Question
The Common Stock account for Baltimore Corporation on January 1, 2020 was $60,000. On July 1, 2020 Baltimore issued an additional 10,000 shares of common
The Common Stock account for Baltimore Corporation on January 1, 2020 was $60,000. On July 1, 2020 Baltimore issued an additional 10,000 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 $125,000. Use this information to determine for December 31, 2020 the amount of Earnings per Share (rounded to the nearest cent).
On December 31, 2020, Adelphi Corporation has outstanding 500 shares of $100 par value, 4% cumulative and nonparticipating preferred stock, and 5,000 shares of $10 par value common stock. Preferred dividends were paid in 2018 but were not paid in 2019. During 2020, Alpha distributed $40,000 in dividends. Use this information to determine for 2020 the dollar amount of dividends that will be distributed per Common Share. Round answer to closest cent.
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 8,600. During the month of February 2021, actual direct labor hours of 8,500 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).
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