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Crazy boy [7]
3 years ago
13

The stockholders’ equity accounts of Martinez Corporation on January 1, 2020, were as follows:

Business
1 answer:
maria [59]3 years ago
5 0

Answer:

A)

Feb. 1 Issued 26,000 shares of common stock for $116,000.

Dr Cash 116,000

    Cr Common stocks 26,000

    Cr Paid-in capital in excess of stated value - common stock 90,000

Apr. 14 Sold 5,500 shares of treasury stock—common for $33,900.

Dr Cash 33,900

    Cr Treasury stocks 27,500

    Cr Paid-in capital in excess of stated value - common stock 6,400

Sept. 3 Issued 4,800 shares of common stock for a patent valued at $34,100.

Dr Patent 34,100

    Cr Common stocks 4,800

    Cr Paid-in capital in excess of stated value - common stock 29,300

Nov. 10 Purchased 1,000 shares of common stock for the treasury at a cost of $5,700.

Dr Treasury stock 5,700

    Cr Cash 5,700

Dec. 31 Determined that net income for the year was $465,000.

Dr Income summary 465,000

    Cr Retained earnings 465,000

B)

Preferred Stock $416,000

Common Stock $1,480,800

Paid-in Capital in Excess of Par - Preferred Stock $110,000

Paid-in Capital in Excess of Stated Value - Common Stock $1,525,700

Retained Earnings $2,315,000

Treasury Stock $33,200

C)

<h2>Stockholders' Equity</h2>

Preferred 8% Stock, $52 par value        

(10,000 stocks authorized)                     $416,000

Paid-in Capital in Excess of Par              <u>$110,000</u>                     $526,000

Common Stock                                    

(2,100,000 stocks authorized)              $1,480,800

Paid-in Capital in Excess of Par            <u>$1,525,700</u>                 <u>$3,006,500</u>

Total paid in capital                                                                  $3,532,500

Retained Earnings                                                                     $2,315,000

Treasury Stock (6,500 stocks at cost)                                      <u> ($33,200) </u>

Total Stockholders' Equity                                                        $5,814,300

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1. Direct Materials Used in Production:

Beginning balance, raw materials  $124,000

Raw materials purchase                  250,000

Raw materials for production        $374,000

less raw materials, ending balance 102,000

Cost of Direct materials used     $272,000

2. Total Prime Cost:

Cost of Direct materials used     $272,000

Direct labor                                     140,000

Total Prime Cost                         $412,000

3. Total Conversion Cost:

Direct labor $140,000

Factor overheads:

Depreciation on factory equipment 45,000

Depreciation on building 30,000

Factory insurance 15,000

Property Taxes $20,000

Utilities for factory 34,000

Indirect labor salaries 156,000

Total Conversion Cost = $440,000

4. Cost of Goods Manufactured Statement:

Prime Cost                               $412,000

Conversion cost                      $440,000

Beginning Work in Process      124,000

less ending work in process   (130,000)

Cost of goods manufactured $846,000

Unit Product Cost = $846,000/100,000 = $8.46

5. Cost of Goods Sold Statement:

Cost of goods manufactured $846,000

Beginning finished goods          84,000

less ending finished goods      (82,000)

Cost of goods sold               $848,000

6. Income Statement                                                %

Sales Revenue                               $1,200,000      100

Cost of goods sold                             848,000        71

Gross Profit                                     $352,000        29

Operating Expenses:

Depreciation on building $50,000                           4

Property Taxes                    18,000                           1.5

Sales Office Utilities              1,800                         0.15

Administrative salaries     150,000                         12.5

Sales office salaries           90,000                          7.5

Sales Commission             60,000                           5

Total Operating Expenses              $369,800        31

Net Loss                                            ($17,800)     14.83

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Raw materials purchases $250,000

Direct labor 140,000

Depreciation on factory equipment 45,000

Depreciation on building 30,000

Depreciation on headquarters building 50,000

Factory insurance 15,000

Property taxes:

Factory 20,000 and Headquarters 18,000

Utilities for factory 34,000

Utilities for sales office 1,800

Administrative salaries 150,000

Indirect labor salaries 156,000

Sales office salaries 90,000

Beginning balance, raw materials 124,000

Beginning balance, work in process 124,000

Beginning balance, finished goods 84,000

Ending balance, raw materials 102,000

Ending balance, work in process 130,000

Ending balance, finished goods  82,000

b) Sales Commission = $60,000 (5% of $1,200,000)

c) Prime cost is the cost of direct raw materials and direct labor.  Conversion cost includes the cost of direct labor and factory overheads.

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