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Ashford University ACC206 Guidance Report Week Two LISTEN TO
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Hello Everyone,

I am trying to get a jumpstart on this weeks assignment in ACC206: Principles of Accounting II. My answers need to be based on July and August. Accounting is not one of my strong points and I want to be 100% sure these assignments are done correctly. Could any tutors familiar with ACC 206 help me out? I have attached my assignment.

Thank you in advance for your time and effort, it is certainly greatly appreciated!


Ashford University ACC206

 

Guidance Report

 

Week Two

 

LISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORT

 

YELLOW INDICATES ACCOUNT AMOUNTS CHANGED

 

Change Account to:

 

Based Upon Course Start Date

 

Exercise/

 

Problem

 


 

Account to

 

be changed

 

Shares

 

Share price

 


 

$

 


 

Original

 

Amount

 

100000

 

20

 


 

Jan-Feb

 

$

 


 

Mar-Apr

 

11000

 

21

 


 

$

 


 

May-Jun

 

12000

 

22

 


 

$

 


 

Jul-Aug

 

13000

 

23

 


 

$

 


 

Sept-Oct

 

14000

 

24

 


 

$

 


 

Nov-Dec

 

15000

 

25

 


 

$

 


 

100000

 

26

 


 

Ch 2 Ex 1

 

Questions

 


 

YOUR ANSWERS

 

BASED UPON

 

COURSE START

 

DATE

 


 

A. Cash

 

Common stock

 

Paid-in-capital

 

B. Cash

 

Common stock

 

Paid-in-capital

 

C. Cash

 

Common stock

 


 

Ch 2 EX 3

 


 

Account to

 

be changed

 

Preferred stock, $100 par value, 10%

 

Common par

 


 

Original

 

Amount

 

580000

 

10

 


 

500000

 


 

20X6

 

600,000

 

11

 


 

20X5

 

500,000

 


 

20X6

 

620,000

 

12

 


 

20X5

 

500,000

 


 

20X6

 

640,000

 

13

 


 

20X5

 

500,000

 


 

20X6

 

660,000

 

14

 


 

20X5

 

500,000

 


 

20X6

 

680,000

 

15

 


 

20X5

 

500,000

 


 

20X6

 

20X5

 

$ 700,000 $ 500,000

 

$

 

16

 


 

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 3

 


 

Account to

 

be changed

 

Jan 3, Common Shares sold

 

Share price

 

Attoney cost

 


 

Original

 

Amount

 

5000

 

58

 

3300

 


 

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

 


 

5,200

 

62

 

3,600

 


 

5,400

 

66

 

3,900

 


 

5,600

 

70

 

4,200

 


 

5,800

 

74

 

4,500

 


 

6,000

 

78

 

4,800

 


 

6,200

 

82

 

5,100

 


 

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

 

549000

 

759200

 


 

Manufacturing costs

 

Sales

 


 

12/31/X3

 

551,000

 

761,600

 


 

12/31/X2

 


 

12/31/X3

 

553,000

 

764,000

 


 

12/31/X2

 


 

12/31/X3

 

555,000

 

766,400

 


 

12/31/X2

 


 

12/31/X3

 

557,000

 

768,800

 


 

12/31/X2

 


 

12/31/X3

 

559,000

 

771,200

 


 

12/31/X2

 


 

12/31/X3

 

561,000

 

773,600

 


 

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

 


 

Account to

 

be changed

 


 

Ch 3 Pb 2

 


 

Original

 

Amount

 

628000

 

56700

 

23500

 

231500

 


 

Sales

 

Work in process, Jan. 1

 

Advertising expense

 

Direct material purchases

 


 

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

 


 

629000

 

57700

 

24500

 

232500

 


 

630000

 

58700

 

25500

 

233500

 


 

631000

 

59700

 

26500

 

234500

 


 

632000

 

60700

 

27500

 

235500

 


 

633000

 

61700

 

28500

 

236500

 


 

634000

 

62700

 

29500

 

237500

 


 

12/31/X2

 


 

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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