Question
Part A) The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been
Part 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.
Part B)
At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders' equity of $4,700,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,000,000 of $10 par value common stock and Preferred Stock account of $200,000 of $100 par value.There was no treasury stock. The preferred stock was noncumulative and had a call price of $102.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.)
Part C)
Allstar Company signed a $300,000 mortgage on July 1, 2018 for the purchase of their new garage building. The mortgage entailed equal monthly payments of $2,500 at the end of each month. The interest rate is 7.0% per year.How much interest expense will be paid on August 31, 2018? (Round your answer to the nearest whole dollar.)
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