# Saint Leo MBA 101 assignments

Saint Leo MBA 101 assignments

Module 2

Problem 3-24
Problem 4-22
Module 3

Problem 5-33
Problem 6-25

Module 4

Problem 2. The Jiffy Manufacturing Company started operations in 2012 when it acquired \$100,000 from its owners. During the year, the company incurred the following costs:
The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was \$17 per unit.

Required:

1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012.
2) Prepare an income statement for the year ended December 31, 2012.

Problem 2. Allen Corporation was organized on July 15, 2012. It was authorized to issue 150,000 shares of \$25 par value common stock and 50,000 shares of 6% cumulative preferred stock. The preferred stock had a stated value of \$50 per share. The following stock transactions relate to Allen Corporation.

· Issued 55,000 shares of common stock for \$33 per share.

· Issued 2,750 shares of the class A preferred stock for \$62 per share.

· Issued 27,500 shares of common stock for \$35 per share.

Required:

1) Indicate the effect of each of these transactions on Allen’s financial statements. Include dollar amounts in the model, below. After recording the three transactions, calculate column totals.
2) After these transactions have been recorded, what is the total amount of stockholders’ equity?
3) After these transactions have been recorded, how many shares of common stock are outstanding?

Module 5

Problem 1. The following information applies to Barnhart Company:

• Net Credit Sales = \$220,000
• Beginning Accounts Receivable = \$10,000

Problem 2. The Jiffy Manufacturing Company started operations in 2012 when it acquired \$100,000 from its owners. During the year, the company incurred the following costs:
The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was \$17 per unit.

Required:

1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012.
2) Prepare an income statement for the year ended December 31, 2012.

Module 8

Exercise 15-3

Exercise 16-5