Questions
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000.



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 $ 2,100,000   $ 2,450,000   $ 2,695,000  
Estimated costs to complete as of year-end   4,900,000     2,450,000     0  
Billings during the year   2,200,000     2,350,000     5,450,000  
Cash collections during the year   1,900,000     2,300,000     5,800,000  
 


Westgate recognizes revenue over time according to percentage of completion.

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.)

  2021 2022 2023
REVENUE $3,000,000    
GROSS PROFIT (LOSS)      

In: Accounting

Robert, a new client of yours, is a self-employed caterer in Santa Fe, New Mexico. Robert...

  1. Robert, a new client of yours, is a self-employed caterer in Santa Fe, New Mexico. Robert drives his personal van when delivering catered meals to customers. You have asked him to provide the amount of business miles driven using his vehicle. You are planning on using the standard mileage method to calculate Robert’s deduction for transportation costs. Robert has responded by saying, “Well, I don’t really keep track of my miles. I guess I drove around 3,000 miles last year for the business.” Please let us know how you would respond to Robert.
  2. Your supervisor has asked you to research a potential tax deduction for a client, Nancy Fradette. Nancy is a seat-filler at a number of the award shows that are filmed in the greater Los Angeles area. Although typically seat-fillers are not compensated, Nancy is so good at the job that many of the events are willing to pay for her services. As a result, her level of seat-filling activity now rises to the level of a business, not just a hobby. In 2018, Nancy is hoping to take a trip to the National Award Show Association (NASA) Annual Conference being held in Koror, Palau, a small island country in the Pacific. Although the conference is specifically focused on the presentation of award shows, a large number of the producers of these shows attend each year. Nancy wanted to attend so she could understand the challenges an award show producer faces and thus better perform her seat-filler job. The conference is held in a remote location each year as award show producers generally prefer a high level of secrecy around the inner-workings of the shows, and the scuba-diving and weather are also pretty good. The costs to attend the conference are $1,200 for conference registration, $2,300 for air travel, $2,400 for lodging. All the meals are included in the cost of the registration and are valued at $400. Please prepare a letter to Nancy that describes the issues that Nancy will face in trying to deduct the cost of this trip. Use IRS Publication 463 (available at www.irs.gov (Links to an external site.)) to assist you.

In: Accounting

6. Moore contracted in writing to sell her 2017 Hyundai Santa Fe to Hammer for $18,500....

6. Moore contracted in writing to sell her 2017 Hyundai Santa Fe to Hammer for $18,500. Moore agreed to deliver the car on Wednesday, and Hammer promised to pay the $18,500 the following Friday. On Tuesday, Hammer informed Moore that he would not be buying the car after all. By Friday, Hammer had changed his mind again, and tendered $18,500 to Moore. Moore, although she had not sold the car to another party, refused to sell the tender and refused to deliver the car. Hammer claimed that Moore had breached their contract. Moore contended that Hammer’s repudiation released her form her duty to perform under the contract. Who is correct and why?
7. Lehor collects antique cars. He contracts to purchase spare parts for a 1938 engine from Beem. These parts are not made anymore and are scarce. To obtain the contract with Beem. Lehor agrees to pay 50% of the purchase price in advance. Lehor sends the payment on May 1, and Beem receives it on May 2. On May 3, Beem, having found another buyer willing to pay substantially more for the parts, informs Lehor that he will not deliver as contracted. That same day, Lehor learns that Beem is insolvent. Discuss fully any possible remedies available to Lehor to enable to take possession of the parts.

In: Accounting

Financial Reporting: Do Small Errors Need to be Reported? Ben is a recent Santa Clara University...

Financial Reporting: Do Small Errors Need to be Reported?

Ben is a recent Santa Clara University graduate who has just started his first job in the finance department of a publicly traded Silicon Valley company. One of his main responsibilities is to create and distribute extensive Microsoft Excel reports that analyze costs and revenues for different divisions. Ben sends completed reports to his direct supervisor and the CFO. The CFO then uses the information to create the company's financial reports, in addition to the strategy and forecasting formulation.

While Ben considers himself to be detailed-oriented, the complicated nature of and the sheer volume of data sometimes overwhelm him, which is exacerbated by their strict deadlines. While Ben works hard to prepare the reports as accurately as possible, he often finds errors after he has submitted his final report. When the errors are critical, he revises the reports and resends them. However, some of the errors are minor, in Ben's estimation, and he doubts that the CFO will use or look at these figures. Ben is ambitious and wants to be promoted, but worries that if he frequently sends out revised reports he will appear unreliable and unqualified. At the same time, the potential consequences from inaccurate financial reports put the company, the CFO and CEO, and Ben himself at risk.

Think about... What actions should Ben take when he catches a mistake? Is he obligated to report every error, particularly since he works for a publicly traded company? Is there such a thing as a small error in this context?

For your post, put yourself in Ben's shoes... You have a family at home that you provide for. What would you do if you caught one of your own errors? Does the amount of the error matter? Are you willing to get fired? How important is trust? How much do you value integrity?

In: Operations Management

A 10.0 mL solution of 0.030 M AgNO3 was titrated with 0.015 M NaBr in the...

A 10.0 mL solution of 0.030 M AgNO3 was titrated with 0.015 M NaBr in the cell. S.C.E. || titration solution | Ag(s) Find the cell voltage for 0.4, 10.0, 20.0, and 27.0 mL of titrant. (The Ksp of AgBr = 5.0 ✕ 10−13.) 0.4 V 10.0 V 20.0 V 27.0 V

In: Chemistry

For the reaction A + B + 2C = 3D at 25 Celsius, the following initial...

For the reaction A + B + 2C = 3D at 25 Celsius, the following initial rate data were obtained:

Experiment #1: [A] = 0.1M, [B] = 0.1M, [C] = 0.2M, Initial Rate of Formation for D = 4 e -4 M/min

Experiment #2: [A] = 0.3M, [B] = 0.2M, [C] = 0.2M, Initial Rate of Formation for D = 1.2 e -3 M/min

Experiment #3: [A] = 0.1M, [B] = 0.3M, [C] = 0.2M, Initial Rate of Formation for D = 4 e -4 M/min

Experiment #4: [A] = 0.3M, [B] = 0.4M, [C] = 0.6M, Initial Rate of Formation for D = 3.6 e -3 M/min

If Experiment #2 is repeated at 50 Celsius and the initial rate is measured to be 1.6 e -3 M/min, what is the activation energy?

PLEASE PROVIDE ALL STEPS! :)

In: Chemistry

SuperSports provides you the following pension data for the year 2016. Item Service Cost, 2016 $248,000...

SuperSports provides you the following pension data for the year 2016.

Item
Service Cost, 2016 $248,000
Projected Benefit Obligation, January 2016 $340,000
Plan Assets (Fair Value), January 1, 2016 $360,000
Prior Service Cost-AOCI (2016 amortization, $25,000) $250,000
Net Loss-AOCI (2016 amortization, $10,000) $110,000
Actual Return on Plan Assets $45,000
Interest Rate and Expected return on plan assets 10%
Contributions made to plan assets during 2016 $175,000

SuperSports requests you to:

  1. Compute pension expense for the year 2016
  2. Record 2016 journal entry for pension expense

In: Accounting

A round-robin tournament involving n plays is modeled with digraph D where, for every two distinct...

A round-robin tournament involving n plays is modeled with digraph D where, for every two distinct vertices (players) u and v, either (u,v) is an edge (player u defeats player v) or (v,u) is an edge (player v defeats play u). Prove that if D is acyclic, i.e., no directed cycles, then there always exists a player who has defeated everyone (out-degree is n – 1) and a player who has lost to everyone (in-degree is n – 1).

In: Advanced Math

(3) Let V be a vector space over a field F. Suppose that a ? F,...

(3) Let V be a vector space over a field F. Suppose that a ? F, v ? V and av = 0. Prove that a = 0 or v = 0.

(4) Prove that for any field F, F is a vector space over F.

(5) Prove that the set V = {a0 + a1x + a2x 2 + a3x 3 | a0, a1, a2, a3 ? R} of polynomials of degree ? 3 is a vector space over R (with respect to the usual addition and scalar multiplication of polynomials).

In: Math

Convert C code to MIPS assembly language 1) sum = 0; for(i=0; I < 1000; i++)...

Convert C code to MIPS assembly language
1)

sum = 0;
for(i=0; I < 1000; i++)
sum = sum + I;
printf(“sum=%d”, sum);

2)

int i, v[10];
int min, k;
for(i=0; i < 10; i++)
scanf(“%d”, &v[i]);
min = v[0]
for(i=1; I < 10; i++)
if(min > v[i]){
min = v[i]
k = I;
}
printf(“%d=>%d”, k, min);

In: Computer Science