Project one
Task1.1
Supplies--------------------------------------40,000
A/P----------------------------------------------------40,000
A/R----------------------------------------------200,000
Service revenue-----------------------------------200,000
Cash---------------------------------------------190,000
A/R--------------------------------------------------190,000
A/P-------------------------------------------------90,000
Cash---------------------------------------------90,000
Bad debt expense--------------------------------500
A/R----------------------------------------------------500
Cash------------------------------------------------150,000
Service revenue------------------------------------------150,000
Salary expense----------------------------------90,000
Cash----------------------------------------------------------90,000
Prepaid rent ------------------------------------36,000
Cash--------------------------------------------------36,000
Task1.2
Odaa PLC
Unadjusted Trial Balance
December 31, 2018
Account title debit credit
Cash 324000
Account receivable 99500
Allowance for uncollectable 4500
Supplies 100,000
Prepaid rent 98000
Office equipment 110000
Accumulated depreciation ofe 33000
Account payable 50000
Capital 384500
Service revenue 350000
Salary expense 90000
Bad debt expense 500
822000 822000
Task1.3
Bad debt expense-------------------2500
A/R--------------------------------------2500
Depreciation expense--------------21000
Accumulated depreciation-------------21000
Supplies expense --------------------81000
Supplies--------------------------------81000
Rent expense -------------------------72000
Prepaid rent------------------------------72000
Task1.4
Odaa PLC
Adjusted Trial Balance
December 31, 2018
Account title debit credit
Cash 324000
Account receivable 97000
Allowance for uncollectable 4500
Supplies 19000
Prepaid rent 26000
Office equipment 110000
Accumulated depreciation ofe 54000
Account payable 50000
Capital 384500
Service revenue 350000
Salary expense 90000
Supplies expense 81000
Rent expense 72000
Bad debt expense 3000
Depreciation expense 21000
843000 843000
Task1.5
Odaa PLC
Income statement
December 31, 2018
Service revenue --------------------------------------------------------------350000
Salary expenses-------------------------------90000
Supplies expenses---------------------------81000
Rent expenses-------------------------------72000
Bad debt expenses-------------------------3000
Depreciation expenses--------------------21000
Total expenses---------------------------267000
Net income before tax-----------------------------------------------------83000
Business profit tax--------------------24900
Net income after tax----------------------------------------------------------58100
Task 1.6
Odaa PLC
Balance sheet
December 31, 2018
Assets
Cash 324000
Account receivable 97000
Allowance for uncollectable (4500)
Supplies 19000
Prepaid rent 26000
Office equipment 110000
Accumulated depreciation ofe (54000)
Total asset 517500
Liabilities
Account payable ------------------------------------50000
Profit tax payable------------------------------------24900
Total liability-----------------------------------------74900
Capital -----------------------------------------------442600
Total liabilities and capital-------------------------517500
Project Two
BURKA PLC
BANK RECONCILIATION
Dec31,2018
Cash balance per bank ------------------------------------135000
Add Deposit on transit-----------------------------------10100
Error -------------------------------------------------1800
Subtotal---------------------------------------------------146900
Less outstanding checks
Check no. 213------------------------------------------- 2,200
Check no. 213------------------------------------------1,300
Check no. 213 -----------------------------------------2,000
Subtotal---------------------------------------------------5500
Adjusted cash balance---------------------------------------------141400
Cash balance as per company------------------------------------127300
Add Notes receivable--------------------------------------------13650
Interest------------------------------------------------------450
Error -------------------------------------------------------2700
Subtotal -----------------------------------------------------------145000
Less NSF-------------------------------------2500
Service charge----------------------200
Subtotal -----------------------------------2700
Adjusted cash balance --------------------------------------------141400
Task2.2
To record notes collected
Cash----------------------14100
N/R------------------------------13650
Interest revenue----------------450
To record NSF, Bank service charge and error
N/R----------------------2500
Cash----------------------2500
Miscellanies expense------------ 200
Cash-------------------------------200
Cash ----------------------2700
A/p----------------------------2700
Project Three
Task3.1
SHEGER Sole Proprietorship
Payroll sheet
meaziya 2011 E.C.
Tran
sport
ation LU.c
S Empl Allo ontri Total sig
/ oyees basic wan Over Gross Taxable [Link] butio deducti Net net
N Name salary ce time income income ome tax pension n on Income ure
Ama
nte
1 Dida 9200 1000 862.5 11062.5 10062.5 2063.75 644 184 2891.75 8170.75
Bilal
2 Kedir 6750 950 1054.6875 8754.688 7804.688 1386.33 472.5 135 1993.83 6760.858
Kebe
ki
3 Chala 3200 550 270 4020 3470 391.5 224 64 679.5 3340.5
Alma
z
4 Dame 2300 500 230 3030 2530 237 161 46 444 2586
Total 21450 3000 2417.1875 26867.19 23867.19 4078.58 1501.5 429 6009.08 20858.11
Task3.2
Ginbot 15, 2011 Salary payable------------------------------20858.11
Cash------------------------------------------------20858.11
Task 3.3
Payroll expenses---------------------------3861
Employment income tax expense-------4078.58
[Link] expense-------------------429
Pension cont. payable----------------------------------3861
Employment income tax payable---------------------4078.58
[Link]------------------------------------------429
Task 3.4
Pension cont. payable----------------------------------3861
Employment income tax payable---------------------4078.58
Cash --------------------------------------------------------------7939.58
Project Four
Task4.1
Sales unit =beginning +purchase –ending
=15000+20000+35000+22000+30000-25000
=97000 unit
Sales revenue= sales unit*selling price per unit
=97000*220
=21,340,000
Task 4.2
Cost of ending inv=15000*150+10000*160
=3,850,000
Task 4.3
Cost of goods sold =cost of Inv available for sale – cost of ending Inv
=20215,000- 3,850,000
=16,365,000
Task4.4
Gross profit = sales revenue-cost of goods sold
=21,340,000- 16,365,000
=4,975,000
Task 4.5
Taxable income = gross profit – operating expense
=4,975,000 – 4,000,000
=975,000
Task 4.6
Business profit tax = Taxable income*30%
= 975,000*0.3
=292500
Project five
Prime cost= direct material cost +direct labor cost
Conversion cost= direct labor cost + factory overhead
FOH=30%Conversion cost
COGAFS=80000
BFG+CGM=80000
CGM=80000-4000=76000
Conversion cost= direct labor cost + 30%Conversion cost
Conversion cost0.7= direct labor cost
Conversion cost=35000/0.7=50000
FOH=0.3*50000=15000
Prime cost= 80%cost of goods manufactured
DM+DL=0.8(76000)
DM=60800-35000=25800
Task5.1
Raw material ending cost= raw material beginning +raw material purchased –raw material used
=3100+24000-25800=1300
Task5.2
Cost of goods manufactured= BWP+TMC-EWP
EWP=BWP+TMC-COGM
=3400+ (25800+35000+15000)-76000
=79200-76000
=3200
Task5.3
EFG=BFG+COGM-COGS
Gross profit =0.25*85000
=21250
COGS=sals-GP
=85000-21250=63750
EFG=4000+76000-63750
=16250
Task 5.4
ADAMA FURNITURE COMPANY
STATEMENT OF COST OF GOODS MANUFACTURED
FOR THE MONTH JANUARY 2018
DM used
BRM-------------------------------------------------------------------------------------3100
RMP-------------------------------------------------------------------------------------24000
ERM--------------------------------------------------------------------------------- (1300)
DMU-----------------------------------------------------------------------------------25800
Direct material used--------------------------------------------------------------------------------25800
Direct labor--------------------------------------------------------------------------------------------35000
FOH------------------------------------------------------------------------------------------------------15000
TMC-----------------------------------------------------------------------------------------------------75800
BWP----------------------------------------------------------------------------------------------------3400
EWP---------------------------------------------------------------------------------------------------- (3200)
Cost of goods manufactured-------------------------------------------------76000
Task 5.5
ADAMA FURNITURE COMPANY
INCOME STATEMENT
FOR END OF JANUARY 2018
Sales revenue-----------------------------------------------------------------------85000
COGS--------------------------------------------------------------------------------- (63750)
GP--------------------------------------------------------------------------------------21250
Selling and distribution cost-------------------------------11230
General admi expenses---------------------------------------9500----------- (20730)
Net income before tax-------------------------------------------------------- 520
Project six
Task6.1
ADAMA STEEL FACTORY
Sales Budget
For the year 2019
description Q4 2018 Q1 Q2 Q3 Q4 Year
units to be sold 56000 65000 70000 75000 90000 300000
Selling price 400 400 400 400 400 400
per unit
Total sales 22400000 26,000,000 28,000,000 30,000,000 36,000,00 120000000
0
ADAMA STEEL FACTORY
Cash collection Budget
For the year 2019
description Q1 Q2 Q3 Q4 Year
Cash sales 22100000 23800000 25,500,000 30,600,000
Credit sales 3360000 3,900,000 4,200,000 4,500,000
of last
quarter
Total cash 25460000 25460000 25460000 25460000 101840000
collection
Task6.2
ADAMA STEEL FACTORY
PRODUCTION BUDGET
FOR THE YEAR 2019
Description Q1 Q2 Q3 Q4 Year
Budgeted 65,000 70,000 75,000 90,000
sales
Plus EFG 13,000 15,000 20,000 10,000
Total FG 78,000 85,000 95,000 100,000
Minus BI 0 13,000 15,000 20,000
Budgeted 78,000 72,000 80000 80,000
Production
Task6.3
ADAMA STEEL FACTORY
DIRECT MATERIAL USAGE BUDGET
FOR THE YEAR 2019
Description Q1 Q2 Q3 Q4 Year
Budgeted production 78,000 72,000 80000 80,000
in unit
DM needed per unit 3 3 3 3
Total DM for 234000 216,000 240000 240000
production
Add EDM 0.3*3*70000 67,500 81,000 65,700
=63,000
Total DM need 297000 283500 312,000 305700
Less BDM 65,700 63,000 67500 81000
Total DM to be 231300 220500 244500 224700
purchase
Cost per DM 80 80 80 80
Total DM cost 18,504,000 17,640,000 19,560,000 17,976,00
0
Task6.4
ADAMA STEEL FACTORY
DIRECT LABOR BUDGET
FOR THE YEAR 2019
Description Q1 Q2 Q3 Q4 Year
Budgeted 78,000 72,000 80,000 80,000
production in
unit
Direct labor 5 5 5 5 5
hours per unit
Total direct 390000 360,000 400000 400000
labor hours
Direct labor 10 10 10 10 10
cost per per
hour
Total direct 3900000 3,600,000 4000000 4000000
labor cost