ullerton, Inc. makes and sells a single snowboard model, the Titan. Fullerton’s CEO expects to sell 3,910 snowboards at an estimated retail price of $1,320 per board during 2018. In the fall of 2017, Fullerton gathered the following data to prepare budgets for 2018:

​

CEO expects to sell 3,910 snowboards during 2018 at an estimated retail price of

$ 1,320 per board.​ Further, the CEO expects 2018 beginning inventory of 700 snowboards and would like to end 2018 with 900 snowboards in stock. The inventoriable unit cost for beginning finished goods inventory on January 1, 2018 ​is ​$230.00.

Data pertaining to the direct materials inventories are as follows:

Variable manufacturing overhead is $20 per direct labor-hour. There are also $28,770 in fixed manufacturing overhead cots budgeted for 2018. Both variable and fixed overhead costs are allocated based on direct manufacturing labor-hours.

Other data include the following:

Assume Fullerton uses a FIFO inventory method for both direct materials and finished goods. Ignore work in process in your calculations.

What is the budgeted cost of goods sold for 2018?

Group of answer choices

$4,521,170

$4,369,470

$4,508,070

$4,319,070

The December 31, 2018, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

Required:
1-a. Prepare an income statement for the year ended December 31, 2018.
1-b. Prepare a classified balance sheet as of December 31, 2018.
2. Prepare the necessary closing entries at December 31, 2018.

Prepare an income statement for the year ended December 31, 2018.

Prepare a classified balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

• Record the entry to close the revenue accounts using the income summary.
• Record the entry to close the expense accounts using the income summary.
• Record the entry to close the income summary account.

The following table lists the month-end prices from May 2017 to July 2018 of the Spider S&P 500 Index ETF (SPY) and iShares 20+ Treasury Bond ETF (TLT), respectively. During this time period the average annual yield for the one-month Treasury bills is 1.292% or 0.1077% per month. Apply the following equation to calculate the monthly returns from June 2017 to July 2018 for SPY and TLT, respectively. The monthly return for month n: rn = (Current month-end price – Previous month-end price) / Previous month-end price = (Pn – Pn-1) / Pn-1 Monthly Returns Data Date Adj Close Price Pn: SPY Adj Close Price Pn: TLT 5/31/2017 235.858 120.4887 6/30/2017 237.3616 121.4428 7/31/2017 242.2404 120.6433 8/31/2017 242.9471 124.7557 9/29/2017 247.8424 121.8577 10/31/2017 253.6826 121.8107 11/30/2017 261.4366 122.716 12/29/2017 264.6073 124.9404 1/31/2018 279.5203 120.8728 2/28/2018 269.3568 117.1966 3/29/2018 261.9736 120.548 4/30/2018 263.3276 118.0308 5/31/2018 269.7288 120.3966 6/29/2018 271.28 121.1741 7/31/2018 281.33 119.433

Using the monthly returns, find the values of the following inferences about SPY and TLT, respectively. AAR GAR HPR Standard deviation Sharpe ratio VaR (1%) and Var (5%)

Murderer of Love began operations on 1/1/2016. All shares of common and preferred stock were issued on that date. The following information relates to the company as of December 31, 2018:

Balance sheet info 2018

Preferred Stock, Cumulative, Par $5,10% dividend rate $160,000

Additional pain in capital- Preferred stcok 40,000

Common stock par $2 400,000

Additional pain in capital- common stock 3,024,000

Treasury Stock- 1,000 shares repurchased during 2016 (20,000)

Beginning Retained Earnings balance ( as of Jan. 1, 2018) 180,000

Income statement Info 2018

Net income 414,000

During 2018, Murderer of Love declared and paid a cash dividend of $60,000. The only other dividend the company has ever issued was a $20,000 cash dividend declared and paid during 2016.

Required (1):  What should be the company’s ending retained earnings balance (as of December 31, 2018)? Answer below.

Question 2

Required (2):  How many shares of common stock were issued on 1/1/16?

Question 3

Required (3):  How many shares of common stock are outstanding as of December 31, 2018?

Question 4

Required (4):  How much did Murderer of Love receive per share when the preferred stock was issued?

Question 5

Required (5):  How much of the cash dividend declared and paid in 2018 was paid to common stockholders?

Question 6

Required (6):  What is Murderer of Love's earnings per share for the year ended December 31, 2018?

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2018:

Required:
1-a. Determine Douglas-Roberts' pension expense for 2018.
1.b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2018 gains and losses, to record the cash contribution to plan assets and to record retiree benefits..

Required 1-a.

Required 1B and 2 to 4

1. Record annual pension expense.

2. Record the change in plan assets.

3. Record the change in the PBO.

4. Record the cash contribution to plan assets.

5. Record the retiree benefits paid.

On January 1, 2018, Skysong Corp. had 469,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock account.

Determine the weighted-average number of shares outstanding as of December 31, 2018.

Assume that Skysong Corp. earned net income of $3,354,000 during 2018. In addition, it had 101,000 shares of 8%, $100 par nonconvertible, noncumulative preferred stock outstanding for the entire year. Because of liquidity considerations, however, the company did not declare and pay a preferred dividend in 2018. Compute earnings per share for 2018, using the weighted-average number of shares determined in part (a). (Round answer to 2 decimal places, e.g. $2.55.)

Assume the same facts as in part (b), except that the preferred stock was cumulative. Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.)

Assume the same facts as in part (b), except that net income included a loss from discontinued operations of $418,000 (net of tax). Compute earnings per share for 2018. (Round answer to 2 decimal places, e.g. $2.55.)

scholes shoes ltd is a retailer for kids school shoes and they have produced the following unadjusted trial balance:

Scholes shoes ltd

trial balance as at December 31, 2018

the following additional information was made available at December 31, 2018

a) insurance of $1,600,000 was paid on January 1, 2018 for the period January 2018 to April 2019

b) The company building has an estimated life of (10) years and is being depreciated on the straight-line method of depreciation, down to a residual value of $0

c) The fixtures and fittings are being depreciated over (10) years on the double-declining method of depreciation, down to a residue of $128,849

d) Wages earned by the company's employees and not paid at December 31, 2018 amounted to $130,000

e) A physical count of inventory at December 31, 2018, reveals $405,000 worth of inventory on hand

f) the aging of the accounts receivable schedule at December 31, 2018 indicated that the estimated uncollectible on accounts receivable is $120,000

Required:

1) Prepare the necessary adjusting entries on December 31, 2018

2) Prepare the company's Multiple-step Income Statement for the year ended December 31, 2018

3) Prepare the company's Statement of Owner's Equity for the year ended December 31, 2018

4) Prepare the company's classified Balance Sheet at December 31, 2018

In the following various property transactions in 2018, determine the basis of property sold, as wells as the amount and character of gain or loss recognized.

a) On December 15, 2017, Tom received 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. Tom sold the stock of February 15, 2018 for $7,500. (Sale Price: $7,500)

b) On December 15, 2017, Tom received 100 shares of Foster Corp. as compensation for services. The adjusted basis of the stock was $4,000, and its fair market value at the time of transfer was $5,000. Tom sold the stock on February 15, 2018 for $4,800. (Sale Price: $4,800)

c) In April 2018, Tom received an acre of land as a gift from uncle. At the time of the gift, the land has a FMV of $50,000. The uncle purchased the land for $40,000 in July, 2016. Tom held the land as an investment and sold it for $55,000 in May, 2018. (Sale Price: $55,000)

d) In June 2018, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in 2011, was $4,000, and market value on the date of the gift was $3,000. The donor paid no gift tax. Hall sold the stock received from her mother for $2,500 in July 2018. (Sale Price: $2,500)

e) In June 2018, Hall's mother gifted her 100 shares of a listed stock. The donor's basis for this stock, which she bought in 2011, was $4,000, and market value on the date of the gift was $3,000. The donor paid no gift tax. Hall sold the stock received from her mother for $4,500 in July 2018. (Sale Price: $4,500)

f) During 2015, Tom purchased 100 shares of preferred stock of Boling Corp. for $5,500. In May 2018, Tom received a stock dividend of 10 additional shares of Boling Corp. preferred stock. On the date of distribution, it had a fair market value of $60 per share. In December 2018, Tom sold all of 110 shares of preferred stock for $100 per share. (Sale Price: $11,000)

g) On January 5, 2017, Tom purchased for $6,000, 100 shares of Campbell Corporation common stock. On July 8, 2018, he received a nontaxable stock dividend of 10 shares of Campbell Corporation $100 par value preferred stock. On that date, the market values per share of the common and preferred stock were $75 and $150, respectively. On August 8, 2018, Tom sold the 100 shares of common stock for $9,000 and 10 shares of preferred stock for $2,300. (Sale Price: CS $9,000 / PS $2,300)

Im having problems understanding how to start this.....

Troy Freight Service provides delivery of merchandise to retail grocery stores in northern Manitoba. At the beginning of 2018, the following account balances were available:

cash 92,100
A/R 361,500
supplies 24,600
prepaid advertising 2,000
building (warehouse) 2,190,000
Accumulated depreciation (warehouse) 280,000
equipment 795,000
accumulated depreciation (equipment) 580,000
land 304,975
a/p 17,600
wages payable 30,200
notes payable (due 2022) 1,000,000
common shares 1,400,000
retained earnings, 12/31/2017 462,375

During 2018 the following transactions occurred:

a. Troy performed deliveries for customers, all on credit, for $2,256,700. Troy also made cash deliveries for $686,838.

b. There remains $286,172 of accounts receivable to be collected at December 31, 2018.

c. Troy purchased advertising of $138,100 during 2018 and debited the amount to prepaid advertising.

d. Supplies of $27,200 were purchased on credit and debited to the supplies account.

e. Accounts payable at the beginning of 2018 were paid early in 2018. There remains $5,600 of accounts payable unpaid at year-end.

f. Wages payable at the beginning of 2018 were paid early in 2018. Wages were earned and paid during 2018 in the amount of $666,142.

g. During the year, Irene Hurd, a principal shareholder, purchased an automobile costing $42,000 for her personal use.

h. One-half year’s interest at 6% annual rate was paid on the note payable on July 1, 2018.

i. Property taxes were paid on the land and buildings in the amount of $170,000.

j. Dividends were declared and paid in the amount of $25,000.

The following data are available for adjusting entries:

● Supplies in the amount of $13,685 remained unused at year-end.

● Annual depreciation on the warehouse building is $70,000.

● Annual depreciation on the warehouse equipment is $145,000.

● Wages of $60,558 were unrecorded and unpaid at year-end.

● Interest for six months at 6% per year on the note is unpaid and unrecorded at year-end.

● Advertising of $14,874 remained unused at the end of 2018.

● Income taxes of $482,549 related to 2018 are unpaid at year-end.

Required: 1.Post the 2018 beginning balances to T-accounts. Prepare journal entries for transactions a through j and post the journal entries to T-accounts, adding any new T-accounts you need.

2.Prepare the adjustments and post the adjustments to the T-accounts, adding any new Taccounts you need.

3. Prepare a statement of earnings.
4. Prepare a statement of retained earnings.

5. Prepare a classified statement of financial position.

6. Prepare closing entries.

plz help

Suppose that on January ?6, 2018?, Westfall Motors paid $ 450 comma 000 comma 000 for its 30 % investment in Power Motors. Westfall has significant influence over Power after the purchase. Assume Power earned net income of $ 50 comma 000 comma 000 and paid cash dividends of $ 15 comma 000 comma 000 to all outstanding stockholders during 2018. ?(Assume all outstanding stock is voting? stock.) Read the requirements LOADING.... Requirement 1. What method should Westfall Motors use to account for the investment in Power ?Motors? Give your reasoning. Westfall Motors should use the ? available-for-sale consolidation equity held-to-maturity method to account for its investment in Power Motors because the investment ? creates a parent-subsidiary relationship between Westfall Motors and Power Motors. in Power is a debt security that Westfall Motors plans to hold to maturity. represents a 30% ownership of Power Motors and Westfall Motors has significant influence over Power Motors. Requirement 2. Journalize all required 2018 transactions related to Westfall ?Motors's Power investment. Include an explanation for each entry. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry table. If no entry is? required, select? "No entry? required" on the first line of the Accounts and Explanation column and leave the remaining cells? blank.) Westfall Motors paid $ 450 comma 000 comma 000 for its 30 % investment in Power Motors. Date Accounts and Explanation Debit Credit 2018 Jan. 6 Power paid cash dividends of $ 15 comma 000 comma 000 to all outstanding shareholders during 2018. Date Accounts and Explanation Debit Credit 2018 Power earned net income of $ 50 comma 000 comma 000 during 2018. Date Accounts and Explanation Debit Credit 2018 Requirement 3. Post all 2018 transactions to the investment? T-account. What is its balance after all the transactions are? posted? How would this balance be classified on the balance sheet dated December? 31, 2018?? Begin by selecting the investment account and posting the 2018 transactions to the investment? T-account. Calculate the balance after all the transactions are posted. How would this balance be classified on the balance sheet dated December? 31, 2018?? This balance would be classified as ? a current asset a current liability a long-term asset a long-term liability accumulated other comprehensive income on the balance sheet dated December? 31, 2018.