Reference no: EM132344933

Question

1. On June 1, 2019 Adelphi Corporation issued $400,000 of 6%, 5-year bonds. The bonds which were issued at 99, pay interest on January 1 and June 1. Use this information to calculate the amount of bond discount or premium that is amortized with each interest payment. If this is discount amortization enter as a positive number. If this is premium amortization enter as a negative number.

2. On December 31, 2018, Adelphi Corporation has outstanding 500 shares of $100 par value, 5% cumulative and nonparticipating preferred stock, and 15,000 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. Round answer to closest cent.

3. On March 1, 2019, Baltimore Corporation had 70,000 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 $20 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.

4. The Common Stock account for Baltimore Corporation on January 1, 2018 was $67,500. On July 1, 2018 Baltimore issued an additional 9,500 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 $115,000. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).

5. For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $49,000, accounts receivable $119,000, inventories $125,000, prepaid expenses $22,000, accounts payable $83,000, and accrued expenses $62,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)

6. For the FY 2018, Frederick Company had net sales of $850,000 and net income of $70,000, paid income taxes of $17,500, and had before tax interest expense of $15,000. Use this information to determine the Times Interest Earned Ratio. (Round your answers to one decimal place)

7. The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal):

2019 2018

Accounts Receivable $32,000 $40,000

Inventory 42,000 38,000

Net Sales (all credit) 390,000 350,000

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.)

8. Towson Manufacturing had a Work in Process balance of $138,000 on January 1, 2018. The year end balance of Work in Process was $60,000 and the Cost of Goods Manufactured was $610,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.)

9. During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $20,000 & ending finished goods inventory of $20,500. Beginning work-in-process was $16,000 and ending work-in-process was 15,500. Factory overhead was $22,500. The total manufacturing costs amounted to $220,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)