Chapter Two and Three Problems 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 stockPrepare journal entries to record the issuance of 100,000 shares of common stock at $20 per share for each of the following independent cases:a. Jackson Corporation has common stock with a par value of $1 per share.b. Royal Corporation has no-par common with a stated value of $5 D share.c. French Corporation has no-par common; no stated value has been as signed Chapter 2 Exercise 3 3. Analysis of stockholders’ equityStar 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.
|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|
|Total stockholders’ equity||$16,044,000||$12,770,000|
|Complete the following table:|
|Case A||Case B||Case C|
Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:Materials and supplies usedBrass $75,000Repair parts 16,000Machine lubricants 9,000Wages and salaries Machine operators 128,000Production supervisors 64,000Maintenance personnel 41,000Other factory overhead Variable 35,000Fixed 46,000Sales commissions 20,000 Compute:a. Total direct materials consumedb. Total direct laborc. Total prime costd. Total conversion cost Chapter 3 Exercise 5 5. Schedule of cost of goods manufactured, income statementThe 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|
|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|
3. Manufacturing statements and cost behaviorTampa 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||$4.50||$ —|
Review your peers’ posts. Respond to at least two of your classmates, letting them know if you agree with their type of desired stock and whether your answer would change (and why) based on:
- a. Different economic conditions
- b. Stage of the company (if the company is in a growth phase versus a mature state).
Role of Management Accounting. Review the roles of management accounting within a company. What is the most important role of management accounting? How is that different than financial accounting?
Review your peers’ posts. Respond to at least two of your classmates, and provide at least two areas that management accountants focus on that your classmates didn’t include.
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