Ashford University ACC 206 Week 2 Assignment Law Assignment Help

Week Two Assignment Please complete the following 5 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 common and preferred stock during 20X8. The stockholders equity sections of the companys balance sheets at the end of 20X8 and 20X7 follow. 20X8 20X7 Preferred stock, $100 par value, 10% $600,000 $500,000 Common stock, $10 par value 2,350,000 1,550,000 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 $16,064,000 $12,570,000 Compute the number of preferred shares that were issued during 20X8.

  • Calculate the average issue price of the common stock sold in 20X8.
  • By what amount did the companys paid-in capital increase during 20X8?
  • Did Stars total legal capital increase or decrease during 20X8? By what amount? 2.Bond computations: Straight-line amortization Northern Corporation issued $800,000 of 7% bonds on March 1, 20X8. The bonds pay interest on March 1 and September 1 and mature in 10 years. Assume the independent cases that follow. Case AThe bonds are issued at 100.
  • Case BThe bonds are issued at 96.
  • Case CThe 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 $800,000 $800,000 $800,000 a.Total cash outflow through maturity $700 $735 a.Total borrowing cost over the life of the bond issue $600 $576 $630 a.Interest expense for the year ended December 31, 20X8 a.Amortization for the year ended December 31, 20X8 $163 $178 a.Unamortized premium as of December 31, 20X8 $35 $31.50 $36.50 a.Unamortized discount as of December 31, 20X8 -4 a.Bond carrying value as of December 31, 20X8 107 102.72 112.35 a. 3. Definitions of manufacturing concepts J & B Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass$80,000 Repair parts18,000 Machine lubricants8,000 Wages and salaries Machine operators140,000 Production supervisors62,000 Maintenance personnel39,000 Other factory overhead Variable29,000 Fixed48,000 Sales commissions20,000 Compute: Total direct materials consumed
  • Total direct labor
  • Total prime cost Per Unit Variable Cost Fixed Cost Direct materials $4.00 $ Direct labor 7.0 Factory overhead 9.0 70,000 Selling 80,000 Administrative 135,000 4. Schedule of cost of goods manufactured, income statement The following information was taken from the ledger of Jakob Industries, Inc.: Direct labor $75,000 Administrative expenses $63,000 Selling expenses 36,000 Work in. process Sales 310,000 Jan. 1 32,000 Finished goods Dec. 31 21,000 Jan. 1 115,000 Direct material purchases 87,000 Dec. 31 131,000 Depreciation: factory 21,000 Raw (direct) materials on hand Indirect materials used 11,000 Jan. 1 31,000 Indirect labor 26,000 Dec. 31 40,000 Factory taxes 8,000 Factory utilities 12,000 Prepare the following: Schedule of cost of goods manufactured for the year ending December 31 An income statement for the year ended December 31. 5. Manufacturing statements and cost behavior Sioux 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 $38 per roll. Cost information for the year just ended follows. Production and sales totaled 20,000 rolls and 18,000 rolls, respectively There is no work in process. Sioux carries its finished goods inventory at the average unit cost of production. Instructions: Determine the cost of the finished goods inventory of light-gauge aluminum.
  • Prepare an income statement for the current year ended December 31 On the basis of the information presented: Does it appear that the company pays commissions to its sales staff? Explain.
  • What is the likely effect on the $4.00 unit cost of direct materials if next years production increases? Why?
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