Acc 206 Week 2 Assignment

1357 Words6 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…show more content…
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 |
Open Document