Exam 2

Project one
Xyz company

Payroll register

For month april 2013

Name Of Basic Overtime Gross Income Pension Total Net Pay Sign
Ser.N Employee Salary Earning Tax Deduction
o
01 Tirusew 735
02 Nigatu 2,379
03 Getasew
04 Yemariyam 155.40
05 Nitsu
Total
Additional Information

1. Tirusew And Nigatu Have Paid The Same Income Tax For The Month
2. Getasew Pension Contribution Is 150% Of Tirusew Pension Contribution
3. The Total(Employer And Employee)Pension Contribution Of Nitsuh Is Equal To That Of Yemariam Pension
Contribution
4. Pension Contribution Is 7% By Employee And 11% By Employer

Required

a) Finalize The Incomplete Payroll Register Given Above

b) If Salary Is Paid In MAY(Next Month),Journalize
1) Salary And Other Benefits
2) Payment Of Paybles
3) Payroll Tax Or Company Pension Contribution

Project Two Units Of Competence Covered

The Account In The Ledger Of Bbc Company,With The Unadjusted Balance On December 31,2010 The End Of The Fiscal Year
Are As Follows

Fees Recevable
Prepaid Insurance 3,725
Supplies 675
Pre-Paid Advertising
Salaries Payable
Unearned Rent
Income Summary
Fees Earned 62,250
Salaries Expense 41,700
Advertising Expense 10,340
Supplies Expense
Insurance Expense
Rent Income 9,100
Data Needed For Yearend Adjustments Are As Follows

1. Unbilled Fees On June 30, Br 7,750

2. Insurance Expired During The Year, Br 2,100
3. Supplies Inventory On June 30, R 190
4. Of The Prepayment Of Birr 1,000 Advertising In Ethiopia Herald News Paper 75% Has Been Used
5. Salary Accrued Is Br, 1,140
6. Rent Collected In Advance That Will Not Be Earned Is Br 700

Required Task 1.Prepare The Necessary Adjusting Entries

Task 2. Prepare Profit And Loss Statement And Balance Sheet

Project four
Unit of competency covered

Prepare operational budget

Kaliti steel factory-manufactures two products A and B:

Desired inventory:

Product A product B

Desired inventory:ending for each month 20,000 10,000

Estimated beginning inventory;for each month 21,000 9,00

Sells price per unit 50 70

Estimated sales unit:

January February march total

Area 1: A 6,500 6,900 6,600 20,000

B 1,950 1,500 1,500 4,950

Area 2:A 2,500 3,000 4,500 10,000

B 500 600 1,500 2,600

For the production of A and B,kaliti steel factory uses the following raw material

MATERIAL UNIT COST poroductA product

Sand 0.50 20kg 15kgperunit

Steel 1 10kg 15kg perunit

Chemichel 5 10lit 15lit

Required

1. Prepare sales budget for the current quarter

2. Prepare production budget for current quarter
3. Prepare raw material purchase budget for current quarter

Project five
During the month of January the following transaction will occur to produce three products

1. Material purchase on account

Sand 500
Steel 790
Chemichel 4,500
2. Direct material issued and factory labor cost
Materials direct labor cost
Job#1. 227.50 160
Job#2. 780 210
Job#3. 3,900 175
3. Factory overhead is 60% of direct labor cost
4. Finished goods sold for Br 7,200

Required

A. Record journal entries

B. Calculate each job cost
 C. Calculate gross profit

Project six
the following were selected from among the transaction completed by DAT, A VAT registered merchandising firm,during
January of the current year

1. Recived cash from sales of furniture Br 250,000

2. Paid entertainment expense Br 5,000
3. Purchase raw materials for Br 49,000 for cash
4. Paid utility expense Br 20,000
5. Sales of furniture on account Br 80,00
6. Paid salary expense Br 20,000
7. Doubtful account expense Br 8,000

Required

A. Record the necessary journal entries related to the transaction

B. Determine amount of vat payable/recivable from to ERCA
C. Prepare income statement for the month of jan, for tax purpose and calculate profite tax liability(business profit
TAX 30%)

Project seven
Firfax manufacturing has the following information in relation to commodity D2 for july

Inventory:

July 1 15units @ 30

July 4 sales 5units @35

July 10 purchase 10units @ 32

July 14 sales 12 units @ 39

July 22 sales 3units @ 40

July 30 purchase 10 units @ 33

Required

1. If the company used perpetual inventory system and FIFO costing method
A. Determine cost of good sold
B. Determine ending inventory on hand at end of year
C. Determine amount of gross profite
2. If the company used periodic inventory system and LIFO costing method
A. Determine cost of good sold
B. Determine ending inventory on hand at end of year
C. Determine amount of gross profite