Problem 1: The Common Stock account for Baltimore Corporation on January 1, 2018 was $60,000. On July 1, 2018 Baltimore issued an additional 7,000 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 $142,000. Use this information to determine for December 31, 2018 the amount of Earnings per Share.
Problem 2: For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $33,000, accounts receivable $109,000, inventories $83,000, prepaid expenses $20,000, accounts payable $76,000, and accrued expenses $53,000. Use this information to determine the Current Ratio.
Problem 3: For the FY 2018, Frederick Company had net sales of $1,200,000 and net income of $65,000, paid income taxes of $15,000, and had before tax interest expense of $10,000. Use this information to determine the Times Interest Earned Ratio.
Problem 4: Towson Manufacturing had a Work in Process balance of $50,000 on January 1, 2018. The yearend balance of Work in Process was $88,000 and the Cost of Goods Manufactured was $765,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
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