I attached the all activity to read and need to answer the last 4 pages in the attachments which have couple questions. due in 14 hour from now.

MacGiver Brass is a brass plating firm with sales of $8 million and profits before taxes of $625,000. MacGiver has a loan outstanding at its local bank for working capital purposes. As the loan officer reviewing MacGiver’s loan application, you are charged with making a recommendation as to whether the $608,000 loan should be renewed for another year. Upon reviewing MacGiver’s most recent annual report, you find the following footnote: Under-absorbed overhead of $462,000 was prorated to inventories (2/3) and cost of goods sold (1/3). Required: a. How should you evaluate MacGiver’s annual report in light of this footnote? In particular, how does this footnote affect your recommendation regarding the loan? b. In preparing for your meeting with MacGiver’s president and chief financial officer, what questions do you want to ask regarding this footnote?

 

ACC 206 Week Two Assignment

 

 

 

Please complete the following exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.

 

 

 

 

 

1. 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%	$580,000	$500,000
Common stock, $10 par value	2,350,000	1,750,000
Paid-in capital in excess of par value
Preferred	24,000	—
Common	4,620,000	3,600,000
Retained earnings	8,470,000	6,920,000
Total stockholders’ equity	$16,044,000	$12,770,000

 

 

 

1. Compute the number of preferred shares that were issued during 20X6.

2. Calculate the average issue price of the common stock sold in 20X6.

3. By what amount did the company’s paid-in capital increase during 20X6?

4. Did Star’s total legal capital increase or decrease during 20X6? By what amount?

 

 

 

 

 

 

 

2. Bond computations: Straight-line amortization

 

Southlake Corporation issued $900,000 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.

 

• Case A—The bonds are issued at 100.

• Case B—The bonds are issued at 96.

• Case C—The bonds are issued at 105.

 

 

 

Southlake uses the straight-line method of amortization.

 

 

 

Instructions:

 

Complete the following table:
	Case A	Case B	Case C
Cash inflow on the issuance date	_______	_______	_______
Total cash outflow through maturity	_______	_______	_______
Total borrowing cost over the life of the bond issue	_______	_______	_______
Interest expense for the year ended December 31, 20X1	_______	_______	_______
Amortization for the year ended December 31, 20X1	_______	_______	_______
Unamortized premium as of December 31, 20X1	_______	_______	_______
Unamortized discount as of December 31, 20X1	_______	_______	_______
Bond carrying value as of December 31, 20X1	_______	_______	_______

 

 

 

 

 

 

 

 

 

3. Definitions of manufacturing concepts
Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:

 

Materials and supplies used

 

Brass $75,000

 

Repair parts 16,000

 

Machine lubricants 9,000

 

Wages and salaries Machine operators 128,000

 

Production supervisors 64,000

 

Maintenance personnel 41,000

 

Other factory overhead Variable 35,000

 

Fixed 46,000

 

Sales commissions 20,000

 

 

 

Compute:

 

1. Total direct materials consumed

2. Total direct labor

3. Total prime cost

4. Total conversion cost

 

 

 

 

 

 

 

 

 

 

 

4. 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:
Sales	300,000		Jan. 1	29,000
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
			Factory utilities	11,000

 

Prepare the following:

 

1. A schedule of cost of goods manufactured for the year ended December 31.

2. An income statement for the year ended December 31.

 

 

 

5. 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	6.5	—
Factory overhead	9	50,000
Selling	—	70,000
Administrative	—	135,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

Instructions:

 

1. Determine the cost of the finished goods inventory of light-gauge aluminum.

2. Prepare an income statement for the current year ended December 31

3. 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?

 

Complete all three parts and answer all questions.

Download

Graphic Organizer for answering all questions and genetics exercises in this assignment.

Part I: Genetics – From Genes to Proteins, Mutations

Background: DNA represents the architectural blueprint for all living systems, encoding specific instructions in the sequence of its four nitrogen-containing base pairs that are necessary for building the organism.

During the process of transcription, the information in the DNA codons of a gene is transcribed into RNA.

A change in the DNA sequence, for example as a result of a “mistake” during DNA replication, is defined as a mutation. Mutations may result in a change in the “blueprint,” which may then change the resulting protein product.

Assignment details for part one:

Transcribe and translate EACH of the three following DNA gene sequences. Turn these in using the graphic organizer. The letters represent the DNA N-base sequences of the genes.

The first is the original gene. The next two are mutations of the original. Note that the changes (mutations) are shown in red.

Original Gene sequence 3′-T A C C C T T T A G T A G C C A C T-5

Mutated gene sequence 1 3’-T A C G C T T T A G T A G C C A T T-5′

Mutated gene sequence 2 3’-T A A C C T T T A C T A G G C A C T-5’

Also, answer the following questions:

• What is the significance of the first and last codons of an mRNA transcript?
• What meaning do these mRNA codons have for protein synthesis?
• Did the mutations result in a change in the final proteins? If so, describe the change.
• In general, why might a change in amino acid sequence affect protein function?

Part II: Inheritance of Traits or Genetic Disorders

Background: Cystic fibrosis is an inherited disease that affects the respiratory, digestive, or reproductive systems of the body, with symptoms ranging from mild to severe. Bob and Sally are recently married. Upon deciding to plan a family, both Sally and Bob find out that they are both heterozygous for cystic fibrosis, but neither of them has symptoms of the disorder.

Assignment details: Complete a Punnett Square for cystic fibrosis for this couple using the following alleles: C = normal allele; and c = allele for cystic fibrosis.

Complete the Punnett Square in the graphic organizer.

Also answer the following questions:
Based on the Punnett square, calculate chances (percentages) for the following:

• for having a healthy child (not a carrier)
• a child that is a carrier for the cystic fibrosis trait
• a child with cystic fibrosis

Be sure to submit these percentages as part of your assignment in the Graphic Organizer.

Part III: Cell division, sexual reproduction and genetic variability

Background: Eukaryotic cells can divide by mitosis or meiosis. In humans, mitosis produces new cells for growth and repair; meiosis produces sex cells (gametes) called sperm and eggs.

Although mutations are the ultimate source of genetic variability, both meiosis and sexual reproduction also can contribute to new genetic combinations in offspring.

Assignment Essay Question: How do both meiosis and sexual reproduction (fertilization) produce offspring that differ genetically from the parents? Be sure to talk about the two specific steps in meiosis that increase variability as well as the process of fertilization.

You will submit your Graphic Organizer with all answers in your Submit Assignment area.

Provide references in APA format. This includes a reference list and in-text citations for references used throughout the assignment. Note that there is a Reference page for listing sources included on the Graphic Organizer.

You will submit your Graphic Organizer with all answers.

Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course materials. Please refer to the following multimedia course material(s):

• Unit 3: Evolution & Heredity
• Unit 3: The Basics of Genetics
• Unit 3: Principles of Heredity and DNA

External Web links:

• Unit 3: DNA, RNA, Protein
• Unit 3: DNA, RNA, & Protein
• Unit 3: Genetic Science Learning Center
• Unit 3: Meiosis