Reference no: EM132781728

Questions -

Question 1 - On December 31, 2018, Adelphi Corporation has outstanding 1,000 shares of $100 par value, 4% cumulative and nonparticipating preferred stock, and 9,000 shares of $10 par value common stock. Preferred dividends were paid in 2016 but were not paid in 2017. During 2018, Alpha distributed $30,000 in dividends. Use this information to determine for 2018 the dollar amount of dividends that will be distributed per Common Share.

Question 2 - On March 1, 2019, Baltimore Corporation had 75,000 shares of common stock outstanding with a par value of $5 per share. On March 1, Baltimore Corporation authorized a 20% stock dividend when the market value was $14 per share. Use this information to calculate the amount either (debited) or credited to retained earnings. Enter as a negative number if retained earnings is debited and a positive number if retained earnings is credited.

Question 3 - The Common Stock account for Baltimore Corporation on January 1, 2018 was $60,000. On July 1, 2018 Baltimore issued an additional 6,500 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 $118,000. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).

Question 4 - On May 21, 2019, Christine worked 4.5 hours on Job A-1, and 3 hours on general "overhead activities." Christine is paid $20 per hour. Overhead is applied based on $27 per direct labor hour. Additionally, on May 21 Job A-1 requisitioned and entered into production $210 of direct material. On May 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded in the Work in Process for Job A-1 on May 21? Round your answer to the closest whole dollar.

Question 5 - On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 24,000 units were started. At the end of the month all started units were 50% complete with respect to conversion. Direct Materials placed into production had a total cost of $310,000 and the total conversion cost for the month was $423,000. Annapolis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of March. (Round answer to the nearest cent.)