Reference no: EM132738303
Question 1: The Common Stock account for Baltimore Corporation on January 1, 2018 was $67,500. On July 1, 2018 Baltimore issued an additional 8,500 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 $114,000. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).
Question 2: For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $27,000, accounts receivable $145,000, inventories $76,000, prepaid expenses $18,000, accounts payable $97,000, and accrued expenses $63,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)
Question 3: For the FY 2018, Frederick Company had net sales of $1,100,000 and net income of $60,000, paid income taxes of $30,000, and had before tax interest expense of $12,500. Use this information to determine the Times Interest Earned Ratio. (Round your answers to one decimal place)
Question 4: The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal):
Item/Account 2019 2018
Accounts Receivable $50,000 $50,000
Inventory 42,000 38,000
Net Sales (all credit) 330,000 350,000
Cost of Goods Sold 154,000 152,000
Net Income 27,200 24,800
Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day year. Round your answers to one decimal place.)
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