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Ashford University ACC206 Guidance Report Week Two YELLOW INDICATES ACCOUNT AMOUNTS CHANGED

/in /by
 
 Account to
be changed		Original
Amount		 
Ch 2 EX 3Preferred stock, $100 par value, 10% 660000500000
Common par14
YOUR ANSWERS BASED UPON COURSE START DATE
A. Preferred shares issued 
B. Shares issued of common 
B. Average issued price of common 
C. Paid-in-capital increase 
D. Legal capital increase 
    
Ch 2 Pb 3Account to
be changed		Original
Amount		 
Jan 3, Common Shares sold5000
Share price58
Attoney cost3300
YOUR ANSWERS BASED UPON COURSE START DATE
3-Jan
Cash 
Common stock 
Paid-in-capital in excess of par common stock 
Jan. 19
Cash 
Preferred stock 
Paid-in-capital in excess of par- Preferred stock 
4-Feb
Organization costs 
Common stock 
Paid-in-capital in excess of par common stock 
Investment in art work 
Common stock 
Paid-in-capital in excess of par common stock 
Stockholders Equity
Common stock, $1 par-value, authorized 10,000 shares, 
shares issued and outstanding 
Preferred stock,10%, $50 par, authorized 1000 shares
shares issued and outstanding 
Total Capital Stock 
Paid-in-Capital in excess of par:
Common stock 
Preferred stock 
Total Paid-in-Capital 
Retained earnings 
Total Shareholders Equity 
    
Ch3 Ex 4
Account to
be changed		Original
Amount		 
Manufacturing costs549000
Sales759200
YOUR ANSWERS BASED UPON COURSE START DATE
Cost of goods manufactured
Beginning work in process 
Manufacturing costs 
Ending work in process 
Cost of goods manufactured 
Cost of goods sold
Beginning finished goods 
Cost of goods manufactured 
Ending finished goods 
Cost of goods sold 
Net income
Sales 
Cost of goods sold 
Operating expenses 
Net income 
    
Ch 3 Pb 2Account to
be changed		Original
Amount		 
Sales 628000
Work in process, Jan. 1 56700
Advertising expense 23500
Direct material purchases 231500
YOUR ANSWERS BASED UPON COURSE START DATE
a. Prepare a schedule of cost of goods manufactured in good form.
Direct materials used
Beginning raw materials inventory 
Net purchases 
Direct materials available 
Less: Ending raw materials inventory 
Direct materials used 
Direct labor 
Factory overhead
Indirect materials used 
Indirect labor 
Utilities  
Taxes  
Insurance  
Depreciation  
Total manufacturing costs 
Add: Beginning work in process inventory 
Less: Ending work in process inventory 
Costs of goods manufactured 
Sales 
Cost of goods sold
Beginning finished goods inv. 
Cost of goods manufactured 
Goods available for sale 
Less: Ending finished goods inv. 
Cost of goods sold 
Gross profit 
Operating expenses:
Selling expenses:
Advertising 
Sales staff salaries 
Utilities  
Taxes  
Insurance  
Depreciation  
Total selling expenses 
Administrative expenses:
Utilities  
Taxes  
Insurance  
Depreciation  
Total administrative exp. 
Total operating expenses 
Net income 
 
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