|
| 1.) Enter the beginning balances in the ledger. 2.) Journalize the March transactions. Starr records admission revenue as service revenue, rental of the concession stand as rent revenue, and film rental expense as rent expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 3.) Post the March journal entries to the ledger. (Post entries in the order of journal entries presented in the previous question.) |
In: Accounting
Construction of a new building began on April 1 and was completed on October 29. Construction expenditures were as follows:
| May 1 | $3,300,000 |
| July 30 | 2,200,000 |
| September 1 | 1,740,000 |
| October 1 | 2,640,000 |
MMI borrowed $5,000,000 at 6% on April 1 to help finance construction. This loan, plus interest, will be paid in 2022. The company also had a $6,650,000, 8% long-term note payable outstanding throughout 2021.
Weighted Average Accumulated Expenditures were: [Round expenditure to nearest dollar]
| Date | Expenditure | Months financed (out of 7) | WA Accum Exp |
| March 28** | $ 998,600 | 7 | 998,600 |
| April 30** | 148,000 | 6 | 126,857 |
| May 1 | 3,300,000 | ||
| July 30 | 2,200,000 | ||
| September 1 | 1,740,000 | ||
| October 1 | 2,640,000 | ||
| Total |
Construction of a new building began on April 1 and was completed on October 29. Construction expenditures were as follows:
| May 1 | $3,300,000 |
| July 30 | 2,200,000 |
| September 1 | 1,740,000 |
| October 1 | 2,640,000 |
MMI borrowed $5,000,000 at 6% on May 1 to help finance construction. This loan, plus interest, will be paid in 2022. The company also had a $6,650,000, 8% long-term note payable outstanding throughout 2021.
Avoidable interest on the building was:
| WA Accum Expend | 5,771,171 | Avoidable Interest | Actual Interest | |
| construction loan | 6% | |||
| note payable | 8% | |||
| Total | ||||
[Hint: Lesser of Avoidable or Actual Interest is capitalized.]
The building would be recorded on the balance sheet as:
| Total expenditures | 9,880,000 |
| Capitalized interest | |
| Total historical cost |
In: Accounting
4-2 Short Paper: Major Contributions of Minority Groups Assignment Task: Submit to complete this assignment Trace some of the major contributions of an ethnic or "minority" group to U.S. culture, for example, to music, the arts, dance, or theater. There are many other possibilities! Develop your composition based on an area of interest to you in the arts.
In: Nursing
A Theater has n numbered seats, and n tickets are distributed among n persons. Compute the probability that
(a) exactly two persons will be seated at seats corresponding to their ticket numbers if all the seats are occupied at random.
(b) at least two persons will be seated at seats corresponding to their ticket numbers if all the seats are occupied at random.
In: Math
Indicate whether each of the following expenditures should be classified as Building, Land improvements or None of these *
Construction Material
Closing Cost
Fences
Purchase Price
Annual Property Taxes
Driveway
In: Accounting
A flood control project has construction cost during the first year (i.e. at EOY 1) of $10 million, during the second year of $7 million, and during the third year of $4 million, It is completed at the end of the third year and thereafter incurs an annual operating cost of $170,000 per year. Benefits from the project begin during the fourth year and are valued at $1,300,000 in that year, growing at a 2% rate of increase out to the end of the project life, which is 50 years (i.e., three years of construction, 47 years of operation). Assuming an interest rate of 7%, determine if this is a viable project, that is do the capitalized benefits exceed the capitalized costs?
In: Accounting
(Please be accurate)
1. A concrete to concrete joint made in such a manner that the faces of the new and old concrete adhere sufficiently to prevent any relative movement across the joint; it creates some weakness in the concrete structure so care must be taken to where they are to be placed. These joints are called:
Select one:
a. Metal joint
b. Construction joint
c. Stop joint
2.
Piles may be made from all the following except one:
Select one:
a. Steel
b. Precast concrete
c. Brick
d. Timbe
3.
Reinforcing Steel is placed in the bottom of the footing to:
Select one:
a. Carry compression
b. Reduce shrinkage
c. Carry tension
d. Increase permeability
4.
The process of regularly spraying water or covering the concrete with moisture-retaining materials, or using chemical surface sealer in order to protect the exposed surfaces of newly poured concrete from evaporation and drying is known as:
Select one:
a. Consolidation
b. Hydration
c. Curing
d. Segregation
5.
A mat foundation placed at a depth such that the weight of the soil removed from the excavation is equal to the weight of the building above, so the stress in the soil beneath the building is the same after construction as it was before is known as:
Select one:
a. Pad (Spread) Footings
b. Strip Footings
c. Floating foundation
6.
When steel strands are tensioned before concrete is casted and requires heavy abutments to restrain the strands and is normally only done with concrete in precast plants, but not on the construction site is known as:
Select one:
a. Pre-tensioning
b. Post-tensioning
7.
When the column is located at or near a property line the following shallow foundation is used.
Select one:
a. Caissons
b. Combined footing or cantilever footing
c. Piles
d. Pad footings
In: Civil Engineering
On January 1, 2018 The Village of Port Jefferson engaged to Frog Construction company to construct a municipal office complex. The three-year a to receive 10 million in cash payments from the city in three installments: 25% when the project was 30% complete; 25% when the project was 60% complete; and50% when the project was fully complete. The contract required that Frog's completion estimates be certified by an independent consultant before payments were made.
During the first year of the contract, Frog completed 30% of the
contract and incurred costs of 2,490,000. During the second year,
the project was certified as being 60% complete and Frog incurred
costs of 3,100,000.
During the third year, Frog completed the project and incurred
costs of 3,110,000.
Assuming Frog had no other revenues or expenses, determine the profit on construction for 2018, 2019, and 2020 under the following methods:
Percentage of Completion'
Completed Contract
Which method best represents the profitability of Frog from 2018 to 2020.
In: Accounting
Required information
[The following information applies to the questions
displayed below.]
In 2021, the Westgate Construction Company entered into a contract
to construct a road for Santa Clara County for $10,000,000. The
road was completed in 2023. Information related to the contract is
as follows:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,640,000 | $ | 2,300,000 | $ | 2,926,000 | |||
| Estimated costs to complete as of year-end | 6,160,000 | 2,660,000 | 0 | ||||||
| Billings during the year | 2,080,000 | 2,860,000 | 5,060,000 | ||||||
| Cash collections during the year | 1,840,000 | 2,800,000 | 5,360,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
Required:
1. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years.
(Do not round intermediate calculations. Loss amounts
should be indicated with a minus sign.)
2-a. In the journal below, complete the
necessary journal entries for the year 2021 (credit "Various
accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2022 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2023 (credit "Various accounts" for
construction costs incurred).
3. Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.)
4. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,640,000 | $ | 3,840,000 | $ | 3,240,000 | |||
| Estimated costs to complete as of year-end | 6,160,000 | 3,140,000 | 0 | ||||||
5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,640,000 | $ | 3,840,000 | $ | 4,020,000 | |||
| Estimated costs to complete as of year-end | 6,160,000 | 4,180,000 | 0 | ||||||
In: Accounting
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2023. Information related to
the contract is as follows:
202120222023
Cost incurred during the year$2,204,000 $3,192,000 $2,424,400
Estimated costs to complete as of year-end 5,396,000 2,204,000 0
Billings during the year 2,140,000 3,256,000 4,604,000
Cash collections during the year 1,870,000 3,200,000 4,930,000
Westgate recognizes revenue over time according to percentage of
completion.
Required:
1. Calculate the amount of revenue and gross profit (loss) to be
recognized in each of the three years. (Do not round intermediate
calculations. Loss amounts should be indicated with a minus
sign.)
2-a. In the journal below, complete the
necessary journal entries for the year 2021 (credit "Various
accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2022 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2023 (credit "Various accounts" for
construction costs incurred).
3.Complete the information required below to prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. (Do not round intermediate calculations.)
4. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,204,000 | $ | 3,870,000 | $ | 3,270,000 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 3,170,000 | 0 | ||||||
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
(Do not round intermediate calculations and round your
final answers to the nearest whole dollar amount. Loss amounts
should be indicated with a minus sign.)
| 2021 | 2022 | 2023 | |||||||
| Costs incurred during the year | $ | 2,204,000 | $ | 3,870,000 | $ | 4,110,000 | |||
| Estimated costs to complete as of year-end | 5,396,000 | 4,240,000 | 0 | ||||||
In: Accounting