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Question 1
On June 1, 2019 Adelphi Corporation issued $200,000 of 6%, 5-year bonds. The bonds which were issued at 97, 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.
Question 2
On December 31, 2018, Adelphi Corporation has outstanding 1,000 shares of $100 par value, 7% cumulative and nonparticipating preferred stock, and 14,000 shares of $10 par value common stock. Preferred dividends were paid in 2016 but were not paid in 2017. During 2018, Alpha distributed $40,000 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.
Question 3
On March 1, 2019, Baltimore Corporation had 40,000 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 $12 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 4
The Common Stock account for Baltimore Corporation on January 1, 2018 was $75,000. On July 1, 2018 Baltimore issued an additional 8,000 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 $144,000. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).
Question 5
For the FY 2018, Dorchester Company’s balance sheet included the following current items: cash $25,000, accounts receivable $106,000, inventories $96,000, prepaid expenses $25,000, accounts payable $60,000, and accrued expenses $61,000. Use this information to determine the Current Ratio. (Round & enter your answers to one decimal place.)
Question 6
For the FY 2018, Frederick Company had net sales of $1,050,000 and net income of $70,000, paid income taxes of $22,500, 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 7
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 | $46,000 | $36,000 |
| Inventory | 42,000 | 38,000 |
| Net Sales (all credit) | 400,000 | 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.)
Question 8
Towson Manufacturing had a Work in Process balance of $110,000 on January 1, 2018. The year end balance of Work in Process was $52,000 and the Cost of Goods Manufactured was $770,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.)
Question 9
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $25,000 & ending finished goods inventory of $18,500. Beginning work-in-process was $13,000 and ending work-in-process was 13,500. Factory overhead was $22,500. The total manufacturing costs amounted to $242,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
Question 10
During FY 2019, Dorchester Company plans to sell Widgets for $10 a unit. Current variable costs are $7 a unit and fixed costs are expected to total of $176,000. Use this information to determine the number of units of Widgets for Dorchester to breakeven. (Round to the nearest whole number)
Question 11
During FY 2019, Dorchester Company plans to sell Widgets for $15 a unit. Current variable costs are $6 a unit and fixed costs are expected to total of $173,000. Use this information to determine the dollar value of sales for Dorchester to breakeven. (Round to the nearest whole dollar)
Question 12
Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $205,000 and direct labor hours of 10,000. During the month of February 2019, actual direct labor hours of 9,700 were incurred. Use this information to determine the amount of factory overhead that was applied in February. (round answer to the nearest whole dollar):
Question 13
During March 2019, Annapolis Corporation recorded $42,800 of costs related to factory overhead. Alpha’s overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $42,500 would be incurred, and 4,500 direct labor hours would be worked. During March, 6,250 hours were actually worked. Use this information to determine the amount of factory overhead that was (over) or under applied. (Round answers to the nearest whole dollar. Enter as a positive number if under applied. Enter as a negative number if over applied.)
Question 14
On May 21, 2019, Christine worked 4.0 hours on Job A-1, and 3 hours on general “overhead activities.” Christine is paid $12 per hour. Overhead is applied based on $22 per direct labor hour. Additionally, on May 21 Job A-1 requisitioned and entered into production $200 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 15
Bethesda Company’s April 1, 2019 beginning work in process was 1,000 units. During April an additional 2,400 units were put into production. At the end of April all units were completed except for 625 units. Use this information to determine number of units completed.
Question 16
On March 1, 2019, Baltimore Company’s beginning work in process inventory had 8,500 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Baltimore introduces direct materials at the beginning of the production process. During March, a total of 24,600 units were started and the ending WIP inventory had 8,600 units which were 70% complete as to conversion costs. Baltimore uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costs. (Round answer to the nearest whole number of units)
Question 17
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 37,000 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 $410,000 and the total conversion cost for the month was $313,000. Annapolis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of direct material for the month of March. (Round answer to the nearest cent.)
Question 18
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 36,000 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 $360,000 and the total conversion cost for the month was $323,000. 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.)
Question 19
On January 1, Easton Company had cash on hand of $115,000. All of January’s $236,000 sales were on account. December sales of $238,000 were also all on account. Experience has shown that Easton typically collects 25% of receivables in the month of the sale and the balance the following month. All materials and supplies are purchased on account and Easton has a history of paying for half of these purchases in the month of purchase and half the following month. Such purchases were $159,000 for December and $157,000 for January. All other expenses including wages are paid in the month incurred. These amounted to $42,000 in December and $64,000 in January. Use this information to determine the projected ending balance of cash on hand for January. (Round answer to the nearest whole dollar)
Question 20
On January 2, 2018, Baltimore Company purchased 10,000 shares of the stock of Towson Company at $15 per share. Baltimore obtained significant influence as the purchase represents a 30% ownership stake in Towson Company. On August 1, 2018, Towson Company paid cash dividends of $17,000. Baltimore Company intended this investment to a long-term investment. On December 31, 2018, Towson Company reported $50,000 of net income for FY 2018. Additionally, the current market price for Towson Company’s stock increased to $20 per share at the end of the year. Use this information to determine, how much Baltimore Company should report for its investment in Towson Company on December 31, 2018. (Round to the nearest dollar.)
Question 21
On January 2, 2018, Baltimore Company purchased 8,000 shares of the stock of Towson Company at $11 per share. Baltimore did NOT obtain significant influence as the purchase represents a 5% ownership stake in Towson Company. On August 1, 2018, Towson Company paid cash dividends of $23,000. Baltimore Company intended this investment to a long-term investment. On December 31, 2018, Towson Company reported $60,000 of net income for FY 2018. Additionally, the current market price for Towson Company’s stock increased to $18 per share at the end of the year. Use this information to determine, how much Baltimore Company should report for its investment in Towson Company on December 31, 2018. (Round to the nearest dollar.)
Question 22
Frederick Company has two service departments (Cafeteria Services & Maintenance). Frederick has two production departments (Assembly Department & Packaging Department.) Frederick uses a step allocation method where Cafeteria Services is allocated to all departments and Maintenance Services is allocated to the production departments. All allocations are based on total employees. Cafeteria Services has costs of $185,000 and Maintenance has costs of $220,000 before any allocations. What amount of Maintenance total cost is allocated to the Packaging Department? (round to closest whole dollar) Employees are:
Cafeteria Services 6
Maintenance 3
Assembly Department 7
Packaging Department 9
Question 23
Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:
Direct material of 6.00 yards at $5.75 per yard
Direct labor of 2.00 hours at $17.00 per hour
Overhead applied per sleeping bag at $18.00
In the month of April, the company actually produced 4,900 sleeping bags using 24,500 yards of material at a cost of $5.70 per yard. The labor used was 11,500 hours at an average rate of $20.50 per hour. The actual overhead spending was $96,200.
Determine the materials price variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.
Question 24
Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:
Direct material of 5.00 yards at $6.00 per yard
Direct labor of 2.00 hours at $20.00 per hour
Overhead applied per sleeping bag at $18
In the month of April, the company actually produced 5,100 sleeping bags using 26,800 yards of material at a cost of $5.70 per yard. The labor used was 11,750 hours at an average rate of $16.50 per hour. The actual overhead spending was $96,200.
Determine the labor quantity variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.
Question 25
Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Prepare a cash flow statement using 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 |
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