Documente Academic
Documente Profesional
Documente Cultură
Due Date: Week 10 beginning of class (2019‐Nov‐06 @ 5:30 pm)
This is a group assignment (as per groups on BlackBoard), 12% of the final grade.
Setup:
SLC Manufacturing LTD. is a manufacturing company producing robotic equipment used in large
processing facilities. The Controller, Curt Blacker has been on vacation and requires help processing
the attached invoices, and preparing the August 31 month‐end reports.
Required:
1) Prepare all required journal entries for the enclosed documents.
2) Calculate the HST receivable or owing based on these transactions.
3) Fill in the information for the Modified T‐Accounts.
4) Prepare a Costs of Goods Manufactured Schedule.
5) Prepare a pro forma Income Statement.
Notes:
1) Use the Journal Entry, Modified T‐Accounts, HST Calculation, and Schedule & Statement template
provided.
2) Ensure you properly date each journal entry.
3) Ensure you number each journal entry uniquely, and reference that journal entry on each
supporting document.
4) Make any annotations required on the supporting documents to tie directly into the journal entry
line items, including any required supporting calculations. The amounts listed on each journal
entry line items needs to tie directly into a number shown on the supporting document.
5) Marks will be awarded for properly and clearly referencing each journal entry to the supporting
document and showing additional annotations.
6) Make sure you show your work and all supporting calculations, clearly and neatly!
7) SLC Manufacturing only considers computer mainframes as 'raw materials'.
8) Utilities are split 50/50 between manufacturing and corporate.
Submission Method:
Staple together the following documents in the following sequence:
1) Cover Page
2) Journal Entry template
3) Modified T‐Accounts template
4) HST Calculation template
4) Schedule and Statement template
5) All supporting documentation (invoice, time sheets, etc…)
Hand in the above package at the beginning of class on the due date. Only one submission per group
will be accepted.
ACCT5‐2019S3‐101 Group Project
Due Date: Week 10 beginning of class (2019‐Nov‐06 @ 5:30 pm)
This is a group assignment (as per groups on BlackBoard), 12% of the final grade.
Cover Page
Group Member Names and Student IDs (make sure you list all members):
1)
2)
3)
4)
Journal Entry Entry Date Entry Description Account Name Debit Credit
Number
1 25‐Jul‐2018
1 25‐Jul‐2018
1 25‐Jul‐2018
2 28‐Jul‐2018
2 28‐Jul‐2018
3 5‐Aug‐2018
3 5‐Aug‐2018
3 5‐Aug‐2018
4 1‐Jul‐2018
4 1‐Jul‐2018
4 1‐Jul‐2018
5a 31‐Jul‐2018
5a 31‐Jul‐2018
5a 31‐Jul‐2018
5a 31‐Jul‐2018
5a 31‐Jul‐2018
5a 31‐Jul‐2018
5a 31‐Jul‐2018
5b 31‐Jul‐2018
5b 31‐Jul‐2018
5b 31‐Jul‐2018
5b 31‐Jul‐2018
5b 31‐Jul‐2018
5b 31‐Jul‐2018
5b 31‐Jul‐2018
5c 31‐Jul‐2018
5c 31‐Jul‐2018
5c 31‐Jul‐2018
5c 31‐Jul‐2018
5c 31‐Jul‐2018
5c 31‐Jul‐2018
5c 31‐Jul‐2018
6 29‐Jul‐2018
6 29‐Jul‐2018
6 29‐Jul‐2018
6 29‐Jul‐2018
Journal Entry Entry Date Entry Description Account Name Debit Credit
Number
7 29‐Jun‐2018
7 29‐Jun‐2018
7 29‐Jun‐2018
8 23‐Aug‐2018
8 23‐Aug‐2018
8 23‐Aug‐2018
9 3‐Aug‐2018
9 3‐Aug‐2018
10 3‐Aug‐2018
10 3‐Aug‐2018
10 3‐Aug‐2018
11 16‐Aug‐2018
11 16‐Aug‐2018
11 16‐Aug‐2018
ACCT5‐2019S3‐101 Group Project
Modified T‐Accounts
1) Record Dr as positives, and Cr as negatives.
Journal Entry Number 1 2 3 4 5a 5b 5c 6 7
Entry Date 25‐Jul‐2018 28‐Jul‐2018 5‐Aug‐2018 1‐Jul‐2018 31‐Jul‐2018 31‐Jul‐2018 31‐Jul‐2018 29‐Jul‐2018 29‐Jun‐2018
Balance Sheet
Cash/Cheque
Accounts Receivable ‐ General
Accounts Receivable ‐ HST $ 2,229.50
Inventory ‐ Raw Materials
Inventory ‐ Work‐In‐Process
Inventory ‐ Finished Goods
Accounts Payable ‐ General
Accounts Payable ‐ Credit Card $ (877.50) $ (702.84)
Accounts Payable ‐ Kurt Kaiser
Accounts Payable ‐ CPP $ (259.88)
Accounts Payable ‐ EI
Accounts Payable ‐ Income Taxes Deducted $ (813.31)
Accounts Payable ‐ Salaries
Accounts Payable ‐ HST
Income Statement
Sales Revenue
Manufacturing ‐ Direct Labour
Manufacturing Overhead ‐ Indirect Materials $ 1,555.63
Manufacturing Overhead ‐ Indirect Labour
Manufacturing Overhead ‐ Machine Maintenance
Manufacturing Overhead ‐ Utilities
Corporate ‐ Selling and Admin $ 4,007.63
Corporate ‐ Shipping Expenses $ 585.00
Corporate ‐ Marketing Expenses
Corporate ‐ Travel Expenses
Corporate ‐ Utilities
Total/Net $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐
ACCT5‐2019S3‐101 Group Project
Modified T‐Accounts
1) Record Dr as positives, and Cr as negatives.
Journal Entry Number 8 9 10 11 Total
Entry Date 23‐Aug‐2018 3‐Aug‐2018 3‐Aug‐2018 16‐Aug‐2018
Balance Sheet
Cash/Cheque $ (19,379.50)
Accounts Receivable ‐ General
Accounts Receivable ‐ HST $ 4,557.82
Inventory ‐ Raw Materials
Inventory ‐ Work‐In‐Process
Inventory ‐ Finished Goods $ (5,000.00)
Accounts Payable ‐ General
Accounts Payable ‐ Credit Card $ (3,338.21)
Accounts Payable ‐ Kurt Kaiser $ (163.85)
Accounts Payable ‐ CPP
Accounts Payable ‐ EI
Accounts Payable ‐ Income Taxes Deducted $ (1,718.56)
Accounts Payable ‐ Salaries
Accounts Payable ‐ HST
Income Statement
Sales Revenue $ (120,000.00)
Manufacturing ‐ Direct Labour $ 2,805.34
Manufacturing Overhead ‐ Indirect Materials
Manufacturing Overhead ‐ Indirect Labour
Manufacturing Overhead ‐ Machine Maintenance
Manufacturing Overhead ‐ Utilities
Corporate ‐ Selling and Admin
Corporate ‐ Shipping Expenses
Corporate ‐ Marketing Expenses
Corporate ‐ Travel Expenses
Corporate ‐ Utilities
HST Calculation
Journal Entry Entry Date Entry Description Accounts Accounts
Number Receivable ‐ Payable ‐ HST
HST
1 25‐Jul‐2018
2 28‐Jul‐2018
3 5‐Aug‐2018
4 1‐Jul‐2018
5a 31‐Jul‐2018
5b 31‐Jul‐2018
5c 31‐Jul‐2018
6 29‐Jul‐2018
7 29‐Jun‐2018
8 23‐Aug‐2018
9 3‐Aug‐2018
10 3‐Aug‐2018
11 16‐Aug‐2018
Total/Net
Receivable/(Owing)
ACCT5‐2019S3‐101 Group Project
SLC Manufacturing LTD.
Cost of Good Manufactured Schedule
For the Month Ended August 31, 2018
Manufacturing ‐ Direct Materials
Raw Materials Available for Use
$ (25,000.00)
Raw Materials Used in Production
Manufacturing ‐ Direct Labour
Manufacturing Overhead
Total Manufacturing Overhead
Total Manufacturing Costs $ 23,342.94
Less: Ending Inventory ‐ Work‐In‐Process
Cost of Good Manufactured
SLC Manufacturing LTD.
pro forma Income Statement
For the Month Ended August 31, 2018
Sales
Cost of Goods Sold
Add: Beginning Inventory ‐ Finished Goods
Add: Cost of Goods Manufactured
Goods Available for Sale
Less: Ending Inventory ‐ Finished Goods $ (10,000.00)
Total/Net ‐ Cost of Goods Sold $ 58,342.94
Gross Margin
Corporate Expenses
Total/Net ‐ Corporate Expenses
Operating Net Income
Supply Depot INVOICE
2 Miller Lane
Kingston, ON K3F 2N5 Invoice No. 4582-2
Date: 25-Jul-18
Ship Date:
Page: 1
Re: Order No.
HST#: 123456689RT0001
Item No. Unit Quantity Description Base Price Disc % Unit Price Amount
A1010 each 7.00 Computer $ 2,500.00 2.00% $ 2,450.00 $ 17,150.00
mainframe
Paid by cash/cheque on
July 28, 2018
Sold to: Ship to:
SLC Manufacturing LTD. Paquin and Company Ltd.
50 Main Street West 700 Summer Drive
Kingston, ON K7L 5A6 Petawawa, ON K9R 7U8
HST#: 123456789RT0001
Details Amount
Shipping charges including fuel surcharge and duties $ 585.00
HST#: 123456489RT0001
Item No. Unit Quantity Description Base Price Disc % Unit Price Amount
6783 Each 3.00 Grease, mechanical, silicone based $ 9.13 $ 9.13 $ 27.39
987523 Each 18.00 3x8 metal rods, stainless, square, 20ft $ 45.67 $ 45.67 $ 822.06
987578 Each 16.00 4x6 metal rods, aluminum, round 8ft $ 42.23 $ 42.23 $ 675.68
Sold to:
SLC Manufacturing LTD.
50 Main Street West
Kingston, ON K7L 5A6
HST#: 223456789RT0001
Details Amount
Utilities charges July for manufacturing facilities $ 432.16
Estimated Usage 754 kW
Actual Usage 657kW
Delivery charges $ 143.22
Debt repayment charges $ 46.61
Sold to:
SLC Manufacturing LTD.
50 Main Street West
Kingston, ON K7L 5A6
HST#: 456456789RT0001
Sold to:
SLC Manufacturing LTD.
50 Main Street West
Kingston, ON K7L 5A6
HST#: 153456789RT0001
Sold to: Ship to:
Bouvier Company Ltd. Bouvier Company Ltd.
700 Winter Crescent 700 Winter Crescent
Cornwall, ON K9U 4M3 Cornwall, ON K9U 4M3
HST#: 777456789RT0001
Details Amount CDN
Sample robot arm for testing purposes. On loan for one month. $ 5,000.00
Total Invoice $ 5,000.00
SLC Manufacturing LTD. INVOICE
50 Main Street West
Kingston, ON K7L 5A6 Invoice No. 654852
Date: 3‐Aug‐18
Ship Date: 3‐Aug‐18
Page: 1
Re: Order No. 65482
Sold to: Ship to:
Paquin and Company Ltd. Paquin and Company Ltd.
700 Summer Drive 700 Summer Drive
Petawawa, ON K9R 7U8 Petawawa, ON K9R 7U8
HST#: 777456789RT0001
Details Amount CDN
Custom robot as per specifications including all options. $ 120,000.00
Page: 1
Employee Name:
Kurt Kaiser
75 Up Street West
Kingston, ON K8L 5S6
Details Amount CDN
Via Train Ticket Kingston to Toronto regarding engineering seminar $ 163.85
Receipt and boarding pass is attached.
Purchased on credit card.
Note: This includes HST.
Total Claim $ 163.85