Chapter Two and Three Problems 1. Issuance of stock Prepar

Chapter Two and Three Problems 1. Issuance of stock Prepare journal entries to record the issuance of 100000 shares of common stock at $20 per share for each of the following independent cases: 2. 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% $580000 $500000 Common stock $10 par value 2350000 1750000 Paid-in capital in excess of par value Preferred 24000Common 4620000 3600000 Retained earnings 8470000 6920000 Total stockholders’ equity $16044000 $12770000 3. Bond computations: Straight-line amortization Southlake Corporation issued $900000 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. Southlake uses the straight-line method of amortization. Instructions: Complete the following table: Case A Case B Case C _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ _______ 4. Product costs and period costs The costs that follow were extracted from the accounting records of several different manufacturers: 5. Definitions of manufacturing concepts Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass $75000 Repair parts 16000 Machine lubricants 9000 Wages and salaries Machine operators 128000 Production supervisors 64000 Maintenance personnel 41000 Other factory overhead Variable 35000 Fixed 46000 Sales commissions 20000 Compute: 6. Schedule of cost of goods manufactured income statement The following information was taken from the ledger of Jefferson Industries Inc.: Direct labor $85000 Administrative expenses $59000 Selling expenses 34000 Work in. process Sales 300000 Jan. 1 29000 Finished goods Dec. 31 21000 Jan. 1 115000 Direct material purchases 88000 Dec. 31 131000 Depreciation: factory 18000 Raw (direct) materials on hand Indirect materials used 10000 Jan. 1 31000 Indirect labor 24000 Dec. 31 40000 Factory taxes 8000 Factory utilities 11000 Prepare the following: 7. 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 6.5Factory overhead 9 50000 Selling70000 Administrative135000 Production and sales totaled 20000 rolls and 17000 rolls respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production. Instructions:

Expert Help With This Assignment — On Your Terms