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ACC 124

The document outlines financial data for Masay Company, including raw materials used, manufacturing costs, and a comprehensive income statement for the years 2024 and 2023. It details revenues, expenses, and net income, highlighting significant figures such as total revenues of P7,800,000 and net income of P1,500,000 for 2024. Additionally, it provides notes on net sales and other revenues, as well as depreciation details.

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14 views3 pages

ACC 124

The document outlines financial data for Masay Company, including raw materials used, manufacturing costs, and a comprehensive income statement for the years 2024 and 2023. It details revenues, expenses, and net income, highlighting significant figures such as total revenues of P7,800,000 and net income of P1,500,000 for 2024. Additionally, it provides notes on net sales and other revenues, as well as depreciation details.

Uploaded by

fajardocyrellangel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Problem 9-13

Raw Materials Used


RM beg 400,000
Net Purchases 2,300,000
RMAFU 2,700,000
RM end 340,000 2,360,000
Direct Labor 1,980,000
Factory Overhead 1,240,000
Manufacturing Cost 5,580,000
WIP – beg 760,000
Total WIP 6,340,000
WIP – end 1,000,000
Total Goods Manufactured 5,340,000

Problem 9-14

Raw Materials Used


RM beg 1,000,000*
Net Purchases 4,550,000
RMAFU 5,550,000
RM end 1,150,000* 4,400,000
Direct Labor 2,000,000
Factory Overhead 3,000,000
Manufacturing Cost 9,400,000
WIP – beg 1,000,000*
Total WIP 10,400,000
WIP – end 800,000*
Total Goods Manufactured 9,600,000
FG – beg 1,000,000*
TGAS 10,600,000
FG – end 650,000*
Cost of Sales 9,950,000

Problem 9-15

Raw Materials Used


RM beg 300,000
Net Purchases 4,000,000
RMAFU 4,300,000
RM end 450,000 3,850,000
Direct Labor 1,500,000
Factory Overhead 1,700,000
Manufacturing Cost 7,050,000
WIP – beg 400,000
Total WIP 7,450,000
WIP – end 350,000
Goods Manufactured 7,100,000
FG – beg 500,000
Total Goods Available for Sale 7,600,000
FG – end 700,000
Cost of Sales 6,900,000

Selling Expenses:
Depreciation – sales equipment 50,000
Advertising 400,000
Sales salaries 500,000

Gen. and Admin


Office salaries 700,000
Utilities 200,000

NATURAL FORM

Problem 9-17
Masay Company
Statement of Comprehensive Income
For the Year Ended December 31, 2024 and 2023

Notes 2024 2023


Revenues
Net Sales 1 P7,450,000
Other Revenues 2 350,000
Total P7,800,000

Expenses
Purchases P4,000,000
Decrease of Inventory 50,000
Sales salaries 400,000
Advertising 250,000
Depreciation 3 150,000
Office salaries 150,000
Delivery expenses 200,000
Accounting and legal fees 150,000
Office expenses 250,000
Earthquake loss 300,000
Total P5,900,000
Income Before Tax P1,900,000
Income Tax 400,000
Net Income P1,500,000

Notes to Financial Statements

3. Supplemental Information

Note 1: Net Sales


Sales P7,500,000
Less: Sales Returns and Allowances 50,000
Net Sales P7,450,000

Note 2: Other Revenues


Gain on sale of equipment P100,000
Gain from expropriation of asset 100,000
Interest Income 150,000
Total P350,000

Note 3: Depreciation
Depreciation – store equipment P 50,000
Depreciation – office equipment 100,000
Total P150,000

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