Select Page

Your Perfect Assignment is Just a Click Away

Starting at \$8.00 per Page

100% Original, Plagiarism Free, Customized to Your instructions!

## Question 1(3.5 points)

OnJune 1, 2019 Adelphi Corporation issued \$190,000 of 6%, 5-yearbonds. The bonds which were issued at 99, pay interest on January 1 andJune 1. Use this information to calculate the amount of bond discountor premium that is amortized with each interest payment. If this isdiscount amortization enter as a positive number. If this is premiumamortization enter as a negative number.

Question 1 options:

## Question 2(3.5 points)

OnDecember 31, 2018, Adelphi Corporation has outstanding 500 shares of\$100 par value, 5% cumulative and nonparticipating preferred stock, and20,000 shares of \$10 par value common stock. Preferred dividends werepaid in 2016 but were not paid in 2017. During 2018, Alpha distributed\$25,000 in dividends. Use this information to determine for 2018 thedollar amount of dividends that will be distributed per Common Share. Round answer to closest cent.

Question 2 options:

## Question 3(3.5 points)

OnMarch 1, 2019, Baltimore Corporation had 70,000 shares of common stockoutstanding with a par value of \$5 per share. On March 1, BaltimoreCorporation authorized a 15% stock dividend when the market value was\$12 per share. Use this information to calculate the amount either(debited) or credited to retained earnings. Enter as a negative numberif retained earnings is debited and a positive number if retainedearnings is credited.

Question 3 options:

## Question 4(3.5 points)

TheCommon Stock account for Baltimore Corporation on January 1, 2018 was\$72,500. On July 1, 2018 Baltimore issued an additional 5,500 shares ofcommon stock. The Common Stock is \$5 par. There was neither PreferredStock nor any Treasury Stock. Paid in Capital Excess to par Common Stockwas \$20,000 on January 1 and \$40,000 on July 2 and net income was\$109,500. Use this information to determine for December 31, 2018 theamount of Earnings per Share (rounded to the nearest cent).

Question 4 options:

## Question 5(3.5 points)

Forthe FY 2018, Dorchester Company’s balance sheet included the followingcurrent items: cash \$47,000, accounts receivable \$113,000, inventories\$123,000, prepaid expenses \$16,000, accounts payable \$62,000, andaccrued expenses \$74,000. Use this information to determine the CurrentRatio. (Round & enter your answers to one decimal place.)

Question 5 options:

## Question 6(3.5 points)

Forthe FY 2018, Frederick Company had net sales of \$950,000 and net incomeof \$60,000, paid income taxes of \$15,000, and had before tax interestexpense of \$10,000. Use this information to determine the TimesInterest Earned Ratio. (Round your answers to one decimal place)

Question 6 options:

## Question 7(3.5 points)

Thefollowing financial information is for Annapolis Corporation are forthe fiscal years ending 2019 & 2018 (all balances are normal):

 Item/Account 2019 2018 Accounts Receivable \$44,000 \$38,000 Inventory 42,000 38,000 Net Sales (all credit) 410,000 350,000 Cost of Goods Sold 154,000 152,000 Net Income 27,200 24,800

Use this information to determine the accounts receivableaverage collection period for FY 2019. (Use 365 day year. Round youranswers to one decimal place.)

Question 7 options:

## Question 8(3.5 points)

TowsonManufacturing had a Work in Process balance of \$130,000 on January 1,2018. The year end balance of Work in Process was \$92,000 and the Costof Goods Manufactured was \$695,000. Use this information to determinethe total manufacturing costs incurred during the fiscal year 2018.(Round enter as whole dollars only.)

Question 8 options:

## Question 9(3.5 points)

DuringFY 2018, Towson Manufacturing had a beginning finished goods inventoryof \$16,000 & ending finished goods inventory of \$16,500. Beginningwork-in-process was \$17,000 and ending work-in-process was 15,500.Factory overhead was \$22,500. The total manufacturing costs amounted to\$228,000. Use this information to determine the FY 2018 Cost of GoodsSold. (Round enter as whole dollars only.)

Question 9 options:

## Question 10(3.5 points)

DuringFY 2019, Dorchester Company plans to sell Widgets for \$13 a unit.Current variable costs are \$5 a unit and fixed costs are expected tototal of \$107,000. Use this information to determine the number of units of Widgets for Dorchester to breakeven. (Round to the nearest whole number)

Question 10 options:

## Question 11(3.5 points)

DuringFY 2019, Dorchester Company plans to sell Widgets for \$11 a unit.Current variable costs are \$7 a unit and fixed costs are expected tototal of \$148,000. Use this information to determine the dollar value of sales for Dorchester to breakeven. (Round to the nearest whole dollar)

Question 11 options:

## Question 12(3.5 points)

BaltimoreCompany uses a job order cost system and applies overhead based onestimated rates. The overhead application rate is based on totalestimated overhead costs of \$315,000 and direct labor hours of 9,600.During the month of February 2019, actual direct labor hours of 8,300were incurred. Use this information to determine the amount of factoryoverhead that was applied in February. (round answer to the nearestwhole dollar):

Question 12 options:

## Question 13(3.5 points)

DuringMarch 2019, Annapolis Corporation recorded \$42,800 of costs related tofactory overhead. Alpha’s overhead application rate is based on directlabor hours. The preset formula for overhead application estimated that\$40,300 would be incurred, and 4,000 direct labor hours would beworked. During March, 5,750 hours were actually worked. Use thisinformation to determine the amount of factory overhead that was (over)or under applied. (Round answers to the nearest whole dollar. Enter as apositive number if under applied. Enter as a negative number if overapplied.)

Question 13 options:

## Question 14(3.5 points)

OnMay 21, 2019, Christine worked 5.0 hours on Job A-1, and 3 hours ongeneral “overhead activities.” Christine is paid \$12 perhour. Overhead is applied based on \$21 per direct laborhour. Additionally, on May 21 Job A-1 requisitioned and entered intoproduction \$250 of direct material. On May 21, Christine, while workingon Job A-1 used \$27 of indirect material. Indirect material isincluded in the overhead application rate. Use this information todetermine the total cost that should have been recorded in the Work inProcess for Job A-1 on May 21? Round your answer to the closest wholedollar.

Question 14 options:

## Question 15(3.5 points)

BethesdaCompany’s April 1, 2019 beginning work in process was 650 units. DuringApril an additional 2,600 units were put into production. At the end ofApril all units were completed except for 625 units. Use thisinformation to determine number of units completed.

Question 15 options:

## Question 16(3.5 points)

OnMarch 1, 2019, Baltimore Company’s beginning work in process inventoryhad 9,500 units. This is its only production department. Beginning WIPunits were 50% complete as to conversion costs. Baltimore introducesdirect materials at the beginning of the production process. DuringMarch, a total of 29,400 units were started and the ending WIP inventoryhad 9,400 units which were 70% complete as to conversion costs.Baltimore uses the weighted average method. Use this information todetermine for March 2019 the equivalent units of production forconversion costs. (Round answer to the nearest whole number of units)

Question 16 options:

## Question 17(3.5 points)

OnMarch 1, 2019, Annapolis Company has a beginning Work in Processinventory of zero. All materials are added into production at thebeginning of its production. There is only one production WIPinventory. During the month 21,000 units were started. At the end ofthe month all started units were 70% complete with respect toconversion. Direct Materials placed into production had a total cost of\$420,000 and the total conversion cost for the month was \$403,000.Annapolis uses the weighted-average process costing method. Use thisinformation to determine the cost per equivalent unit of direct materialfor the month of March. (Round answer to the nearest cent.)

Question 17 options:

## Question 18(3.5 points)

OnMarch 1, 2019, Annapolis Company has a beginning Work in Processinventory of zero. All materials are added into production at thebeginning of its production. There is only one production WIPinventory. During the month 24,000 units were started. At the end ofthe month all started units were 60% complete with respect toconversion. Direct Materials placed into production had a total cost of\$320,000 and the total conversion cost for the month was \$313,000.Annapolis uses the weighted-average process costing method. Use thisinformation to determine the cost per equivalent unit of conversion forthe month of March. (Round answer to the nearest cent.)

Question 18 options:

## Question 19(3.5 points)

OnJanuary 1, Easton Company had cash on hand of \$90,000. All ofJanuary’s \$236,000 sales were on account. December sales of \$214,000were also all on account. Experience has shown that Easton typicallycollects 45% of receivables in the month of the sale and the balance thefollowing month. All materials and supplies are purchased on accountand Easton has a history of paying for half of these purchases in themonth of purchase and half the following month. Such purchases were\$162,000 for December and \$178,000 for January. All other expensesincluding wages are paid in the month incurred. These amounted to\$42,000 in December and \$48,000 in January. Use this information todetermine the projected ending balance of cash on hand for January.(Round answer to the nearest whole dollar)

Question 19 options:

## Question 20(3.5 points)

OnJanuary 2, 2018, Baltimore Company purchased 10,000 shares of the stockof Towson Company at \$10 per share. Baltimore obtained significantinfluence as the purchase represents a 30% ownership stake in TowsonCompany. On August 1, 2018, Towson Company paid cash dividends of\$27,000. Baltimore Company intended this investment to a long-terminvestment. On December 31, 2018, Towson Company reported \$50,000 ofnet income for FY 2018. Additionally, the current market price forTowson Company’s stock increased to \$20 per share at the end of theyear. Use this information to determine, how much Baltimore Companyshould report for its investment in Towson Company on December 31, 2018.(Round to the nearest dollar.)

Question 20 options:

## Question 21(3.5 points)

OnJanuary 2, 2018, Baltimore Company purchased 9,000 shares of the stockof Towson Company at \$11 per share. Baltimore did NOT obtainsignificant influence as the purchase represents a 10% ownership stakein Towson Company. On August 1, 2018, Towson Company paid cashdividends of \$23,000. Baltimore Company intended this investment to along-term investment. On December 31, 2018, Towson Company reported\$70,000 of net income for FY 2018. Additionally, the current marketprice for Towson Company’s stock increased to \$25 per share at the endof the year. Use this information to determine, how much BaltimoreCompany should report for its investment in Towson Company on December31, 2018. (Round to the nearest dollar.)

Question 21 options:

## Question 22(3.5 points)

FrederickCompany has two service departments (Cafeteria Services &Maintenance). Frederick has two production departments (AssemblyDepartment & Packaging Department.) Frederick uses a stepallocation method where Cafeteria Services is allocated to alldepartments and Maintenance Services is allocated to the productiondepartments. All allocations are based on total employees. CafeteriaServices has costs of \$225,000 and Maintenance hascosts of \$245,000 before any allocations. What amount of Maintenancetotal cost is allocated to the Packaging Department? (round to closestwhole dollar) Employees are:

Cafeteria Services 3

Maintenance 6

Assembly Department 8

Packaging Department 10

Question 22 options:

## Question 23(3.5 points)

BowieSporting Goods manufactures sleeping bags. The manufacturing standardsper sleeping bag, based on 5,000 sleeping bags per month, are asfollows:

Direct material of 5.50 yards at \$5.00 per yard

Direct labor of 2.00 hours at \$19.00 per hour

Overhead applied per sleeping bag at \$18.00

In the month of April, the company actually produced 4,900 sleepingbags using 25,100 yards of material at a cost of \$5.10 per yard. Thelabor used was 11,500 hours at an average rate of \$18.50 per hour. Theactual overhead spending was \$96,200.

Determine the materials price variance and round to the nearest wholedollar. Enter a favorable variance as a negative number. Enter anunfavorable variance as a positive number.

Question 23 options:

## Question 24(3.5 points)

BowieSporting Goods manufactures sleeping bags. The manufacturing standardsper sleeping bag, based on 5,000 sleeping bags per month, are asfollows:

Direct material of 5.50 yards at \$6.00 per yard

Direct labor of 2.00 hours at \$17.00 per hour

Overhead applied per sleeping bag at \$18

In the month of April, the company actually produced 5,100 sleepingbags using 26,800 yards of material at a cost of \$5.30 per yard. Thelabor used was 11,750 hours at an average rate of \$18.50 per hour. Theactual overhead spending was \$96,200.

Determine the labor quantity variance and round to the nearest wholedollar. Enter a favorable variance as a negative number. Enter anunfavorable variance as a positive number.

Question 24 options:

## Question 25(16 points)

Selectedfinancial information for the Adelphi Company for the fiscal yearsended December 31, 2018 and 2017 follows. Prepare a cash flow statementusing the indirect method. Properly title the statement.

 2018 2017 Cash balance \$113,500 \$37,500 Net income 142,500 162,000 Depreciation Expense 42,000 35,000 Purchase of Plant Assets 135,000 125,000 Disposal of Plant Assets 40,000 50,000 Gain (Loss) on Disposal of Plant Assets (10,000) 5,000 Accounts Receivable Balance 64,500 58,000 Accounts Payable Balance 42,000 39,000 Interest Expense 8,000 6,000 Income Taxes Paid 35,000 28,000 Dividends Paid 30,000 25,000 Common Stock Issued for Cash 20,000 0
Question 25 options:

"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."

## Our Service Charter

1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Eminence Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Eminence Papers are known for the timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Eminence Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.