Q2. FIFA’s world cup

Although Women world cup viewers are growing rapidly (764 Million TV views in Canada 2015), it is still far from getting close to Men’s (3.5 Billion TV views in Russia 2018). The ticket prices are also different. The Federation Internationale de Football Association (FIFA) sets the official prices of tickets. Let’s concentrate on the prices of final matches in men’s world cup, Russia 2018 and women’s world cup, France 2019.

A seat for the final match in Russia 2018 cost from 455 to 1100 USD ( with mean of 600 USD and standard deviation of 200 USD). A seat for Women’s France 2019 cost from 25 to 95 USD (with the mean of 60 USD and standard deviation of 20 USD). Both data are slightly skewed to the right.

A journalist wanted to write a report about the differences between Men and Women world cups. He headed to bars after the finals and interviewed spectators who came for a drink after the game. In each bar, he asked spectators how much they paid for their tickets. Then, he recorded the name of the bar, number of people he interviewed and the average ticket price. In each bar in Moscow where the final of Russia 2018 took place, he interviewed 50 spectators. He interviewed 10 people in each bar in Lyon where the final of France 2019 took place. He started his analysis by preparing the histograms of the mean ticket price for Russia 2018 and France 2019. (Hint. Assume spectators’ going to bar was at random)

1. What do you think the data distribution look like for the histogram of the mean ticket price of Russia 2018? Justify your answer.( 2 points)
2. What do you think the data distribution look like for the histogram of the mean ticket price of France 2019? Justify your answer.(2 points)
3. What’s the probability that the mean of ticket prices of the spectators in bars after the Russia 2018 final was between 550 and 650 USD? (6 points)

Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $110,623. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison’s fiscal year ends December 31.

• Amort Schedule

Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2019. Edison’s fiscal year ends December 31. (Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values.)

• General Journal

Prepare the appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2019. Edison’s fiscal year ends December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars and not in millions. Round your intermediate and final answers to nearest whole dollar.)

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Journal entry worksheet

• Record the lease.

Note: Enter debits before credits.

Digital Telephony issued 10% bonds, dated January 1, with a face amount of $42 million on January 1, 2018. The bonds mature in 2028 (10 years). For bonds of similar risk and maturity the market yield is 12%. Interest is paid semiannually on June 30 and December 31. Digital recorded the issue as follows: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.):

Digital also leased switching equipment to Midsouth Communications, Inc., on September 30, 2018. Digital purchased the equipment from MDS Corp. at a cost of $5 million. The five-year lease agreement calls for Midsouth to make quarterly lease payments of $326,290, payable each September 30, December 31, March 31, and June 30, with the first payment on September 30, 2018. Digital's implicit interest rate is 12%.

Required:
1. What would be the amount(s) related to the bonds that Digital would report in its statement of cash flows for the year ended December 31, 2018, under the direct method?
2. What would be the amounts related to the lease that Midsouth would report in its statement of cash flows for the year ended December 31, 2018, under the direct method?
3. What would be the amounts related to the lease that Digital would report in its statement of cash flows for the year ended December 31, 2018, under the direct method?
4. Assume MDS manufactured the equipment at a cost of $4 million and that Midsouth leased the equipment directly from MDS. What would be the amounts related to the lease that MDS would report in its statement of cash flows for the year ended December 31, 2018?
i posted this question 2 times before and both of them copying and pasting each other please make sure this time solution is correct

A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $6 million per year. At the end of 2018, the pension formula was amended again, creating an additional prior service cost of $40 million. The expected rate of return on assets and the actuary’s discount rate were 10%, and the average remaining service life of the active employee group is 10 years.

Required:

1. Fill in the missing amounts.
2. to 4. Prepare all the necessary journal entries for 2018            

Fill in the missing amounts. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign.)

Prepare all the necessary journal entries for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)

Journal entry worksheet

Transaction Index :

Record pension expense.

Record any 2018 gains and losses.

Record new prior service cost in 2018.

Record the cash contribution to plan assets.

Record payment of retiree benefits.

Note: Enter debits before credits.

+

4. Toussaint Company issued 10,000 shares of its common stock in exchange for merchandise that it will resell. The merchandise had originally cost the other party $250,000 and had a fair value of $300,000 on the date of the exchange. The retail value of the inventory is $520,000. Toussaint Company is not publicly traded and cannot precisely determine the fair value of its stock. It has used some industry averages, however, and applied Black-Scholes-Merton and estimates the fair value of its stock to be about $28 per share. At what amount should the inventory be recorded?

Multiple Choice

$280,000

$250,000

$300,000

$520,000

5. Werth Company has 100,000 shares of $10 par value common stock and 5,000 shares of $100 par value 5% cumulative preferred stock outstanding. No dividends had been paid in either 2016 or 2017. Werth Company is planning to pay a cash dividend in 2018.

If the cash dividend is for $200,000 in total, how much will be received by common stockholders?

Multiple Choice

$125,000

$175,000

$140,000

$200,000

6. Maholm Company declared a cash dividend payable to common stockholders of record as of December 24, 2017. The dividend was declared on December 10, 2017 and will be paid on January 7, 2018. On what date or dates will stockholders’ equity decrease as a result of the dividend?

Multiple Choice

December 24, 2017 only

December 10, 2017 and January 7, 2018

December 10, 2017 only

January 7, 2018 only

7. Caradonna Company has 100,000 shares of $5 par common stock issued and outstanding as of January 1, 2018. The shares were originally issued for $22 per share. On February 3, 2018, Caradonna repurchased 5,000 shares at $19 per share for the purposes of retiring them. On April 10, 2018, Caradonna repurchased an additional 2,000 shares at $25 per share. No other transactions involving common stock occurred during the year. What will be the balance in additional paid in capital from retired stock as a result of those transactions?

Multiple choice

$21,000

$15,000

$9,000

$0

Calculating Weighted-Average Cost Inventory Values The Brattle Corporation began operations in 2018. Information relating to the company’s purchases of inventory and sales of products for 2018 and 2019 is presented below. 2018 March 1 Purchase 220 units @ $12 per unit June 1 Sold 120 units @ $25 per unit September 1 Purchase 100 units @ $15 per unit November 1 Sold 130 units @ $25 per unit 2019 March 1 Purchase 70 units @ $16 per unit June 1 Sold 80 units @ $30 per unit September 1 Purchase 100 units @ $18 per unit November 1 Sold 90 units @ $35 per unit

Calculate the weighted-average cost of goods sold and ending inventory for 2018 and 2019 assuming use of (a) the periodic method and (b) the perpetual method.

a. Weighted-Average Periodic. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.

2018

Cost of goods sold __________?

Ending inventory __________?

2019

Cost of goods sold __________?

Ending inventory __________?

b. Weighted-Average Perpetual. Do not round your cost per unit. Do not round until your final answer. Round your answers to the nearest whole number.

2018

Cost of goods sold __________?

Ending inventory __________?

2019

Cost of goods sold __________?

Ending inventory __________?

Instructions: Prepare a classified balance sheet for Baxter Incorporated, at December 31, 2018. The balance sheet should be prepared in good form in excel. Be sure to use proper spacing, references, and formulas.

Baxter Incorporated was started by John Ross early in 2018. Initial capital was acquired by issuing shares of commons stock to various investors and by obtaining a bank loan. The company operates a retail store that sells records, tapes, and compact discs. Business was so good during the first year of operation that John is considering opening a second store on the other side of town. The funds necessary for expansion will come from a new bank loan. In order to approve the loan, the bank requires financial statements.

John asks for your help in preparing the balance sheet and presents you with the following information for the year ending December 31, 2018:

A: Cash receipts consisted of the following:

From customers: $360,000
From issue of common stock: $100,000

From bank loan: $100,000

B: Cash disbursements were as follows

Purchase of inventory: $300,000

Rent: $15,000
Salaries: $30,000
Utilities $5,000

Insurance: $3,000
Purchase of equipment and furniture $40,000

C:. The bank loan was made on March 31, 2018. A note was signed requiring payment of interest and principal on March 31, 2019. The interest rate is 12%.

D: The equipment and furniture were purchased on January 3, 2018, and have an estimated useful life of 10 years with no anticipation salvage value. Depreciation per year is $4,000

E: Inventories on hand at the end of the year cost $100,000.

F: Amounts owed at December 31, 2018, were as follows:

To suppliers of inventory $20,000

To the utility company 1,000

G: Rent on the store building is $1,000 per month. On December 1, 2018, four months was paid in advance.

H: Net income for the year was $76,000. Assume that the company is not subject to federal, state, or local

income tax.

I: One hundred thousand shares of no common stock are authorized, of which $20,000 shares were issued

and are outstanding.

5.        Bridgemen Inc. is preparing its 2017 yearend financial statements . Prior to any possible adjustments from the items listed below, inventory was valued at $75,060, based on a physical count of the goods on hand.

1. Goods valued at 11,000 are on consignment with Clark Company.

2. Goods costing $2,800 were received from a vendor on January 4, 2018. The related invoice was received and recorded on January 12, 2018. The goods had been shipped on December 31, 2017, FOB shipping point.

3. Goods costing $8,400 were shipped on December 31, FOB shipping point. These were delivered to the customer on January 2, 2018. The goods had been included in the physical count of inventory, and the sale had been recorded upon delivery to the customer.

4. A shipment of goods to a customer priced at $3,500, terms FOB destination, delivered on January 5, 2018, was not included in the inventory count at 12/31. They cost Bridgemen $2,600. The sale was recorded in 2017.

5. An invoice from Cole Inc. for goods costing $5,500 was received and recorded on December 27, 2017. The related goods were shipped FOB destination on December 27 and arrived at Bridgemen’s business on January 3, 2018.

6. Goods valued at $6,500 are on consignment from Fields Corp. These goods were not included in the physical count.

7. A $9,750 shipment of goods to a customer on December 30, 2017 FOB destination was recorded as a sale in 2017. The goods, costing $8,250, were delivered to the customer on January 8, 2018.

5a. Justify your treatment of each of the above items in the calculation of ending inventory at December 31, 2017

5b. Compute the proper inventory amount for the December 31, 2017 balance sheet.

5c. By how much would Bridgemen’s net income be misstated if no adjustments had been made for the items above?

5d. If Bridgemen did not find this list of possible errors until after the audit were completed, but before the end of 2018, prepare any necessary entry. Bridgemen uses the periodic inventory system and assume the amounts are material. Hint: Chapter 23 could be useful…

1/As of December 31, 2018, Amy Jo's Appliances had unadjusted account balances in accounts receivable of $305,000 and $930 in the allowance for uncollectible accounts, following 2018 write-offs of $6,390 in bad debts. An analysis of Amy Jo's December 31, 2018, accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. Bad debt expense for 2018 should be:

Multiple Choice

• $6,390.

• $6,100.

• $5,170.

• None of these answer choices are correct.

2/ Nu Company reported the following pretax data for its first year of operations.

What is Nu's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.)

Multiple Choice

• 61%.

• 21%.

• 52%.

• 56%.

3/ Bond Company adopted the dollar-value LIFO inventory method on January 1, 2018. In applying the LIFO method, Bond uses internal cost indexes and the multiple-pools approach. The following data were available for Inventory Pool No. 3 for the two years following the adoption of LIFO:

Under the dollar-value LIFO method, the inventory at December 31, 2019, should be

Multiple Choice

• $362,090.

• $355,000.

• $355,820.

• None of these answer choices are correct.

4/ Data related to the inventories of Alpine Ski Equipment and Supplies is presented below:

ry of apparel would be valued at:

Multiple Choice

• $116,000.

• $100,800.

• $78,400.

• $104,880.