Details of this Paper

Accounting wk2 assignment




ACC 206 Week Two Assignment;Please complete the following 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 the appropriate week using the Assignment Submission button.;1. Analysis of stockholders' equity;Star Corporation issued both comm on and preferred stock during 20 X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20 X5 follow;20 X6;20 X5;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 s hares that were issued during 20 X6. b. Calculate the average issue pric e of the common stock sold in 20 X6. c. By what amount did the company's pa id-in capital increase during 20 X6? d. Did Star's total legal capita l increase or decrease during 20 X6? By what amount?;2. Bond computations: Straight-line amortization;Southlake Corporation issued $90 0,000 of 8% bonds on March 1, 20 X1. 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;a. Cash inflow on the issuance date;b. Total cash outflow through maturity;c. Total borrowing cost over the life of the bond issue;d. Interest expense fo r the year ended December 31, 20 X1;e. Amortization fo r the year ended December 31, 20 X1;f. Unamortiz ed premium as of December 31, 20 X1;g. Unamortize d discount as of December 31, 20 X1;h. Bond carr ying value as of December 31, 20 X1;3. 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;4. Schedule of 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.;5. 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 ?


Paper#75627 | Written in 18-Jul-2015

Price : $22