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# ACC 206 Week Two AssignmentPlease complete the following

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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 common and preferred stock during 20X6. The stockholders' equity sections of the company's balance sheets at the end of 20X6 and 20X5 follow:

20X6 20X5
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 20X6.
b. Calculate the average issue price of the common stock sold in 20X6.
c. By what amount did the company's paid-in capital increase during 20X6?
d. Did Star's total legal capital increase or decrease during 20X6? By what amount?

2. Bond computations: Straight-line amortization
Southlake Corporation issued \$900,000 of 8% bonds on March 1, 20X1. 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 for the year ended December 31, 20X1 _______ _______ _______
e. Amortization for the year ended December 31, 20X1 _______ _______ _______
f. Unamortized premium as of December 31, 20X1 _______ _______ _______
g. Unamortized discount as of December 31, 20X1 _______ _______ _______
h. Bond carrying value as of December 31, 20X1 _______ _______ _______

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
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 —
Selling — 70,000

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?
Submitted: 1 month ago.
Category: Multiple Problems
Expert:  F. Naz replied 1 month ago.
By what time do you need the answers thanks.
Customer: replied 1 month ago.

If I can receive it by later tonight or early tomorrow morning would be good.

Expert:  F. Naz replied 1 month ago.
Okay will try my best, thanks.
Customer: replied 1 month ago.

As long as I can have it tomorrow I am good

Expert:  F. Naz replied 1 month ago.
Okay
Expert:  F. Naz replied 1 month ago.
Have a nice day

Customer: replied 1 month ago.

I just have one quick question. Can you tell me how you derived at the answers for question 1 and question 2?

Expert:  F. Naz replied 1 month ago.
When you will click on respective cell of the excel sheet, all calculations will be shown, thanks.
Customer: replied 1 month ago.

I see the answers, but I was just trying to see the calculations/ breakdown of the problem in order to get to the answer

Expert:  F. Naz replied 1 month ago.
When you will click on the answer the working will be shown, thanks.
F. Naz, B.Com
Satisfied Customers: 3839
Experience: have completed B.Com and CA Finalist
Customer: replied 1 month ago.

Good Morning Naz,

If you are available could you possible assist me with my last request that I submitted on Friday 11/1/13? I really need assistance.

Expert:  F. Naz replied 1 month ago.
Week three assignment or which one, pleae provide the link, thanks.
Customer: replied 1 month ago.

Please complete the following five 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. 1. Overhead application: Working backward

The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review:

 Division A Division B Actual machine hours 22,500 ? Estimated machine hours 20,000 ? Overhead application rate \$4.50 \$5.00 Actual overhead \$110,000 ? Estimated overhead ? \$90,000 Applied overhead ? \$86,000 Over- (under-) applied overhead ? \$6,500

Find the unknowns for each of the divisions.

1. Computations using a job order system

General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;

Work in process \$ 35,200

Finished goods 86,900

Cost of goods sold 128,700

Work in Process consisted of two jobs, no. 101 (\$20,400) and no. 103 (\$14,800). During May, direct materials requisitioned from the storeroom amounted to \$96,500, and direct labor incurred totaled \$114,500. These figures are subdivided as follows:

 Direct Materials Direct Labor Job No. Amount Job No. Amount 101 \$5,000 101 \$7,800 115 19,500 103 20,800 116 36,200 115 42,000 Other 35,800 116 18,000 \$96,500 Other 25,900 \$114,500

Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of \$21,000 and \$17,400, respectively.

General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm's fiscal year ends on May 31.

Instructions:

1. Compute the total overhead applied to production during May.

2. Compute the cost of the ending work in process inventory.

3. Compute the cost of jobs completed during May.

4. Compute the cost of goods sold for the year ended May 31.

1. High-low method
The following cost data pertain to 20X6 operations of Heritage Products:

 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Shipping costs \$58,200 \$58,620 \$60,125 \$59,400 Orders shipped 120 140 175 150

The company uses the high-low method to analyze costs.

1. Determine the variable cost per order shipped.

2. Determine the fixed shipping costs per quarter.

3. If present cost behavior patterns continue, determine total shipping costs for 20X7 if activity amounts to 570 orders.

1. Break-even and other CVP relationships

Cedars Hospital has average revenue of \$180 per patient day. Variable costs are \$45 per patient day; fixed costs total \$4,320,000 per year.

1. How many patient days does the hospital need to break even?

2. What level of revenue is needed to earn a target income of \$540,000?

3. If variable costs drop to \$36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)?

1. 5. Direct and absorption costing

The information that follows pertains to Consumer Products for the year ended December 31, 20X6.

 Inventory, 1/1/X6 24,000 units Units manufactured 80,000 Units sold 82,000 Inventory, 12/31/X6 ? units Manufacturing costs: Direct materials \$3 per unit Direct labor \$5 per unit Variable factory overhead \$9 per unit Fixed factory overhead \$280,000 Selling & administrative expenses: Variable \$2 per unit Fixed \$136,000

The unit selling price is \$26. Assume that costs have been stable in recent years.

Instructions:

1. Compute the number of units in the ending inventory.

2. Calculate the cost of a unit assuming use of:

1. Direct costing.

2. Absorption costing.

3. Prepare an income statement for the year ended December 31, 20X6, by using direct costing.

4. Prepare an income statement for the year ended December 31, 20X6, by using absorption costing.

Expert:  F. Naz replied 1 month ago.
SEe U gave posted the answer on week three assignment, thanks.
Customer: replied 1 month ago.

I want to say thank you for your help. You are a life saver!!! I have a new assignment I need to submit also, will you be able to help me with that one as well? It is not due til Saturday.

Expert:  F. Naz replied 1 month ago.
Customer: replied 1 month ago.

I will do that. Give me 10 minutes or less and I will submit it.

Thanks

Expert:  F. Naz replied 1 month ago.
Okay will be waiting, take care.
Customer: replied 1 month ago.

I just submitted the assignment with the deadline date and requested your assistance.

Thanks Audrey Mcfarlin

Expert:  F. Naz replied 1 month ago.
You have posted in the wrong category and it is missing my name, add, F.Naz, thanks.
Customer: replied 1 month ago.
I added your name at the end of the assignment and listed it under math tutors
Expert:  F. Naz replied 1 month ago.

I am pasting the answe here, you may rate the answer again, take care.

Customer: replied 1 month ago.

Is this the assignment answer I just submitted just a few minutes ago?

Expert:  F. Naz replied 1 month ago.
This is the answer of the assignmetn you had posted in math category, for week 4, thanks.
F. Naz, B.Com
Satisfied Customers: 3839
Experience: have completed B.Com and CA Finalist
Customer: replied 1 month ago.

Thank you so very much!!

Customer: replied 27 days ago.

Good Morning Naz,

I have two very important assignments that are due until this following Sunday which I will need your assistance with. Can I forward those over to you this morning and you can let me know if you will be able to assist me with them as well?

Expert:  F. Naz replied 27 days ago.
You are requested to post the questions with its reasonable fair value by adding my name before each post, thanks.
Customer: replied 27 days ago.
Ok I will have to do it in the morning since I am not near my computer right now. Will that be ok with you?
Expert:  F. Naz replied 27 days ago.
Yes
Customer: replied 27 days ago.
Good I will get it to you then
Expert:  F. Naz replied 26 days ago.
Okay
Customer: replied 26 days ago.

I am getting ready to submit one of the assignments which has rates sheets attached to calculate the answers. I will request you at the end of the assignment request

Customer: replied 26 days ago.

F. Naz

These are the appendix that is needed (attached)

Attachment: 2013-11-12_155208_appendix_a.docx

to answer week 5 one assignment that I submitted and requested your assistance.

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