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accounting problems with all solutions




Question;Chapter Two and Three Problems;Please complete the following 7 exercises;below in either Excel or a word document (but must be single document). You;must show your work where appropriate (leaving the calculations within Excel;cells is acceptable). Save the document, and submit it in theappropriate week using the Assignment Submission button.;Chapter;2 Exercise 1;1. Issuance of stock;Prepare journal entries to record;the issuance of 100,000 shares of common stock at $20 per share for each of the;following independent cases;a. Jackson Corporation has common stock with a par value of;$1 per share.;b. Royal Corporation has no-par common with a stated value of;$5 D share.;c. French Corporation has no-par common, no stated value has;been as signed;Chapter;2 Exercise 3;3.;Analysis of stockholders' equity;Star Corporation issued both common;and preferred stock during 19X6. The stockholders' equity sections of the;company's balance sheets at the end of 19X6 and 19X5 follow.;19X6;19X5;Preferred stock, $100 par value, 10%;$580,000;$500,000;Common stock, $10 par value;2,350,000;1,750,000;Paid-in capital in excess of par value;Preferred;24,000;?;Common;4,620,000;3,600,000;Retained earnings;8,470,000;6,920,000;Total stockholders' equity;$16,044,000;$12,770,000;a. Compute the number of preferred shares that were issued;during 19X6.;b. Calculate the average issue price of the common stock sold;in 19X6.;c. By what amount did the company's paid-in capital increase;during 19X6?;d. Did Star's total legal capital increase or decrease during;19X6? By what amount?;Chapter 2 Problem 1;1. Bond computations: Straight-line amortization;Southlake Corporation issued;$900,000 of 8% bonds on March 1, 19X1. The bonds pay interest on March 1 and;September 1 and mature in 10 years. Assume the independent cases that follow.;?;Case A?The bonds are issued at 100.;?;Case B?The bonds are issued at 96.;?;Case C?The bonds are issued at 105.;Southlake uses the straight-line;method of amortization.;Instructions;Complete the following table;Case A;Case B;Case C;Cash inflow on;the issuance date;Total cash outflow through maturity;Total borrowing cost over the life of the bond issue;Interest expense for the year ended December 31, 19X1;Amortization for the year ended December 31, 19X1;Unamortized premium as of December 31, 19X1;Unamortized discount as of December 31, 19X1;Bond carrying value as of December 31, 19X1;Chapter 3 Exercise 1;1. Product costs and period costs;The costs that follow were extracted from the;accounting records of several different manufacturers;1.;Weekly wages of an equipment maintenance;worker;2.;Marketing costs of a soft drink bottler;3.;Cost of sheet metal in a Honda automobile;4.;Cost of president's subscription to Fortune;magazine;5.;Monthly operating costs of pollution control;equipment used in a steel mill;6.;Weekly wages of a seamstress employed by a;jeans maker;7.;Cost of compact discs (CDs) for newly recorded;releases of Rush, Billy Joel, and Bryan Adams;a.;Determine which of these costs are product;costs and which are period costs.;b.;For the product costs only, determine those;that are easily traced to the finished product and those that are not.;Chapter 3;Exercise 2;2.;Definitions of manufacturing concepts;Interstate Manufacturing produces brass fasteners and incurred the following;costs for the year just ended;Materials and supplies used;Brass $75,000;Repair parts 16,000;Machine lubricants 9,000;Wages and salaries Machine operators 128,000;Production supervisors 64,000;Maintenance personnel 41,000;Other factory overhead Variable 35,000;Fixed 46,000;Sales commissions 20,000;Compute;a. Total direct materials consumed;b. Total direct labor;c. Total prime cost;d. Total;conversion cost;Chapter 3 Exercise 5;5. Scheduleof;cost of goods manufactured, income statement;The;following information was taken from the ledger of Jefferson Industries, Inc.;Direct labor;$85,000;Administrative expenses;$59,000;Selling expenses;34,000;Work in. process;Sales;300,000;Jan. 1;29,000;Finished goods;Dec. 31;21,000;Jan. 1;115,000;Direct material purchases;88,000;Dec. 31;131,000;Depreciation: factory;18,000;Raw (direct) materials on hand;Indirect materials used;10,000;Jan. 1;31,000;Indirect labor;24,000;Dec. 31;40,000;Factory taxes;8,000;Factory utilities;11,000;Prepare the following;a.;A schedule of cost of goods manufactured for;the year ended December 31.;b.;An income statement for the year ended;December 31.;Chapter;3 Problem 33. Manufacturing statements and cost;behavior;Tampa Foundry began operations during the;current year, manufacturing various products for industrial use. One such;product is light-gauge aluminum, which the company sells for $36 per roll. Cost;information for the year just ended follows.;Per Unit;Variable Cost;Fixed Cost;Direct materials;$4.50;$ ?;Direct labor;6.5;?;Factory overhead;9;50,000;Selling;?;70,000;Administrative;?;135,000;Production and sales totaled 20,000 rolls and;17,000 rolls, respectively There is no work in process. Tampa carries its;finished goods inventory at the average unit cost of production.;Instructions;a.;Determine the cost of the finished goods;inventory of light-gauge aluminum.;b.;Prepare an income statement for the current;year ended December 31;c.;On the basis of the information presented;1.;Does it appear that the company pays;commissions to its sales staff? Explain.;2.;What is the likely effect on the $4.50 unit;cost of direct materials if next year's production increases? Why?


Paper#43687 | Written in 18-Jul-2015

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