    PHP
    Sales 4,000,000
    Sales discounts 40,000
    Cost of sales 1,600,000
    Distribution costs 192,000
    Administrative costs 480,000
    Casualty loss on typhoon 80,000
    Dividends received from investments in FVPL 48,000
    Dividends received from associate 96,000
    Share in the profit of an associate 144,000
    Dividends declared and paid 56,000
    Interest expense 88,000
    Unrealized gain on investments in FVPL 60,000
    Unrealized gain on investments in FVOCI 76,000
    Income tax expense 600,000
    Loss on revaluation 52,000
    Remeasurements of the net defined benefit liability (asset) - gain 44,000
    Correction of understatement in depreciation in prior year 64,000
    Translation adjustment of foreign operation – loss 16,000
    Required:
     How much is the profit or loss for the period?
     How much is the other comprehensive income?
     How much is the total comprehensive income?

    PROBLEM 2
    The adjusted trial balance of Roxas Company includes the following accounts on December 31, 2021:
    Php
    Sales revenue 5,000,000
    Commission income 28,000
    Interest expense 180,000
    Inventory, 12/31/21 520,000
    Purchase, net of returns 2,800,000
    Sales commission 500,000
    Administrative salaries 720,000
    Office supplies expense 110,000
    Dividends declared 800,000
    Dividend income 16,000
    Gain on sale of equipment 100,000
    Rent expense 400,000
    Unrealized gain on investment at Fair Value through Profit or Loss 55,000
    Unrealized gain on investment at Fair Value through Other
    Comprehensive Income 88,000
    Depreciation expense – store equipment 70,000
    Depreciation expense – office equipment 50,000
    Freight-in 80,000
    Freight-out 120,000
    Additional information:
    1. Merchandise inventory, January 1, 2021, P450,000
    2. Income tax rate, 30%
    3. Rent expense is allocated 60% selling, 40% administrative.
    Compute the following for the year ended 2021:
    • Cost of sales
    • Total selling expense/distribution cost
    • Profit or Loss
    • Total comprehensive income

    PROBLEM 3
    The following information is for the Quirino Manufacturing Company for November. Raw Materials
    Inventory consists of Direct Materials and Indirect Materials.
    PHP
    Inventories Beginning Ending
    Raw Material 275,000 234,000
    Work in Process 320,000 288,000
    Finished Goods 195,000 255,000
    Additional information are as follows:
    Cost of direct materials requisitioned for production 280,000
    Prime cost incurred 420,000
    Factory overhead cost (120% of direct labor cost) ?
    Gross profit rate based on sales 20%
    • How much is the cost of goods sold?

    You might also like