Reference no: EM132534887

Questions -

Q1. On March 1, 2019, Baltimore Corporation had 70,000 shares of common stock outstanding with a par value of $5 per share. On March 1, Baltimore Corporation authorized a 15% stock dividend when the market value was $18 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.

Q2. The Common Stock account for Baltimore Corporation on January 1, 2018 was $50,000. 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 $104,500. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).

Q3. For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $29,000, accounts receivable $146,000, inventories $92,000, prepaid expenses $25,000, accounts payable $91,000, and accrued expenses $60,000. Use this information to determine the Current Ratio.