False Value Hardware began 2018 with a credit balance of $31,800 in the allowance for sales returns account. Sales and cash collections from customers during the year were $730,000 and $690,000, respectively. False Value estimates that 6% of all sales will be returned. During 2018, customers returned merchandise for credit of $21,000 to their accounts.

False Value Hardwares 2018 income statement would report net sales of :

A) 709,000

B) 686,200

C) 719,200

D) 698,200

Astro Corporation was started with the issue of 5,300 shares of $11 par stock for cash on January 1, 2018. The stock was issued at a market price of $20 per share. During 2018, the company earned $58,050 in cash revenues and paid $38,894 for cash expenses. Also, a $3,300 cash dividend was paid to the stockholders.

Required:

Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Astro Corporation’s 2018 fiscal year.

On January 1, 2018, Ras Alhd Corporation purchased 12% bonds dated January 1, 2018, with a principal amount of OMR 120,000. The bonds mature in 2028 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. What is the price of the bonds at January 1, 2018 Select one:

a. OMR 120,000

b. OMR 138,694

c. OMR 108,000

d. OMR 101,306

Assuming Kristi corporation issued a 10%, $1M bond due in 5 years. The bond sold on January 1, 2018, to yield 8%. The company pays interest on June 30th and December 31st

1. Determine the issue price of the bond.

2. Record the necessary journal entries for 2018 assuming the company's fiscal year end is 12/31.

3. Record the necessary journal entries for 2018 assuming the company's fiscal year end is 10/31.

Benn, Incorporated, has 6,000,000 shares of common stock outstanding on December 31, 2017. An additional 1,000,000 shares of common stock were issued on April 1, 2018, and 500,000 more on July 1, 2018. On October 1, 2018, Benn declared a 10% stock dividend. On November 1, Benn purchased 120,000 of its own stock. What was the number of shares to be used in computing basic earnings per share?

SHOW ALL COMPUTATIONS.

Suppose a closed economy has a consumption-output ratio of 0.8. Total output is 1 Billion in 2018 and the capital stock equals 5 Billion. It's depreciation rate and population growth rate are both equal to 2%. What is true in 2019?

income will have grown

consumption will take an even larger share of output

we do not have enough information to calculate changes from 2018 to 2019

the capital stock must be smaller than in 2018

1. Data below for the year ended December 31, 2018, relates to Houdini Inc., which began operations on January 1, 2018. The retail price index at the end of 2018 was 1.10.

   	Cost					Retail
   Beginning inventory	$	66,000					$	104,000
   Net purchases		280,000						420,000
   Net markups								20,000
   Net markdowns								40,000
   Net sales								375,000

   Required: Calculate estimated ending inventory at cost assuming Houdini uses the Dollar-Value LIFO retail method.

Albertson Corporation began a special promotion in July 2018 in an attempt to increase sales. A coupon was provided at various grocery stores upon checkout. Customers could send in five coupons to receive $3.25. Albertson's management estimated that 70% of the coupons would be redeemed. For the six months ended December 31, 2018, the following information is available:

Required:
What is the estimated liability associated with the coupons at December 31, 2018?

Astro Corporation was started with the issue of 5,500 shares of $9 par stock for cash on January 1, 2018. The stock was issued at a market price of $16 per share. During 2018, the company earned $64,100 in cash revenues and paid $42,947 for cash expenses. Also, a $3,900 cash dividend was paid to the stockholders.

Required:

Prepare an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows for Astro Corporation’s 2018 fiscal year.