Please complete the following 7 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.
Chapter 2 Exercise 1
1. Issuance of stock
Prepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:
Jackson Corporation has common stock with a par value of $1 per share.
Royal Corporation has no-par common with a stated value of $5 D share.
French Corporation has no-par common; no stated value has been as signed
Chapter 2 Exercise 3
3. Analysis of stockholders’ equity
Star Corporation issued both common and preferred stock during 19X6. The stockholders’ equity sections of the company’s balance sheets at the end of 19X6 and 19X5 follow. $12,770.00
Compute the number of preferred shares that were issued during 19X6.
Calculate the average issue price of the common stock sold in 19X6.
By what amount did the company’s paid-in capital increase during 19X6?
Did Star’s total legal capital increase or decrease during 19X6? By what amount?
Chapter 2 Problem 1
1. Bond computations: Straight-line amortization
Southlake Corporation issued $900,000 of 8% bonds on March 1, 19X1. 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:complet the table below
Chapter 3 Exercise 1
1. Product costs and period costs
The costs that follow were extracted from the accounting records of several different manufacturers:
Weekly wages of an equipment maintenance worker
Marketing costs of a soft drink bottler
Cost of sheet metal in a Honda automobile
Cost of president’s subscription to Fortune magazine
Monthly operating costs of pollution control equipment used in a steel mill
Weekly wages of a seamstress employed by a jeans maker
Cost of compact discs (CDs) for newly recorded releases of Rush, Billy Joel, and Bryan Adams
Determine which of these costs are product costs and which are period costs.
For the product costs only, determine those that are easily traced to the finished product and those that are not.
Chapter 3 Exercise 2
2. Definitions of manufacturing concepts
Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:
Materials and supplies used
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
Sales commissions 20,000
Total direct materials consumed
Total direct labor
Total prime cost
Total conversion cost
Chapter 3 Exercise 5
5. Schedule of cost of goods manufactured, income statement
The following information was taken from the ledger of Jefferson Industries, Inc.: 11000
Prepare the following:
A schedule of cost of goods manufactured for the year ended December 31.
An income statement for the year ended December 31.