Question
12) The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted.
12) The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted. All balances are normal.
Account
Amount
Common Stock, $10 par
$260,000
Treasury Stock, at cost $16 per share
32,000
Dividends Payable
13,000
Paid in Capital in excess of par, Common Stock
52,000
Accounts Receivable
24,500
Retained Earnings
217,000
Bonds Payable
150,000
Preferred Stock, $100 par, 4% cumulative
100,000
Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.
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
42,000
48,000
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
21,000
$24,000
Accounts Receivable
58,000
52,000
Inventory
60,000
48,000
Current Liabilities
80,000
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$3,100,000
Depreciation Expense600,000
Loss onSaleof Plant Assets60,000
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 ( ).
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 prepar a partial Statement of Cash Flows for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities.
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