Question 12

For the FY 2018, Frederick Company had net sales of $950,000 and net income of $95,000, paid income taxes of $15,000, and had before tax interest expense of $10,000.Use this information to determine the Times Interest Earned Ratio.Round your answers to one decimal place.

Question 19

Department J had no work in process at the beginning of the period. 18,000 units were completed during the period, and 2,000 units were 30% completed at the end of the period.The following manufacturing costs were debited to the departmental work in process account during the period (Assume the company uses weighted average method and rounds cost per unit to two decimal places):

Direct materials (20,000 at $5)$100,000

Direct labor142,300

Factory overhead57,200

Question 21

Baltimore Company uses a job order cost system and applies overhead based on estimated rates.The overhead application rate is based on total estimated overhead costs of $220,000 and direct labor hours of 8,000. During the month of February 2021, actual direct labor hours of 8,700 were incurred. Use this information to determine the amount of factory overhead that was applied in February.Round answer to the nearest whole number (no cents).

Question 25

The Common Stock account for Baltimore Corporation on January 1, 2020 was $55,000.On July 1, 2020 Baltimore issued an additional 5,000 shares of common stock. The Common Stock is $5 par. There was neither Preferred Stock nor any Treasury Stock. Paid in Capital Excess to par Common Stock was $20,000 on January 1 and $40,000 on July 2 and net income was $100,000.Use this information to determine for December 31, 2020 the amount ofEarnings per Share (rounded to the nearest cent).