Movie Rags Unadjusted Trial Balance November 30, 2013

Acc. No.
Account Title Debit Credit

101 Cash $20,400
105 Accounts Receivable $32,000
110 Raw Materials Control $2,300
112 Work-In-Process Control $6,825
114 Finished Goods Control $0
120 Prepaid Rent $2,400
140 Equipment $24,850
141 Accumulated Depreciation Equipment $7,100
201 Accounts Payable $11,800
205 Wages Payable $18,940
210 Income Taxes Payable $0
300 Common Stock $20,000
305 Retained Earnings $12,079
400 Sales $273,500
500 Cost of Goods Sold $206,310
600 Selling & Administrative Expenses $49,204
610 Depreciation Expense Selling & Administrative $0
620 Income Tax Expense $0
801 Manufacturing OH Cost Control $76,630
802 Manufacturing OH Allocated $77,500
805 Income Summary
Total $420,919 $420,919
Movie Rags
Unadjusted trial balance
November 30, 2013
Page No.
Date Account Titles and Explanation PR Debit Credit
Dec 05 Cash 27,400
Accounts Receivable 27,400
Dec 10 Wages Payable 18,940
Cash 18,940
Dec 11 Manufacturing OH Cost Control 3,250
Cash 3,250
Dec 14 Raw Materials Control 13,582
Accounts Payable 13,582
Dec 23 Accounts Payable 11,800
Cash 11,800
Dec 29 Work In Process 39,706
Raw Materials Control 13,422
Wages Payable 18,772
Manufacturing OH Allocated 7,512
Depreciation Expense Selling & Administrative 460
Accumulated Depreciation - Equipment 3,550
Wages Payable 5,800
Dec 31 Selling & Administrative Expenses 800
Prepaid Rent 800
Dec 31 Finished Goods 43,626
Work In Porcess 43,626
Dec 31 Accounts Receivable 52,340
Sales 52,340
Dec 31 Cost of goods sold 33,325
Finished Goods 33,325
Dec 31 Selling & Administrative Expenses 8,400
Cash 3,600
GENERAL JOURNAL
Dec 31 Cost of goods sold 3,758
Manufacturing OH Allocated 3,758
Dec 31 Income Tax Expenses 7,075
Income Tax Payable 7,075
Closing Entries
Dec 31 Sales 325,840
Income Summary 325,840
Dec 31 Income Summary 309,332
Cost of Goods Sold 243,393
Selling & Administrative Expenses 58,404
Depreciation Expense Selling & Administrative 460
Income Tax Expense 7,075
Dec 31 Income Summary 16,508
Retained Earnings 16,508
3,550 / 24,850 x 21630
3,550 / 24,850 x 3220
(24,850 / 7)
(4,800 / 6 )
Movie Rags
Schedule of cost of goods manufactured
For the monthe ended December 31, 2013
Work in process as on Jan 01 , 2013 4,623
Direct Material used:
Material on Jan 01, 2013 1,120
Add: Material Purchase (42,816 + 13,582) 56,398
Material available for use 57,518
Less: Material on Dec 31, 2013 (2,460)
Raw Material Used 55,058
Add: Direct Labor (77,320 + 18,772) 96,092
Add: Manufacturing OH Allocated 85,012
Total Manufacturing Cost 236,162
Cost of goods available for use 240,785
Less: Work in process as on Dec 31, 2013 (2,905)
Cost of goods manufactured 237,880
Movie Rags
Income Statement
For the monthe ended December 31, 2013
Sales Revenue 325,840
Less: Cost of goods sold
Finished Goods as on 1-1-2013 12,056
Add: Cost of goods manufactured 237,880
Cost of goods available for sale 249,936
Less: Finished Goods 31-12-2013 (10,301)
Cost of goods sold 239,635
Add: Underallocated MOH Cost 3,758
Adjusted Cost of goods sold 243,393
Gross Profit 82,447
Less: Operating Expenses:
Selling & Administrative Expenses $58,404
Depreciation Expense Selling & Administrative $460
58,864
Earnings before tax 23,583
Less: Income Taxes (7,075)
Net Income 16,508
Movie Rags
Balance Sheet
December 31, 2013
Assets:
Cash 10,210
Accounts Receivable 56,940
Prepaid Rent 1,600
Raw Materials Inventory 2,460
Work-in-Process Inventory 2,905
Finished Goods Inventory 10,301
Office Equipment 24,850
Accumulated Depreciation (10,650)
Total Assets 98,616
Liabilities:
Wages Payable 24,572
Income Taxes Payable 7,075
Total Liabilities 50,029
Equity:
Capital Stock 20,000
Retained Earnings (12,079 + 16,508) 28,587
Total Equity 48,587
Total Liabilities & Equity 98,616
Explanation PR Debit Credit
Nov. 30 Beginning Balance
Dec 5 From receivables 27400
Dec 10 Payment of wages 18940
Dec 11 Utilities expenses paid in cash 3250
Dec 23 Cash payment for accounts payable 11800
Dec 31 For supplies & misc. expenses 3600
Dec 5 Cash recovery 27400
Dec 31 Sale for Dec 52340
Dec 14 Purchase of Raw material on account 13582
Dec 29 Manufacturing cost added 13422
Account Title Cash Account No. 101
Date
Account Title Raw Materials Control Account No. 110
Date
Date
Account Title Accounts Receivable Account No. 105
Dec 31 Completion of jobs 43626
Dec 31 Completion of jobs 43626
Dec 31 Cost for the Dec sale 33325
Dec 31 Rent expired 800
Account Title Work-In-Process Control Account No. 112
Date
Date
Account Title Prepaid Rent Account No. 120
Account Title Finished Goods Control Account No. 114
Date
Date
Account Title Equipment Account No. 140
Dec 31 Depreciation charged for the equipment 3550
Dec 14 Purchase of Raw material on account 13582
Dec 23 Cash payment for accounts payable 11800
Dec 10 Payment of wages 18940
Dec 31 Indirect labor charged 5800
Account Title Accounts Payable Account No. 201
Date
Account Title Accumulated Depreciation Equipment Account No. 141
Account Title Income Taxes Payable Account No. 210
Date
Date
Account Title Wages Payable Account No. 205
Dec 31 Income tax for the year 7075
Dec 31 Income Summary 16508
Dec 31 Sale for Dec 52340
Date
Account Title Common Stock Account No. 300
Date
Date
Account Title Sales Account No. 400
Account Title Retained Earnings Account No. 305
Date
Dec 31 Cost for the Dec sale 33325
Dec 31 Adjustment of underallocated OH 3758
Dec 31 Rent expired 800
Dec 31 Income tax for the year 7075
Account Title Depreciation Expense Selling & Administrative Account No. 610
Date
Date
Account Title Selling & Administrative Expenses Account No. 600
Account Title Cost of Goods Sold Account No. 500
Date
Date
Account Title Income Tax Expense Account No. 620
Dec 11 Utilities expenses paid in cash 3,250
Dec 31 Indirect labor charged 5800
Dec 31 Underallocated MOH 3758
Dec 31 Sales 325840
Dec 31 Cost of Goods Sold 243393
Dec 31 Selling & Administrative Expenses 58404
Dec 31 Depreciation Expense Selling & Administrative 460
Dec 31 Income Tax Expense 7075
Dec 31 Retained Earnings 16508
Date
Account Title Manufacturing OH Allocated Account No. 802
Account Title Manufacturing OH Cost Control Account No. 801
Date
Account Title Income Summary Account No. 805
Date
WORK-IN-PROCESS
SUBSIDIARY LEDGER ACCOUNTS
Dec. 29 Direct Material 1400
Dec. 29 Direct Labor 2000
Dec. 29 MOH 1540
Dec. 31 Finished Goods 8045
Dec. 29 MOH 1230
Dec. 29 MOH 2880
Date
Job Number 10-3
Date
Date
Job Number 11-2
Job Number 11-1
Dec. 29 MOH 1329
Dec. 29 MOH 533
FINISHED GOODS
SUBSIDIARY LEDGER ACCOUNTS
Dec 31 WIP 8045
Job Number 12-1
Date
Job Number 10-3
Date
Date
Job Number 12-2
Dec 31 Cost of goods sold 8045
Dec 31 WIP 7860
Dec 31 WIP 17420
Dec 31 WIP 10301
Job Number 11-1
Date
Date
Job Number 12-1
Job Number 11-2
Date
Balance
20400
47800
28860
25610
13810
10210
10210
10210
10210
10210
10210
10210
10210
10210
Balance
32000
4600
56940
56940
56940
56940
56940
Balance
2300
15882
2460
2460
2460
2460
2460
2460
Account No. 101
Account No. 110
Account No. 105
2460
2460
Balance
6825
46531
2905
2905
2905
2905
2905
2905
2905
Balance
0
43626
10301
10301
10301
10301
10301
10301
Balance
2400
1600
1600
Balance
24850
24850
24850
Account No. 112
Account No. 120
Account No. 114
Account No. 140
24850
24850
24850
Balance
7100
10650
10650
10650
10650
Balance
11800
25382
13582
18382
18382
18382
18382
18382
Balance
18940
0
18772
24572
24572
24572
24572
24572
Account No. 201
Account No. 141
Account No. 210
Account No. 205
Balance
0
7075
7075
7075
7075
7075
7075
7075
Balance
20000
20000
20000
20000
20000
Balance
12079
28587
28587
28587
28587
28587
28587
Balance
273500
325840
0
0
0
0
0
0
Account No. 300
Account No. 400
Account No. 305
Balance
206310
239635
243393
0
0
0
0
0
Balance
49204
50004
58404
0
0
0
Balance
0
460
0
0
0
0
Balance
0
7075
0
0
0
0
0
Account No. 610
Account No. 600
Account No. 500
Account No. 620
0
Balance
76630
79880
82970
88770
88770
88770
88770
88770
Balance
77500
85012
88770
88770
88770
88770
88770
88770
Balance
0
325840
82447
24043
23583
16508
33016
33016
33016
33016
33016
33016
33016
Account No. 802
Account No. 801
Account No. 805
33016
Balance
3105
4505
6505
8045 (1,400 x $1.1)
0
0
0
0
Balance
1750
3340
6630
7860
0
0
0
0
0
0
Balance
1970
8010
14540
17420
0
0
0
0
0
0
Balance
4152
8972
10301
0
0
0
0
0
0
0
Balance
240
2372
2905
2905
2905
2905
2905
2905
2905
2905
Balance
8045
0
0
0
0
0
Balance
7860
0
0
0
0
0
Balance
17420
0
0
0
0
0
Balance
10301
10301
10301
10301
10301
10301

Movie Rags Unadjusted Trial Balance November 30, 2013

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Acc. No.

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