In early 2019, Bridge Company entered into a long term contract to construct a bridge for Greensville County for $10 million. The bridge will take three years to complete. In 2019, Bridge spent $2.8 million on the project, recognized $3.5 million in revenue and $.7 million in profit. In 2020, Bridge spent $4.2 million on the project, recognized $3.8 million in revenue and a $.4 million loss. Bridge billed Greensville $3.0 million in 2019 and $4.5 million in 2020. Greensville paid Bridge $2.6 million in 2019 and $4.3 million in 2020. Bridge Company recognizes revenue on all contracts over time, as the project is being completed by using the cost to cost approach. When preparing the December 31, 2019 and the December 31, 2020 balance sheets what would Bridge report in regards to this contract?

On January 1, 2020, Oriole Company purchased 11% bonds, having a maturity value of $328,000 for $353,515.61. The bonds provide the bondholders with a 9% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Oriole Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows.

2020
$351,400      
2023
$338,100
2021
$337,000      
2024
$328,000
2022
$336,000              

(a)       Prepare the journal entry at the date of the bond purchase.
(b)       Prepare the journal entries to record the interest revenue and recognition of fair value for 2020.
(c)       Prepare the journal entry to record the recognition of fair value for 2021.

On January 1, 2020, Riverbed Company purchased 12% bonds, having a maturity value of $276,000 for $296,924.88. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Riverbed Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows. 2020 $294,800 2023 $286,100 2021 $285,000 2024 $276,000 2022 $284,100 (a) Prepare the journal entry at the date of the bond purchase. (b) Prepare the journal entries to record the interest revenue and recognition of fair value for 2020. (c) Prepare the journal entry to record the recognition of fair value for 2021.

On January 1, 2020, Larkspur Company purchased 12% bonds, having a maturity value of $275,000 for $295,849.07. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Larkspur Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified as available-for-sale category. The fair value of the bonds at December 31 of each year-end is as follows.

XYZ Company recorded the following information related to their inventory
accounts for 2020:

                          January 1, 2020        December 31, 2020
Direct materials               31,000                   50,000
Work in process                38,000                   41,000
Finished goods                 22,000                   34,000

The following information was taken from XYZ Company's accounting records
for 2020:

Sales revenue ...........................................   $630,000
Direct materials purchased ..............................       ?
Depreciation, factory equipment .........................     34,000
Prime costs .............................................    250,000
Utilities (60% for factory; 40% for office building) ....     20,000
Sales commissions .......................................     71,000
Indirect materials ......................................       ?
Depreciation, office equipment ..........................     30,000
Rent, factory building ..................................     56,000
Net income ..............................................     10,000
Direct labor ............................................       ?
Advertising .............................................     68,000
Production supervisor's salary ..........................     74,000

Additional information:

1.  Direct labor comprised 35% of the conversion costs for 2020.

2.  The actual overhead cost for 2020 was equal to the overhead applied
    to production. Thus there was no overhead variance for 2020.

Calculate XYZ Company's indirect materials cost for 2020.

XYZ Company recorded the following information related to their inventory
accounts for 2020:

                          January 1, 2020        December 31, 2020
Direct materials               31,000                   50,000
Work in process                38,000                   41,000
Finished goods                 22,000                   34,000

The following information was taken from XYZ Company's accounting records
for 2020:

Sales revenue ...........................................   $630,000
Direct materials purchased ..............................       ?
Depreciation, factory equipment .........................     34,000
Prime costs .............................................    250,000
Utilities (60% for factory; 40% for office building) ....     20,000
Sales commissions .......................................     71,000
Indirect materials ......................................       ?
Depreciation, office equipment ..........................     30,000
Rent, factory building ..................................     56,000
Net income ..............................................     10,000
Direct labor ............................................       ?
Advertising .............................................     68,000
Production supervisor's salary ..........................     74,000

Additional information:

1.  Direct labor comprised 35% of the conversion costs for 2020.

2.  The actual overhead cost for 2020 was equal to the overhead applied
    to production. Thus there was no overhead variance for 2020.

Calculate XYZ Company's indirect materials cost for 2020.

P. 4-2

For each of the following indicate the amount of revenue that Beanville should recognize in its 2020 (1) government‐wide statements and (2) governmental fund statements. Provide a brief justification or explanation for your responses.

1. The state in which Beanville is located collects sales taxes for its cities and other local governments. The state permits small merchants to remit sales taxes quarterly. The state sales tax rate is 6 percent. In December 2019, city merchants collected $50 million in sales taxes that they remitted to the state on January 15, 2020. The state, in turn, transferred the taxes to the city on February 15, 2020.
2. In December 2019, the federal government awarded Beanville a reimbursement grant of $500,000 to train law‐enforcement agents. The city had applied for the grant in January of that year. The city may incur allowable costs any time after receiving notification of the award. In 2020, the city incurred $400,000 in allowable costs and was reimbursed for $350,000. It was reimbursed for the $50,000 balance in February 2021. In January and February 2021, it incurred the remaining $100,000 in allowable costs and was reimbursed for them in April 2021.
3. In December 2019, the city levied property taxes of $1 billion for the calendar year 2020. The taxes are due on June 30, 2020. The city collected these taxes as follows:

December 2019                                                                                                                                 $56 million

January 1, 2019, to December 31, 2019    $858 million

January 1, 2020, through March 31, 2020 ($18 million per month) $54 million

Total                                                                                                                                                    $968 million

It estimates the balance of $32 million would be uncollectible. In addition, in the period from January 1 through February 28, 2020, the city collected $16 million in taxes that were delinquent as of December 31, 2019. In the period March 1 through June 30 2020, the city collected $8 million of taxes that were also delinquent as of December 31, 2019.

4. In December 2020 Beanville sold a city‐owned warehouse to a private developer. Sales price was $4.2 million. The warehouse had cost $4 million when it was acquired 10 years earlier. It had an estimated useful life of 40 years (with no salvage value).
5. In December 2020, Beanville's city‐owned radio station held its annual fund drive. A local business offered to match all pledges made on December 2, 2020, up to $50,000, assuming that the amount pledged was actually collected. Based on past experience the city estimates that 90 percent of the pledges will actually be collected. By year‐end 2020, the city had collected $25,000 of the pledges, and in January and February it collected an additional $15,000. It received $25,000 of the matching funds on February 15, 2021. Respond with respect only to the $50,000 in matching funds.

Do you agree with findings of the "I love rewards' and the comments by the chief executive and founder of "I love rewards" razors, sulemn, concerning the motivation attitudes of millennial? why or why not? in what other ways do you think millennials differ from older employees?

Why many central banks rejected their former approach such as controlling money suplly or interest rate setting?