[go: up one dir, main page]
Scribd
Upload
119 views3 pages

Project One and Two

The document contains details of 6 projects involving employee payroll, product costing, manufacturing costs, cash reconciliation, inventory tracking, and tax calculations. Project 1 provides employee salary and benefit information to complete payroll. Project 2 includes product cost data to prepare sales and production budgets. Project 3 requires calculating costs of goods manufactured and sold. Project 4 gives bank statement and check information for cash reconciliation. Project 5 presents inventory levels to determine costs under two inventory methods. Project 6 provides rental income and salary to calculate employment and rental income taxes.

Uploaded by

Aliyi Benura
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
119 views3 pages

Project One and Two

The document contains details of 6 projects involving employee payroll, product costing, manufacturing costs, cash reconciliation, inventory tracking, and tax calculations. Project 1 provides employee salary and benefit information to complete payroll. Project 2 includes product cost data to prepare sales and production budgets. Project 3 requires calculating costs of goods manufactured and sold. Project 4 gives bank statement and check information for cash reconciliation. Project 5 presents inventory levels to determine costs under two inventory methods. Project 6 provides rental income and salary to calculate employment and rental income taxes.

Uploaded by

Aliyi Benura
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
You are on page 1/ 3

Project one

s.no Employees Basic Over Over Credit Allowance


Name salary Time time Association
Duration
1 MELAKU 5,000 8hrs Weekend 1,750 500

2 OLGA 650 0 - 150 100


3 GIDAY 2,350 4hrs Public 0 250
hold
4 BELACHEW 3,600 12hrs Public 0 400
hold

Additional information

Allowance is not taxable for all employees


All employees worked 40 hours per week
All employees are regular
Employees & employer are expected to contribute 7% & 11% for pension

Required

Task 1- prepare payroll document/ register sheet as of April 30


Task 2- if salary paid in may (next month) journalize
A, salary & other benefit
B, payment of payable
C, payroll tax or contribution of pension by company

PROJECT TWO

Product job costing information


Product A product B product C
Estimated beginning inventory 60,000 70,000 65,000
Desired ending inventory 51,000 45,000 41,000
Sell price per unit 30 35 40

Item area 1 area 2 total

Product A 30,000 30,000 60,000


Product B 20,000 50,000 70,000
Product C 26,000 56,000 82,000

Required

Task 1- prepare sales budget

1
Task 2- prepare production budget

Project THREE
During the month February the following transaction will occur to produce
products
1. Raw material purchase ………………………250,000
2. Raw material ending …………………………17,000
3. Direct labor cost………………………………35,000
4. Beginning inventory finished good…………………………16,000
5. Beginning inventory raw material …………………………..13,000
6. Ending inventory fished good ……………………………….18,000
7. Factory overhead is 80%of direct labor cost
8. Sales ……………………………117,000
Required
1. Calculate cost of goods manufactured
2. Calculate cost of goods
3. calculate total amount of gross profit sold
Project four

1. 1, the cash account for nation horn company on may 31, 2002 of the current year indicated
balance of br.13,215.80 the bank balance statement indicated 19,513.90 on may 31, 2002 the
following are recording items.

A. Checks outstanding totaled br.7, 070.10.


B. A deposit of br.3, 915.20 representing receipt of May 30, 2002 had been to appear on the
bank statement.
C. The bank had collected 3,120 on interest bearing note left for collection the face of the note
was br.3, 000.
D. A check for 69 had been recorded erroneously in the check rebutter as 96.
E. A check drawn for 42 had been recorded erroneously charged by the bank as 24.
F. Bank service charged for may to 21.80.
Required
2.
3. A, prepare bank reconciliation for the month may 30 , 2002.
4. B, prepare necessary journal entries .

2
Project five

XY manufacturing has the following information in relation commodity for July .

Inventory
July 1 ---------------------- 20 unit @ br.50
Sales
July 7 ----------------------- 10 unit
July 18 ---------------------- 5 unit
July 27 ---------------------- 10 unit
Purchase
July 3 ------------------------- 20 unit @ br.51
July 20 ------------------------ 15 unit @ br.52
Required

Task 1- if the company used perpetual inventory system and LIFO cost method , determine
cost of good sold and ending inventory on hand .
Task 2- the company use periodic inventory system and FIFO cost method, determine cost
of good sold and ending inventory on hand.
Project six
Harric is a privet company registered in Ethiopia that does not maintain book of
accounting during the period of 2012. The company leases a building for birr 4,500 per
month to foreign company. The company employee prof. admasu zerihun as a regular
employee and pay a month salary of 5,400 bir per month. Prof. admasu zerihun is a lecture
in AAU who earns besic salary of birr 7,060 birr per month.
Required
1. determine the amount of monthly employment income tax collected from prof. admasu
zerihun by harric payable to ERCA
2. determine the taxable income and rental income tax liability paid by harric to ERCA

You might also like