On December 31, 2018, Adelphi Corporation has outstanding 500 shares of $100 par value, 4% cumulative and nonparticipating preferred stock, and 5,000 shares of $10 par value common stock.
1.On December 31, 2018, Adelphi Corporation has
outstanding 500 shares of $100 par value, 4% cumulative and nonparticipating preferred stock, and 5,000 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
2.The Common Stock account for Baltimore Corporation on January 1, 2018 was $52,500. 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 $127,500. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).
3.On January 2, 2018, Baltimore Company purchased 7,000 shares of the stock of Towson Company at $15 per share. Baltimore did NOT obtain significant influence as the purchase represents a 15% ownership stake in Towson Company. On August 1, 2018, Towson Company paid cash dividends of $19,000. Baltimore Company intended this investment to a long-term investment. On December 31, 2018, Towson Company reported $65,000 of net income for FY 2018. Additionally, the current market price for Towson Company’s stock increased to $28 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.)
4.Selected financial information for the Adelphi Company for the fiscal years ended December 31, 2018 and 2017 follows. Prepare cash flow statement using the indirect method. Properly title the statement.
2018 2017
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 20,0000 0
Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"
