Company Accounting Solution

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					Instructions for the Microsoft Excel Templates

Advisory - The worksheets are not protected. You can over type any data within the worksheets. If you
over type important data you can usually restore it by referencing your textbook.


Detail and information on Excel is contained within the manual.

Striking the "F1" key or following the path "Windows>Excel Help" will invoke the Office Assistant and
bring up one of several help menus.

Type your name into the cell to the right of the "Name" cell. Your name will appear on each printed sheet.

Type your course identity or instructor identity into the cell to the right of "Course." This information
will appear on each printed sheet.

It is recommended that you enter the due date of your assignment in the cell to the right of the "Date" cell.

If the workbook requires more than one printed sheet, your name, course, date, and the first exercise or
problem line will appear on each sheet.

If the workbook requires more than one printed sheet page breaks are already set for normal bond - 8
1/2 X 11" paper.

The print area of the exercise or problem is defined by the grey filled cells. These grey filled cells are
the cells immediately outside the print area.

Each worksheet will also contain a footer that includes the exercise or problem identity, the tab you
printed, the page of pages, the time, and date you printed the worksheet.

The exercises and problems may be presented slightly different than in your textbook. This is to
facilitate better utilization by the formulas available to you with Excel.

Cells that contain data that can be used by the formulas of Excel in the solution of the exercise or
problem are usually framed with black lines to help you identify those values.

Place an account name or title, such as "Cash," where "Account" or "Account title" appear.

Place a line title, such as "Net income," where "Title" or "Text Title" appear.

Place a value, such as "8.50," where "Amount" or "Value" appears.
Place a number, such as "3," where "Number" or "Quantity" appears.

The terms "Amount" and "Value" generally refer to values such as $85.97 while the terms "Number"
and "Quantity" refer to the numerical refer to 3 units or 5 years.

Where text or memorandum lines are desired for journal entries, a line below the journal entry is
provided.
When an exercise or problem requires a text entry, such as "Based on the information, which option
would you recommend?" a formatted text box is provided. This is usually identified with "Enter your
text answer here" or "Place text answer here" type text. Simply click into the cell and over type the

Insert the account number where "ACCT #" appears on the template during posting.

Insert the journal reference where "JOURN #" appears on the template during posting.

The cells of the exercises and problems are already formatted for the data. No adjustment should be necessary.

Dates should be entered as "06/06/08." This will ensure that Excel will present it properly.

Negative values should be preceded by a "-" (negative sign). Negative values may be shown as ($400)
vice -$400.

The display may have "Freeze Pane" invoked so column titles remain visible during data entry.
printed sheet.




e "Date" cell.
uld be necessary.
           Name:
          Course:
            Date:
P2-3A – Prepare entries in a job cost system and cost of goods manufactured schedule.
Managerial Accounting, 4th Edition, by Weygandt, Kieso, and Kimmel
Solving Managerial Accounting Problems Using Microsoft Excel for Windows
             by Rex A Schildhouse

Problem P2-3A Enos Inc. is a construction company specializing in custom patios. The patios are constructed of
concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2008, the general ledger
for Enos Inc. contains the following data.
Raw Materials Inventory                  $4,200               Manufacturing Overhead Applied             $32,640
Work in Process Inventory                $5,540               Manufacturing Overhead Incurred            $31,650

Subsidiary data for Work in Process Inventory on June 1 are as follows.
                                                Job Cost Sheets
                                                              Customer Job
               Cost Element          Fowler                      Haines                          Krantz
          Direct materials              $600                        $800                            $900
          Direct labor                    320                         540                            580
          Manufacturing overhead          400                         675                            725
                                       $1,320                      $2,015                         $2,205

During June, raw materials purchased on account were              $3,900 and all wages were paid. Additional
overhead costs consisted of depreciation on equipment              $700    and miscellaneous costs of
  $400 incurred on account.
A summary of materials requisition slips and time tickets for June shows the following.
   Customer Job                   Materials Requisition Slips                      Time Tickets
Fowler                                               $800                                     $450
Elgin                                               2,000                                      800
Haines                                                500                                      360
Krantz                                              1,300                                    1,600
Fowler                                                300                                      390
                                                    4,900                                    3,600
General use                                         1,500                                    1,200
                                                  $6,400                                   $4,800

Overhead was assigend to jobs at the same rate of              $1.25     per dollar of direct labor cost. The
patios for customers Fowler, Haines, and Krantz were completed during June and sold for a total of        $18,900
Each customer paid in full.

Instructions:
(a)(i)(a) Journalize the June transactions for purchase of raw materials.

                       Account title                                Amount
                        Account title                                                Amount



        FileName: 47b5afd1-dfa6-47e4-bc0c-b8fabfa504fd.xls, Tab: Problem P2-3A, Page 5 of 7, 1/5/2011, 7:53 PM
           Name:
          Course:
            Date:
P2-3A – Prepare entries in a job cost system and cost of goods manufactured schedule.

(a)(i)(b) Journalize the June transactions for factory labor costs.

                       Account title                                  Amount
                        Account title                                                 Amount

(a)(i)(c) Journalize the June transactions for manufacturing overhead costs incurred.

                       Account title                                                  Amount
                        Account title                                                              Amount
                        Account title                                                              Amount

(a)(ii)(a) Journalize the June transactions for the assignment of direct materials.

                       Account title                                  Amount
                       Account title                                  Amount
                        Account title                                                 Amount

(a)(ii)(b) Journalize the June transactions for the assignment of direct labor.

                       Account title                                  Amount
                       Account title                                  Amount
                        Account title                                                 Amount

(a)(ii)(c) Journalize the June transactions for the assignment of overhead to production.

                       Account title                                                  Amount
                        Account title                                                              Amount

(a)(iii)(a) Journalize the June transactions for the completion of jobs.

                       Account title                                  Amount
                        Account title                                                 Amount

                         Direct                       Direct                   Manufacturing                   Total
         Job
                        Material                      Labor                     Overhead                       Costs
Fowler                   Amount                         Amount                       Formula                  Formula
Haines                   Amount                         Amount                       Formula                  Formula
Krantz                   Amount                         Amount                       Formula                  Formula
                                                                                                              Formula




         FileName: 47b5afd1-dfa6-47e4-bc0c-b8fabfa504fd.xls, Tab: Problem P2-3A, Page 6 of 7, 1/5/2011, 7:53 PM
               Name:
              Course:
                 Date:
P2-3A – Prepare entries in a job cost system and cost of goods manufactured schedule.
(a)(iii)(b) Journalize the June transactions for the sale of goods.

                      Account title                                Amount
                       Account title                                                 Amount

                      Account title                                Amount
                       Account title                                                 Amount

(b) Post the entries to Work in Process Inventory.

                                     Work in Process Inventory
             6/1/08  Balance          Amount     6/30/08    Title                    Amount
                     Title            Amount
                     Title            Amount
                     Title            Amount
           6/30/2008 Balance          Formula

(c) Reconcile the balance in Work in Process Inventory with the costs of unfinished goods.

          Work in Progress Inventory                                                 Amount

                   Name            Title                           Amount
                                   Title                           Amount
                                   Title                           Amount            Formula

(d) Prepare a cost of goods manufactured schedule for June.

                                          ENOS INC.
                              Cost of Goods Manufactured Schedule
                                For the Month Ended June 30, 2008
          Work in process, June 1                                                    Amount
          Title                                                Amount
          Title                                                Amount
          Title                                                Amount
            Total manufacturing costs                                                Formula
          Title                                                                      Formula
          Less: Work in process, June 30                                             Amount
          Title                                                                      Formula




        FileName: 47b5afd1-dfa6-47e4-bc0c-b8fabfa504fd.xls, Tab: Problem P2-3A, Page 7 of 7, 1/5/2011, 7:53 PM

				
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