Question
Question 7 During all of fiscal year 2017, Alpha Corporation had outstanding 100,000 shares of $10 par common stock and 5,000 shares of noncumulative, $100
Question 7
During all of fiscal year 2017, Alpha Corporation had outstanding 100,000 shares of $10 par common stock and 5,000 shares of noncumulative, $100 par value, 7% preferred stock. For 2017, Alpha Corporation had $230,000 income from continuing operations and $575,000 loss on discontinued operations; dividends were paid only to preferred shareholders. Use this information to determine how much Alpha Corporation should report for 2017 basic earnings (loss) per share for income (loss) from continuing operations. If it is a loss EPS then present the value in brackets.
Question 8
Alpha Corporation started the 2017 fiscal year with 100,000 shares common stock outstanding. On April 1 an additional 30,000 shares were issued. On July 1 Alpha reacquired 10,000 shares. Use this information to determine the number of weighted-average shares of common stock outstanding for the 2017 fiscal year?
Question 9
On January 1, 2017, Alpha Corporation had 50,000 shares of $10 par value common stock outstanding. On July 1, 2017, Alpha issued 50,000 additional shares on July 1, 2017. There is no class of preferred stock. At December 31, 2017, total stockholders' equity was $4,250,000. Use this information to determine the book value per share as of end of the FY 2017: (Round your answer to the nearest penny.)
Question 10
On July 1, 2017, Alpha Company purchased inventory from its Japanese supply source. Terms of sale were 100,000 yen, due 30 days from the date of purchase. On July 30, 2017, Alpha paid for the supplies purchased on July 1. The exchange rate for the yen was $0.01 on the date of purchase, and $0.0097 on the date of payment. What is Alpha Company's general journal entries to record the purchase and payment for inventory purchased from its Japanese vendor.
Question 11
For the FY 2016, Alpha Company's balance sheet included the following current items: cash $40,000, accounts receivable $160,000, inventories $100,000, prepaid expenses $20,000, accounts payable $90,000, and accrued expenses $70,000. Use this information to determine the: (Round & enter your answers to one decimal place for non-dollar ratios and enter the value. For dollar ratio enter as whole dollars only.)
1. Quick Ratio
2. Current Ratio
3. Working Capital
Question 12
The following financial information is for Alpha Corporation are for the fiscal years ending 2017 & 2016 (all balances are normal):
Item/Account
2017
2016
Accounts Receivable
$9,800
$9,400
Inventory
30,000
16,000
Net Sales (all credit)
85,000
71,000
Cost of Goods Sold
62,000
52,000
Net Income
7,200
6,900
Use this information to determine for FY 2017: (Round & enter your answers to one decimal place and enter the value.)
1. the inventory turnover ratio
2. number of days of inventory
3. Gross Profit Margin
4. Profit Margin
Question 13
The following information is related to Alpha Company's fiscal year 2017.
Income Statement:
Net Income $300,000
Depreciation Expense 50,000
Gain on Sale of Plant Assets 10,000
Interest Expense 500
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable ($4,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Cash Balance - 12/31/2016: $50,000
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $25,000
Use this information to prepare the Statement of Cash Flows for Alpha Company using the indirect method.
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