Financial Accounting Manufacturing Statements And Income Statement Homework Help
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1.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|
|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|
Prepare the following:
a. A schedule of cost of goods manufactured for the year ended December 31.
b. An income statement for the year ended December 31.
2. 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||$4.50||$ —|
Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work in process. Tampa carries its finished goods inventory at the average unit cost of production.
a. Determine the cost of the finished goods inventory of light-gauge aluminum.
b. Prepare an income statement for the current year ended December 31
c. On the basis of the information presented:
1. Does it appear that the company pays commissions to its sales staff? Explain.
2. What is the likely effect on the $4.50 unit cost of direct materials if next year’s production increases? Why?
3. A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2012. Interest is paid on June 30th and December 31st. The proceeds from the bonds are $14,703,109. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2012 balance sheet?
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4. Star mart company inc issued $100000 of bonds payable on June 30 2010. The bonds are to be redeemed in five years while paying interest semiannually at the contract rate of 10% each June 30th and December 31st. The market or effective rate of interest is 12%. The amount of cash received initially from the bond issuance was $92640 on June 30,2010.
1)Record the initial bond issuance on June 30 2010 in general journal form.
2)Record the first interest payment on December 31, 2010
3)Record the first amortization of the bond discount on December 31,2010. The bond discount is amortized on the straight line method.
4)Record the second interest payment on June 30 2011
5)Record the third interest payment on December 31 2011
6)The company only records the amortization of the bond discount once a year. record the second amortization of the bond discount on December 31,2011 using the straight line method.
7)In T account form, what is the balance of the unmamorized Discount on Bonds payable at December 31,2011.
8)What is the total interest expense for year 2010
9)What is the total interest expense for the year 2011
10)List the bond carrying value for the bond at December 31 2011
5.How to calculate the interest rate if it is not presented?
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