Question
A) The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted.
A) 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.
B) At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $2,800,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,850,000 of $10 par value common stock and Preferred Stock account of $150,000 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.)
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