TABLE OF ESTIMATED USEFUL LIFE OF
PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment
Electrification, Power and Energy
Buildings those that are predominantly
Items from Sap Companys budget for March in which 2,100 units were produced and sold
Indirect materials - variable
Depreciation on factory equipment
Property taxes on factory
A list of budgets and some assigned budget codes appear below:
Direct Materials Budget
Direct Labor Budget
Budgeted Balance Sheet
Budgeted Income Statement
A _ is a formal written summary or statement of management's plans
expressed in financial terms.
A budget is a primary means of _ agreed upon objectives throughout
the business organization.
Effective budgeting is depe
3. What is your over-all rating of this program as a learning experience?
Very Good: _
Indeed, this Accounting Practicum is an excellent learning experience. I definitely
learned a lot related to my course as well as thos
1. What specific skills did you learn and develop?
One of the main reasons why we have On-the-Job Training is I believe to gain more knowledge
and specific skills by working in a real-life work environment. And I am very thankful to Saint
1. Describe how this experience has helped your career planning.
This on-the-job training has helped me better understand the actual works of my chosen
career. It has helped me identify what really my interests are. It has helped me gain professional
Brief Exercise 177
Springer, Inc. produces rulers from plastic resin. On March 1, there are 5,000 completed rulers
and 5,200 pounds of resin on hand. Flyer has estimated production and sales of rulers in units
for the next 4 months as:
Gottberg Mugs is planning to sell 2,000 mugs and produce 2,200 mugs during April. Each
mug requires 2 pounds of resin and one-half hour of direct labor. Resin costs $1 per
pound and employees of the company are paid $12.50 per hour. Manufacturing
1. LAVS Co. is acquiring HATEZ Co. HATEZ has the following Intangible Assets:
a. Customer List with an observable FV of P70,000
b. Patent that is deemed to have no useful life P13,000
c. Identifiable R&D of P132,000
d. 5-year operating lease with a discou
Installment plans fair game; interest capitalization fair game
10 MC2 computational problems; 8 regular
Practice Exam 3
Problem 1: second most difficult
Nilbog began constructing an office building on January 1st 2010 and completed the
construction on Jul
Financial Reporting I
Practice Exam 2
Wilco purchased an AWESOME tractor on 1/1/10 and issued a $700,000 non-interest bearing
note payable. The note is due on 12/31/12. Wilco would normally pay a 10% interest rate on such
Practice Exam 1
Required: Prepare the journal entry necessary for each transaction listed below. Note:
Some of the entries are adjusting entries. Assume a fiscal year end of 12/31/13.
a) Paid $3,000 for rent through 1/31/14 on 8/1/13.