Question
11. On January 1, 2019, Frederick Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share. On March 31,
11.On January 1, 2019, Frederick Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share. On March 31, Frederick Corporation authorized a 10% stock dividend when the market value was $18 per share. Use this information to prepare the General Journal entry (without explanation) for March 31. If no entry is required then write "No Entry Required."
13.At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $3,700,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,050,000 of $10 par value common stock and Preferred Stock account of $100,000 of $100 par value.There was no treasury stock. The preferred stock was noncumulative and had a call price of $101.Use this information to determine the book value per share of Common Stock as of end of the FY 2018: (Round your answer to the nearest penny.)
Your Answer:
14.The following financial information isfor Chesapeake Corporationarefor the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account
2018
2017
Cash
$35,000
$24,000
Accounts Receivable
56,000
52,000
Inventory
44,000
46,000
Current Liabilities
76,000
42,000
Net Sales (all credit)
550,000
485,000
Cost of Goods Sold
320,000
265,000
Use this information to determine the number of days in inventory for 2018: (Use a 365 day year.Round & enter your answers to one decimal place and enter the value.)
15.The following financial information isfor Chesapeake Corporationarefor the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account
2018
2017
Cash
20,000
$24,000
Accounts Receivable
50,000
52,000
Inventory
60,000
48,000
Current Liabilities
97,000
42,000
Net Sales (all credit)
550,000
485,000
Cost of Goods Sold
288,000
265,000
Use this information to determine the number of current ratio as of December 31, 2018: (Round & enter your answers to one decimal place and enter the value.)
16.The following information is related to Towson Company's fiscal year 2018.
Income Statement:
Net Income$3,700,000
Depreciation Expense450,000
Loss onSaleof Plant Assets50,000
Interest Expense5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payabledecrease20,000
Plant Assets - Purchased250,000
Plant Assets - Disposals(100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $30,000
Use this information to determine Towson Company's Net Cash Flows from Operating Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ).
Your Answer:
17.The following information is related to Somerset Company's fiscal year 2018.
Income Statement:
Net Income$4,000,000
Depreciation Expense650,000
Gain onSaleof Plant Assets50,000
Interest Expense5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Receivable($45,000)
Plant Assets - Purchased250,000
Plant Assets - Disposals(100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $150,000
Dividends paid were $35,000
Use this information to prepare a partial Statement of Cash Flows for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities.
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Managerial Accounting
Authors: Susan V. Crosson, Belverd E. Needles
8th Edition
9780618777174, 618777180, 618777172, 978-0618777181
