ICS Accounting Assingment Help With Solution
The following is the background information necessary for completion of the accounting period as it relates to Ice Cream Systems Inc. (ICS):
1. ICS manufactures and sells ice cream machines, refrigeration systems, and parts for these systems.
It manufactures all machines and parts in a single production department.
2. As the controller of the company, you are responsible for daily accounting operations, adjusting and closing
the monthly accounting periods, and preparation of financial statements.
3. ICS operates on a calendar-year basis from January 1st to December 31st with a monthly accounting period. It
uses a job-order cost system.
4. Jobs that are in process are recorded on Job Cost Records. Records are maintained for each job. New jobs
are assigned numbers sequentially. They contain the accumulated costs for direct material, direct labor, and
factory overhead. (For the purposes of this project, it’s assumed that all jobs prior to the current accounting
period are either in process or complete and all resulting entries have been made in the previous accounting period.)
5. ICS makes all journal entries in the General Journal. No special journals are used.
6. For purposes of this project, cash doesn’t need to be reconciled to a bank statement.
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7. Information related to Payroll:
Payroll is paid monthly on the last day of each month. Therefore, there is no accrual for payroll.
Gross pay for direct labor goes to Finished Goods or Work in Process if appropriate.
Salaries for non-factory workers go to the appropriate salary expense accounts.
The company’s salesperson works on 10% straight commission of sales during the month.
Graded Project 11
Federal Withholding Tax is 15% of gross pay for everyone and is recorded whenever gross
pay is recorded. FWT is remitted monthly for the previous month.
There are no deductions for state or local withholding tax.
FICA tax rate is 7.65% of gross pay. (FICA is Social Security and Medicare.) Since this is the
first month of the new year, no one will reach the Social Security limit. FICA is remitted monthly for
the previous month.
FUTA tax rate is 0.8% of gross wages with no limit. SUTA tax rate is 1.45% of gross wages with no limit.
FUTA and SUTA are paid yearly in January (for the previous year).
There are no other miscellaneous deductions, such as union dues.
All employer payroll taxes (employer’s portion of FICA, FUTA, and SUTA) are recorded on the last day of the month.
Employer payroll taxes related to factory workers go to Factory Overhead.
Employer payroll taxes related to all non-factory workers go to Payroll Tax Expense.
8. ICS has two material accounts:
Indirect Materials and Factory Supplies
9. Factory Overhead is applied to each job at 25% of direct labor costs for that job.
10. Debits to Factory Overhead represent actual overhead, and credits represent applied overhead. The difference
between actual and applied factory overhead is insignificant and should be closed out to Cost of Goods Sold as
an adjusting entry at the end of each month.
Product Code :Acc64
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