08 Feb Factory Ledger Entries. Spacecraft Corporation has
Factory Ledger Entries. Spacecraft Corporation has its general office in Philadelphia, Pennsylvania, and its factories in nearby Trenton, New Jersey, and Pottstown, Pennsylvania. A separate set of records is kept at the general office and at the factories. On January 1 the factory books showed the following: Trenton Pottstown Materials $25,000 $24,000 Work in Process 13,500 15,000 Finished Goods 9,000 10,000 General Ledger $47,500 $49,000 Total $47,500 $47,500 $49,000 $49,000 The following transactions were completed during the month Trenton Pottstown (a) Materials purchases $29,000 $26,000 (b) Materials requisitions Direct 35,000 32,000 Indirect 6,000 4,000 (c) Return of materials to suppliers (d) Payments to vendors (less 2% discount) 400 550 (e) Payrolls for the month 30,000 25,000 Direct labor ($3 per hour) 15,000 1 1,400 Indirect labor 3,500 2,900 Sales salaries $2,800 Office salaries 2,300 (Deduct 6% for PICA tax and 10% for federal income tax.) (Liability for the payrolls and payroll taxes is kept on the home office books.) (f) Workers are paid, and employer's payroll taxes are recorded. The state unemployment insurance rate is 2%, the federal unemployment insurance rate is ,5%, and employer PICA tax is 6%. (g) Sundry factory overhead expenses $17,000 $15,000 (h) Factory overhead applied to production at $5 per direct labor hour. (i) Goods completed amounted to 80% of the total cost in the work in process accounts. (j) Finished goods amounting to $114,000 were shipped to customers -$65,000 from the Trenton plant and $49,000 from the Pottstown plant. (A gross profit of 25% of the sales price is made on these shipments.) Required: Using three parallel vertical columns headed General Office, Trenton Plant, and Pottstown Plant, prepare entries in journal form to record the January transactions. Use one work in process account for each plant.
Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.
About Writedemy
We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.
How It Works
To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.
Are there Discounts?
All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.