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Income Statement

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QUESTION 4 Manufacturing statement and income statement Spreadsheet. See the Spreadsheet Advice PDF in Interact2 Resources and the examples in your textbook. See the requirements within the spreadsheet template below. Check the assignment requirements below paying particular attention to the spreadsheet requirements. Ensure you have separate data and report areas showing only formulas. Use IF functions to allow for the possibility of either a net income or a net loss. Show row and column headings and paste both a normal view and a formula view. The following information has been obtained from the books of Ponting Manufacturing Co. Ltd at 30 September, 20X7: Inventories, 30/9/X6: Finished Goods $300 000 Raw Materials 500 000 Work in Process: Material 80 000 Labour 30 000 OH Expense 20 000 Inventories, 30/9/X7: Finished Goods 120 000 Raw Materials 70 000 Work in Process: Material 30 000 Labour 20 000 OH Expense 10 000 Summary of transactions for year Raw material purchases 2 000 000 Inward Charges on raw materials 80 000 Direct labour 660 000 Manufacturing expense 200 000 Sales of finished goods 6 000 000 Advertising 45 000 Audit Fee 3 000 Discounts to debtors 10 000 Discounts from creditors 8 000 Cartage Outwards 20 000 Insurance 15 000 Light and power (Office) 28 000 General Expenses 25 000 Rates 30 000 Salaries (Office) 450 000 Salaries (Factory) 550 000 Travellers' Commission 150 000 Adjustments are to be made in respect of the following: (a) Accrued expenses: Salaries (Office) $2000, Salaries (Factory) $3000 (b) Insurance paid in advance, $500 (c) Estimated taxation liability for current year, $340 000 (d) Depreciation of factory plant, $25 000 (e) Insurance and rates are to be apportioned three-quarters to the factory and one-quarter to the office. Required: Spreadsheet. (a) manufacturing statement for the year. (b) income statement for the year.