Question
1.On January 1, 2018, Baltimore Company issued $250,000 face value, 5%, 5-year bonds at 102.Interest is paid annually on January 1.Baltimoreuses the straight-line method for
1.On January 1, 2018, Baltimore Company issued $250,000 face value, 5%, 5-year bonds at 102.Interest is paid annually on January 1.Baltimoreuses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018 fiscal year. Round your answer to the nearest whole dollar.
2 The following financial information is for Chesapeake Corporation are for 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
40,000
38,000
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
3.The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account
2018
2017
Cash
25,000
$24,000
Accounts Receivable
56,000
52,000
Inventory
40,000
48,000
Current Liabilities
83,000
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.)
4
The following information is related to Towson Company's fiscal year 2018.
Income Statement:
Net Income$2,000,000
Depreciation Expense500,000
Loss on Sale of Plant Assets70,000
Interest Expense5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payabledecrease50,000
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 ( )
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Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappetta
19th Edition
0077303202, 9780077303204
