Reference no: EM132677639
Questions -
Q1) The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018, adjusting entries & closing entries have been posted. All balances are normal.
Account Amount
Common Stock, $10 par $260,000
Treasury Stock, at cost $16 per share 32,000
Dividends Payable 13,000
Paid in Capital in excess of par, Common Stock 52,000
Accounts Receivable 24,500
Retained Earnings 217,000
Bonds Payable 150,000
Preferred Stock, $100 par, 4% cumulative 100,000
Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.
Q2) The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account 2018 2017
Cash $35,000 $24,000
Accounts Receivable 56,000 52,000
Inventory 42,000 48,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 550,000 485,000
Cost of Goods Sold 320,000 265,000
Use this information to determine the number of days in inventory for 2018: (Use a 365 day year. Round & enter your answers to one decimal place and enter the value.)
Q3) The following financial information is for Chesapeake Corporation are for the fiscal years ending 2018 & 2017 (all balances are normal):
Item/Account 2018 2017
Cash 21,000 $24,000
Accounts Receivable 58,000 52,000
Inventory 60,000 48,000
Current Liabilities 80,000 42,000
Net Sales (all credit) 550,000 485,000
Cost of Goods Sold 288,000 265,000
Use this information to determine the number of current ratio as of December 31, 2018: (Round & enter your answers to one decimal place and enter the value.)
Q4) The following information is related to Towson Company's fiscal year 2018.
Income Statement:
Net Income $3,100,000
Depreciation Expense 600,000
Loss on Sale of Plant Assets 60,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Payable decrease 20,000
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $125,000
Dividends paid were $30,000
Use this information to determine Towson Company's Net Cash Flows from Operating Activities. If the amount is an outflow then enclose the amount with dollar sign inside of brackets ( ).
Q5) The following information is related to Somerset Company's fiscal year 2018.
Income Statement:
Net Income $4,000,000
Depreciation Expense 650,000
Gain on Sale of Plant Assets 50,000
Interest Expense 5,000
Balance Sheet - 12/31/17: Increase (Decrease)
Accounts Receivable ($45,000)
Plant Assets - Purchased 250,000
Plant Assets - Disposals (100,000)
Additional Information:
Common Stock exchanged for outstanding Long Term Notes Payable of $150,000
Dividends paid were $35,000
Use this information to prepare a partial Statement of Cash Flows for Somerset Company. Prepare only the section related to Cash Flows from Operating Activities.