On 1/1/2015 ABC received $300,000 in cash for issuing 10,000 shares of $9.000 par common stock. ABC received $600,000 cash for issuing 2000 shares of 200/par preferred stock.

ABC purchased 15% of CDC stock for $25,000 cash. ABC is not intending to sell it anytime in the future and definatelly not in 2016. The value of the stock at the 12/31/20015 was $24,000. CDE paid ABC $1000 in dividends.

ABC purchased (cash) DEF debt for $10,800. (10,000 face, 10%, 5year) that intends to hold until maturity. Interest is paid annually on 1/1. Market rate is 8%. Use effective interest rate to amortize. Bond value at 12/31/2015 was 10,500.

ABC purchased GHJ 5 year bond that is not sure if it will sell or hold until maturity for $25,000. Face of the note is $20,000. It pays 10% interest annually(1/1). fair value of the bond at year-end was $24,500. Straight line

ABC purchases 2 widget producing machines at a total cost of $200,000 on credit. The book life of the asset is 5 years. No salvage.

Durning the year 2015: ABC receives a refundable deposit for $100,000 to sell widgets to WTH company in 2/2016. Purchases $40,000(at cost of $1.00 per unit)of inventory on credit. ABC enters into agreement to sell 50,000 widgets to ASAP Company for $400,000. They deliver half of the widgets. ABC receives $200,000 in cash durning the current year and the remaining $200,000 will be paid in 2016. The credit portion of the sale will not be consider revenues for tax purposes until the cash is received. Prior to delivery, ABC purchases (credit) 40,000 of inventory-cost $2.00/unit. ABC uses LIFO. ABC enters into an agreement to provide FYI services in November of 2015 for $500,000. The agreements are signed in November 2015. The cash is received in November. ABC pays in cash: a tax-non decuctible fineof $10,000, salaries of $20,000, rent $2000. The depreciation for the year is $65,000. The tax rate is 40%. ABC declares $10,000 of dividends, $5,000 each to its common stock and its preferred. Payment is not until 2016. Prepare all journal entries (including closing, Income statement and Balance Sheet.

What changes are occurring in the non-disposable razor category? Assess Paramount’s competitive position.  

How is the non-disposable razor market segmented? Examine consumer behavior for non-disposable razors.

Would you recommend launching Clean Edge as a niche or a mainstream brand? Why? What are the strategic implications of your recommendation?

A computer operations department decided to study the effect of the connection media used (either cable or fiber). The team designed a study in which a total of 30 subscribers were chosen. The subscribers were randomly assigned to one of the 3 messaging systems and measurements were taken on the updated time (in seconds). The data are shown below.

(With excel functions can you help in solving these questions)

a. State the null and alternate hypotheses that would be used to test whether there is a significant difference in the average update times for the three different messaging systems. Express symbolically if possible.

b. What type of study is this and what type of hypothesis test would be used to conduct the hypothesis test?

c. What is the p-value corresponding to this hypothesis test? (use cell reference to show answer and where it is found).

d. Conduct a hypothesis test to test whether there is a significant differencewhether there is a significant difference in the average update times for the three different messaging systems. Give a complete summary.

e. State the null and alternate hypotheses that would be used to test whether there is a significant difference in the mean update times of the messaging systems using the 2 different connection media. Express symbolically if possible.

f. What is the p-value corresponding to this hypothesis test? (use cell reference to show answer and where it is found).

g. Conduct a hypothesis test to test whether there is a significant effect due to messaging system used. Give a complete summary.

h. State the null and alternate hypotheses that would be used to test whether there is an interaction between the connection media and the messaging system. Express symbolically if possible.

i. What is the p-value corresponding to this hypothesis test? (use cell reference to show answer and where it is found).

j. Conduct a hypothesis test to determine whether there is an interaction between interaction between the connection media and the messaging system. State complete conclusions.

Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available:

  
Required:
1. to 3. Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees.
4. Determine the balances at December 31, 2018, in the PBO, plan assets, the net gain–AOCI, and prior service cost–AOCI [Hint: You might find T-accounts useful.]
5. What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan?

Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the following pension-related data were available:

  
Required:
1. to 3. Prepare the 2018 journal entry to record pension expense, to record any 2018 gains and losses and the contribution to plan assets and benefit payments to retirees.
4. Determine the balances at December 31, 2018, in the PBO, plan assets, the net gain–AOCI, and prior service cost–AOCI [Hint: You might find T-accounts useful.]
5. What amount will Beale report in its 2018 balance sheet as a net pension asset or net pension liability for the funded status of the plan?

On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $12,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $94,000 and were expected to have a useful life of Five years with no residual value. Both firms record amortization and depreciation semi-annually.

Prepare the appropriate enteries for both the lessee and the lessor from the beginning of the lease through the end of 2018

1. Jan 1 2018 Record the beginning of the lease for Nath-Langstorm Services

2. June 30 2018 Record the lease payment and interest expense for Nath-Langstrom Services

3. June 30 2018 Record the amortization expense for Nath-Langstrom Services

4. December 31 2018 Record the lease payment and interest expense for Nath-Langstrom Services

5. December 31 2018 Record the amortization expense for Nath-Langstrom Services

6. June 30 2018 Record the lease revenue received by ComputerWorld Leasing

7. June 30 2018 Record the Depreciation expense for ComputerWorld Leasing

8. December 31 2018 Record the lease revenue received by ComputerWorld Leasing

9. December 31 2018 Record the Depreciatino for ComputerWorld Leasing

Tia and Colton graduate from college in May 2018 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes course for outdoor enthusiasts.

On July 1, 2018, Tia and Colton organize their new company as a corporation, Great Adventures Inc. The articles of incorporation state that the corporation will sell 30,000 shares of common stock for $1 each. Each share of stock represents a unit of ownership. Tia and Colton will act as co-presidents of the company. The following transactions occur from July 1 through December 31.

The following information relates to year-end adjusting entries as of December 31, 2018.

1. Depreciation of the mountain bikes purchased on July 8 and kayaks purchased on August 4 totals $6,820.
2. Six months’ worth of insurance has expired.
3. Four months’ worth of rent has expired.
4. Of the $1,900 of office supplies purchased on July 4, $370 remains.
5. Interest expense on the $46,000 loan obtained from the city council on August 1 should be recorded.
6. Of the $2,900 of racing supplies purchased on December 12, $190 remains.
7. Colton calculates that the company owes $13,200 in income taxes.

REQUIREMENTS:

1. Record each of the transactions listed above in the ‘General Journal’ tab (these are shown as items 1-27). From those transactions, populate the ‘General Ledger’ and review the ‘Trial Balance’ tab to see the effect of the transactions on the account balances.
2. Record the adjusting entries in the ‘General Journal’ tab (these are shown as items 28-34). Update your ‘General Ledger’.
3. Review the adjusted ‘Trial Balance’ as of December 31, 2018.
4. Prepare an income statement for the period ended December 31, 2018, in the ‘Income Statement’ tab.
5. Prepare a classified balance sheet as of December 31, 2018, in the ‘Balance Sheet’ tab.
6. Record the closing entries in the ‘General Journal’ tab (these are shown as items 35-37). Update your ‘General Ledger’.

What are your thoughts on Peter Singer's approach to non-humans and his distinctions between persons and non-persons? Explain.

Ayayai Tool Company’s December 31 year-end financial statements contained the following errors. December 31, 2017 December 31, 2018 Ending inventory $10,500 understated $8,200 overstated Depreciation expense $2,400 understated — An insurance premium of $69,000 was prepaid in 2017 covering the years 2017, 2018, and 2019. The entire amount was charged to expense in 2017. In addition, on December 31, 2018, fully depreciated machinery was sold for $16,000 cash, but the entry was not recorded until 2019. There were no other errors during 2017 or 2018, and no corrections have been made for any of the errors. (Ignore income tax considerations.)

Compute the total effect of the errors on 2018 net income.

Compute the total effect of the errors on the amount of Ayayai’s working capital at December 31, 2018.

Compute the total effect of the errors on the balance of Ayayai’s retained earnings at December 31, 2018.

2.For the year ended December 31, 2018, Fidelity Engineering reported pretax accounting income of $977,000. Selected information for 2018 from Fidelity’s records follows:

Interest income on municipal bonds $32,000

Depreciation claimed on the 2018 tax return in excess of depreciation on the income statement 55,000

Carrying amount of depreciable assets in excess of their tax basis at year-end 85,000

Warranty expense reported on the income statement 26,000

Actual warranty expenditures in 2018 16,000

Fidelity’s income tax rate is 40%. At January 1, 2018, Fidelity’s records indicated balances of zero and $12,000 in its deferred tax asset and deferred tax liability accounts, respectively.

Required:

1. Determine the amounts necessary to record income taxes for 2018, and prepare the appropriate journal entry.

2. What is Fidelity’s 2018 net income?