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Marcus Enterprises Statement of Profit and Loss For The Year Ended December 31, 201x

The statement of profit and loss shows Marcus Enterprises had revenues of $59,500 for the year, expenses of $29,500, and net income of $30,000. The statement of changes in owner's equity shows beginning capital of $8,000 was increased by net income of $30,000, totaling $38,000, with drawings of $2,000, leaving Damien Marcus with capital of $36,000. The statement of financial position shows total assets of $48,000 equal to total liabilities and equity of $48,000, including accounts payable, notes payable, wages payable, and Damien Marcus's capital

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195 views

Marcus Enterprises Statement of Profit and Loss For The Year Ended December 31, 201x

The statement of profit and loss shows Marcus Enterprises had revenues of $59,500 for the year, expenses of $29,500, and net income of $30,000. The statement of changes in owner's equity shows beginning capital of $8,000 was increased by net income of $30,000, totaling $38,000, with drawings of $2,000, leaving Damien Marcus with capital of $36,000. The statement of financial position shows total assets of $48,000 equal to total liabilities and equity of $48,000, including accounts payable, notes payable, wages payable, and Damien Marcus's capital

Uploaded by

Jasmine Acta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Marcus Enterprises

Statement of Profit and Loss


For the year ended December 31, 201x

REVENUES
Fees Earned 59,500.00
Less: EXPENSES
Wages Expensee 19,000.00
Rent Expense 7,000.00
Depreciation Expense 3,500.00 29,500.00
Net Income ₱ 30,000.00

Marcus Enterprises
Statement of Changes in Owner's Equity
For the year ended December 31, 201x

Beginning Capital 8,000.00


Add: Net Income 30,000.00
Total 38,000.00
Less: Drawings 2,000.00
Damien Marcus, Capital 36,000.00

Marcus Enterprises
Statement of Financial Position
As of December 31, 201x

ASSETS
Current Assets
Cash 26,500.00
Accounts Receivable 7,000.00
Supplies 1,000.00
Total Current Assets 34,500.00

Non-Current Assets
Equipment 18,500.00
Accumulated Depreciation 5,000.00
Total Non-Current Assets 13,500.00

TOTAL ASSETS 48,000.00

LIABILITIES AND EQUITY


Liabilities
Accounts Payable 11,000.00
Notes Payable 1,000.00
Wages Payab;e 12,000.00

Equity
Damien Marcus, Capital 36,000.00

TOTAL LIABILITIES AND EQUITY 48,000.00


Chandler Company
Statement of Cost of Goods Sold
For the month ended June 20x8

Raw Material, beg 6,700.00


Purchases 46,700.00
Materials Available 53,400.00
Raw Material, end 8,900.00
Direct Materials Used 44,500.00
Direct Labor 222,610.00
Overhead Cots 33,300.00
Total Manufacturing Costs 300,410.00
Work in Process, Beg 17,700.00
Cost of Goods put into process 318,110.00
Work in Process, end 22,650.00
Cost of Goods Manufactured ₱ 295,460.00
1 Material price Variance = (AP - SP) x AQ
= (2.50-2.60) x 100,000
= (-.10) x 100,000
Material price Variance = $10,000 Favorable

Material Quantity Variance = (AQ - SQ) x SP


= (100,000 - 89,250) x 2.60
Material Quantity Variance = $27,950 Unfavorable

2 Labor Rate Variance = (AR - SR) x AH


= (8.35 - 8.50) x 122,400
Labor Rate Variance = $ 18,360 Favorable

Labor Efficiency Variance = (AH - SH) x SR


= (122,400 - 127,500) x 8.50
Labor Efficiency Variance = $43,350 Favorable

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