The following are selected accounts for the Wicomico Company after all Fiscal Year December 31, 2018
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.
2) At fiscal year end, December 31, 2018, Somerset Corporation had total stockholders’ equity of $4,700,000. On FY 2018 year end, Somerset Corporation had Common Stock account of $1,450,000 of $10 par value common stock and Preferred Stock account of $100,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $102. Use this information to determine the book value per share of Common Stock as of end of the FY 2018: (Round your answer to the nearest penny.)
3)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 56,000 30,000
Current Liabilities 76,000 42,000
Net Sales (all credit) 550,000 485,000
Cost of Goods Sold 330,000 265,000
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.)
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