The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is as follows:

The income statement for the year ended December 31, 20Y6, is as follows:

Additional data obtained from an examination of the accounts in the ledger for 20Y6 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $64,410 cash.
4. The common stock was issued for cash.
5. There was a $17,000 debit to Retained Earnings for cash dividends declared.

Required:

Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.

Intermediate Accounting II

On January 1, 2018, Duncan-Lang Services, Inc. a computer software training firm, leased several computers under a two-year operating lease agreement from Neble Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $40,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Neble at a cost of $360,000 and were expected to have a useful life of five years with no residual value. Appropriate adjusting entries are recorded at the end of each quarter.

Required: Prepare the appropriate journal entries for both (a) the lessee and (b) the lessor from the beginning of the lease through the end of 2018. Round your answers to the nearest whole dollar amounts.

Towing Company has budgeted sales for the next six months as follows: Sales for Cash Sales on Account May $42,000 $257,000 June $37,000 $243,000 July $29,000 $238,000 August $48,000 $251,000 September $52,000 $269,000 October $45,000 $263,000 On average, 32% of the sales on account are collected in the month of sale, 40% are collected in the month following sale, 16% are collected in the second month following sale, 9% are collected in the third month following sale, and the remaining 3% is collected four months after the month of sale. Calculate Towing Company's budgeted accounts receivable at October 31.

Decision Making and relevant factors:

You have an opportunity to choose a flight for your upcoming spring break trip to Hawaii. After a lot of thought and research, you have narrowed your options to four different flights. If there are no delays, each should you to your destination on time. It is important to arrive on tim, since you have to meet a but at a specific time to take you and other students to your final destination. If any of the flights are late, arranging for alternative transportation will be difficult. Basic info. About each flight is as follow:

What are the relevant factors affecting your choice of flight? Explain.

Southside Company manufactures three products from a common input in a joint processing operation. What is the financial advantage (disadvantage) of further processing each of the products beyond the split off point.  Round each answer to the nearest whole dollar and include the $ sign and any necessary commas. Only answers in this format will be accepted.

Product Selling Price Annual Output

A $6 / lb 1,000 lbs

B $8 / lb 3,000 lbs

C $5 / gal 2,000 gallons

Further Processing requires no special facilities. Additional costs and selling price are given below:

Product Additional Processing Costs Selling Price

A $13,000 $20 / lb

B $80,000 $13 / lb

C $63,000 $32 / gal

Product A additional CM =

Product A additional cost =

Product A Advantage/Disadvantage =

Product A sell or process further =

Product B additional CM =

Product B additional cost =

Product B Advantage/Disadvantage =

Product B sell or process further =

Product C additional CM =

Product C additional cost =

Product C Advantage/Disadvantage =

Product C sell or process further =

Sentinel Company is considering an investment in technology to improve its operations. The investment will require an initial outlay of $256,000 and will yield the following expected cash flows. Management requires investments to have a payback period of 3 years, and it requires a 8% return on investments. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the table provided.)

Required:
1. Determine the payback period for this investment.
2. Determine the break-even time for this investment.
3. Determine the net present value for this investment.

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3

Determine the payback period for this investment. (Enter cash outflows with a minus sign. Round your Payback Period answer to 1 decimal place.)

• Required 1
• Required 2

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3

Determine the payback period for this investment. (Enter cash outflows with a minus sign. Round your Payback Period answer to 1 decimal place.)

• Required 1
• Required 2

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3

Determine the payback period for this investment. (Enter cash outflows with a minus sign. Round your Payback Period answer to 1 decimal place.)

• Required 1
• Required 2

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3

Determine the payback period for this investment. (Enter cash outflows with a minus sign. Round your Payback Period answer to 1 decimal place.)

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3

Determine the net present value for this investment.

• Required 2
• Required 3

Exercise 21A-10 a-d

The following facts pertain to a non-cancelable lease agreement between Cullumber Leasing Company and Marin Company, a lessee.

The collectibility of the lease payments by Cullumber is probable.

Prepare a lease amortization schedule for Marin for the 5-year lease term.

Prepare the journal entries on the lessee’s books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2017 and 2018. Marin’s annual accounting period ends on December 31. Reversing entries are used by Marin. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15.)

Assume that the following data relative to Kane Company for 2018 is available:

Compute weighted average shares outstanding for 2018.

Compute the basic earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

Compute the diluted earnings per share for 2018. (Round answer to 2 decimal places, e.g. 52.75.)

On January 1, Year 1, a contractor agrees to build on the customer’s land a bridge that is expected to be completed at the end of Year 3. The bridge is a single performance obligation to be satisfied over time. The contractor determines that the progress toward completion of the bridge is reasonably measurable using the input method based on costs incurred. The contract price is $4,000,000, and initial expected total costs of the project are $2,400,000.

^ this is the question form the professor and I did the answers for year 1-2-3 :

Year 1
By the end of Year 1, 25% [$600,000 ÷ ($600,000 + $1,800,000)] of the total expected costs have been incurred. Using the input method based on costs incurred, the contractor recognizes 25% of the total expected revenue ($4,000,000 contract price × 25% ) = $1,000,000 and cost of goods sold $2,400,000.× 25%) = $600,000. The difference between these amounts is the gross profit for Year 1.

Revenue $1,000,000, Cost of goods sold $600,000 , Gross profit (1,000,000 – 600,000) =$400,000. The gross profit in Year 1 of $400,000 also may be calculated as total expected gross profit from the project of $1,600,000 ($4,000,000 - $2,400,000) times the progress toward completion of the contract of 25%.

Year 2
By the end of Year 2, total costs incurred are $1,800,000 ($600,000+ $1,200,000). Given that $1,200,000 is expected to be incurred in the future, the total expected cost is $3,000,000 ($1,800,000 + $1,200,000). The change in the total cost of the contract must be accounted for prospectively. By the end of Year 2, 60% ($1,800,000 ÷ $3,000,000) of expected costs have been incurred.
Thus, $2,400,000 ($4,000,000 × 60%) of cumulative revenue and $1,800,000 ($ 3,000,000 × 60%) of cumulative cost of goods sold should be recognized for Years 1 and 2.
Because $1,000,000 of revenue and $600,000 of cost of goods sold were recognized in Year 1, revenue of $1,400,000 ($2,400,000 cumulative revenue - $1,000,000) and cost of goods sold of $1,200,000 ($1,800,000 cumulative cost of goods sold - $600,000) are recognized in Year 2.
Revenue
$1,400,000
Cost of goods sold
1,200,000
Gross profit -- Year 2
$200,000*
* The gross profit in Year 2 of $200,000 also may be calculated as the cumulative gross profit for Years 1 and 2 of $600,000 [($4,000,000 - $3,000,000) × 60%] minus the gross profit recognized in Year 1 of $400,000.

Year 3
At the end of Year 3, the project is completed, and the total costs incurred for the contract are $2,900,000 ($600,000 + $1,200,000 + $1,100,000). Given $2,400,000 of cumulative revenue and $1,800,000 of cumulative cost of goods sold for Years 1 and 2, $1,600,000 ($4,000,000 contract price - $2,400,000) of revenue and $1,100,000 ($2,900,000 total costs - $1,800,000) of cost of goods sold are recognized in Year 3.

Revenue
$1,600,000
Cost of goods sold
1,100,000
Gross profit -- Year 3
$500,000
NOTE: (1) The total gross profit from the project of $550,000 ($400,000 + $200,000 + $500,000) equals the contract price of $4,000,000 minus the total costs incurred of $2,900,000. (2) When progress toward completion is measured using the cost-to-cost method, as in the example above, the cost of goods sold recognized for the period equals the costs incurred during that period.

NOW : I need the answer for this question:

An entity may not be able to estimate the degree of completion of a project at the end of the first year, perhaps because this is the first time such a project has been undertaken by the firm. In that case, how much revenue would the firm recognize in that year if significant costs have been incurred in the construction process?

What is the interest rate that the United States Government must pay if they want to borrow for ten years?

Does this rate change from one day to the next?

If I buy a ten-year U.S. treasury bond what cash flows would I expect to receive from the U.S. Government?

The following account balances are for the Agee Company as of January 1, 2017, and December 31, 2017. All amounts are denominated in kroner (Kr).

Additional Information

• Agee issued additional shares of common stock during the year on April 1, 2017. Common stock at January 1, 2017, was sold at the start of operations in 2010.

• Agee purchased buildings in 2011 and sold one building with a book value of Kr 1,500 on July 1 of the current year.

• Equipment was acquired on April 1, 2017.

Relevant exchange rates for 1 Kr were as follows:

1. Assuming the U.S. dollar is the functional currency, what is the remeasurement gain or loss for 2017? The December 31, 2016, U.S. dollar-translated balance sheet reported retained earnings of $145,200, which included a remeasurement loss of $28,300.

2. Assuming the foreign currency is the functional currency, what is the translation adjustment for 2017? The December 31, 2016, U.S. dollar-translated balance sheet reported retained earnings of $162,250, and a cumulative translation adjustment of $9,650 (credit balance).

(Input all answers as positive.)

Remeasurment -------------------------?

Translation Adjustment ------------------------?

Parker Corporation has issued 1,700 shares of common stock and 340 shares of preferred stock for a lump sum of $62,000 cash.

Give the entry for the issuance assuming the par value of the common stock was $5 and the fair value $30, and the par value of the preferred stock was $40 and the fair value $50. (Each valuation is on a per share basis and there are ready markets for each stock.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

List of Accounts

Give the entry for the issuance assuming the same facts as the par value of the common stock was $5 and the fair value of $25 per share, and the par value of the preferred stock was $40 and has no ready market. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

The Valerie Trust is a complex trust. In Year 3, The Valerie Trust had various items of income and expense as indicated below. For each item below, please indicate how much, if any, should be included in the calculation of distributable net income for Year 3.

Item                                                                                        Amount in DNI

1. Corporate Bond interest received, $700.
2. Municipal Bond interest received, $400.
3. A stock that was purchased 2 years ago for $2,100 was sold for $6,100.
4. Rental
   1. Income of $4,500.
   2. Rental Expense of $1,100
5. Trustee fee, $2,000 allocated 70% to principal and 30% to income.

How do traders treat swap income and expenses and how do investors treat swap income and expense. There is a major difference, what is it?

Direct, sequential, and reciprocal allocation
Ming Company has two service departments (S1 and S2) and two production departments (P1 and P2). Last year, directly identified overhead costs were $255,000 for S1 and $320,000 for S2.
Information on the consumption of their services follows:

(a) Determine the service department costs allocated to the two production departments using the direct method.
Note: Round each rate to two decimal places before calculating the allocated amounts. Round answers to the nearest dollar.

(b) Determine the service department costs allocated to the two production departments using the sequential method beginning with the allocation of S1 department costs.
Note: Round each rate to two decimal places before calculating the allocated amounts. Round answers to the nearest dollar.

(c) Determine the service department costs allocated to the two production departments using the reciprocal method.

Note: Do not round your computations; however, round your final answers to the nearest dollar.