Acc 206 Week 2 Assignment

1357 Words May 7th, 2015 6 Pages
Week 2 Assignment
ACC 206

1. Analysis of stockholders' equity 1. Preference stock (100 par value) issued during 20X6 = 580,000 – 500,000 = $80,000

Number of preference shares issued during 20X6

= Par value of preferred shares issued / Par value per share of preferred shares
= 80,000 / 100
= 800 shares

2. Common stock (10 par value) sold in 20X6 = 2,350,000 – 1,750,000 = $600,000

Number of common stock sold = 600,000 / 10 = 60,000 shares

Additional paid in capital = 4,620,000 - 3,600,000
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Definitions of manufacturing concepts
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 1. Total direct material consumed = Brass = 75,000

2. Total direct labor = Wages and salaries Machine operators = $128,000

3. Total Prime cost = Total direct material + Total direct labor

= 75000 + 128,000

= $203,000

4. Total conversion cost = $128,000 + $16,000 + $9,000 + $64,000 + $41,000 + $35,000 + $46,000 = $339,000

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 |
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