Question
Part A) On January 1, 2019, Frederick Corporation had 200,000 shares of common stock outstanding with a par value of $5 per share. On March
Part A)
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."
Part B)
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
54,000
46,000
Current Liabilities
76,000
42,000
Net Sales (all credit)
550,000
485,000
Cost of Goods Sold
330,000
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.)
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