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 Estimated costs to complete as of year-end Billings during the year Cash collections during the year $2,400,000 $3,600,000 $2,200,000 5,600,000 2,000,000 -0- 2,000,000 4,000,000 4,000,000 1,800,000 3,600,000 4,600,000

Westgate recognizes revenue over time according to percentage of completion. 

 

Required: 

1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. 

2. Prepare all necessary journal entries for each of the years (credit “Cash, Materials, etc.” for construction costs incurred). 

3. Prepare a partial balance sheet for 2021 and 2022 showing any items related to the contract. Indicate whether any of the amounts shown are contract assets or contract liabilities. 

4. Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information: 

5. Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information: 

In: Accounting

Metlock Inc. sells appliances to Seasons Department Store. A recent order requires Metlock to manufacture and...

Metlock Inc. sells appliances to Seasons Department Store. A recent order requires Metlock to manufacture and deliver 500 toasters at a price of $88 per unit. Metlock’s manufacturing costs are approximately $44 per unit. The following schedule summarizes the production and delivery record of Hydra:

A) Assuming that Metlock recognizes revenue when the toasters are produced, how much revenue should be recognized in each of the three years?

B) Assuming that Metlock recognizes revenue at delivery, how much revenue should be recognized in each of the three years?

C) Calculate net income for the three periods under each of the two preceding assumptions. (Assumption A and B, for all 3 years)

Year 1 2 3 Total
Toasters produced $             200 $       200 $       100 $       500
Costs incurred $          8,800 $    8,800 $    4,400 $ 22,000
Toasters delivered $             150 $       200 $       150 $       500
Cash received $          8,800 $ 13,200 $ 17,600

$ 39,600

In: Accounting

The U.S. Department of Transportation provides the number of miles that residents of the 75 largest...

The U.S. Department of Transportation provides the number of miles that residents of the 75 largest metropolitan areas travel per day in a car. Independent simple random samples for both Buffalo and Boston are located in the Excel Online file below. Construct a spreadsheet to answer the following questions.

Open spreadsheet

Round your answers to one decimal place.

  1. What is the point estimate of the difference between the mean number of miles that Buffalo residents travel per day and the mean number of miles that Boston residents travel per day?

  2. What is the 95% confidence interval for the difference between the two population means?

Buffalo Boston
24 23
27 14
39 11
23 19
16 22
16 4
21 9
31 12
1 12
22 10
32 32
32 26
24 21
42 16
37 17
29 18
16 16
12 20
29 20
16 11
18 10
27 18
2 11
21 17
35 20
21 20
29 25
24 16
17 17
21 8
38
21
9
24
31
26
16
27
24
18
24
17
13
15
21
21
21
32
27
35

In: Statistics and Probability

The model plant neitzelweed (Bogus testplantii) normally has large, blue fruit and spiny stems. Recessive mutants...

The model plant neitzelweed (Bogus testplantii) normally has large, blue fruit and spiny stems. Recessive mutants have been found with white, small fruits and spineless stems. A pure breeding wild type plant is crossed with a pure breeding white, small, spineless plant. All of the F1 are wild type phenotype. When the F1 is crossed with the homozygous recessive parent the progeny types and numbers below are observed. Create a genetic map showing the relationship and distances between the genes for these three traits.
54 blue large spiny​​60 white small spineless
4 blue small spineless​​6 white large spiny
12 blue, small spiny​​16 white large spineless
21 blue large spineless​27 white small spiny

In: Biology

What are her expected returns and the risk from her investment in the three​ assets? How...

What are her expected returns and the risk from her investment in the three​ assets? How do they compare with investing in asset M​ alone?  

Hint​:

Find the standard deviations of asset M and of the portfolio equally invested in assets​ M, N, and O.

b.  Could Sally reduce her total risk even more by using assets M and N​ only, assets M and O​ only, or assets N and O​ only? Use a​ 50/50 split between the asset​ pairs, and find the standard deviation of each asset pair.

  States

Probability

Asset M Return

Asset N Return

Asset O Return

  Boom

26​%

11​%

20​%

3​%

  Normal

47​%

9​%

13​%

9​%

  Recession

27​%

3​%

0​%

11​%

In: Finance

1. PepsiCo, near the top of Table 2-5 in the chapter, is a company that provides...

1. PepsiCo, near the top of Table 2-5 in the chapter, is a company that provides
comprehensive financial statements. Go to finance.yahoo.com. In the box next to
“Get Quotes,” type in its ticker symbol PEP and click.


2. Scroll all the way down to “Financials” and click on “Income Statement.” Compute
the annual percentage change between the three years for the following:
a. Total revenue.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE ANSWER)
b. Net income applicable to common shares.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE ANSWER)


3. Now click on “Balance Sheet” and compute the annual percentage change
between the three years for the following: (PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE ANSWER)
a. Total assets.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE ANSWER)
b. Total liabilities.(PLEASE SHOW ALL WORK AS TO HOW YOU ARRIVED AT THE ANSWER)

4. Write a one-paragraph summary of how the company is doing.

TO FIND THE DATA:

1. PepsiCo, near the top of Table 2-5 in the chapter, is a company that provides
comprehensive financial statements. Go to finance.yahoo.com. In the box next to
“Get Quotes,” type in its ticker symbol PEP and click.


2. Scroll all the way down to “Financials” and click on “Income Statement.” Compute
the annual percentage change between the three years for the following:

In: Finance

The Brampton store has customers arrive every 95 seconds and average service rate of 55 customers...

The Brampton store has customers arrive every 95 seconds and average service rate of 55 customers per hour. What is the average number of customers waiting in line? Answer to 2 decimal places.The Hamilton store has an arrival rate of 30. If the store wanted the average time in the system to be 6 minutes, what would the service rate have to be? Answer to one decimal place.The Brantford store has a service rate of 60 customers per hour. What is the probability that checkout time will take between 1 and 3 minutes.

In: Operations Management

This question contains two parts; be sure to answer both. First, describe the relationship between the...

This question contains two parts; be sure to answer both.

First, describe the relationship between the amount of conflict in a department or organization and that department or organization's performance. At what level of conflict is performance maximized?

Second, suppose that you are the manager of a store that sells medical supplies for the handicapped or infirm. You see three major sources of conflict at the store: (1) many of the staff members who work the front desk do not like one another, (2) those who stock the shelves and work with the customers are resentful that they are not paid more, and (3) all employees are required to work nights and weekends, which cuts into their family and personal time.

Explain how you would manage any two of the three sources of conflict.

The response/answer to EACH discussion part must be 100 to 125 words for a total of 200 to 250 words.

In: Operations Management

HA 440                  GRADED Assignment # 2               Name _____________________________ Compl

HA 440                  GRADED Assignment # 2               Name _____________________________

Completion

Complete each statement.

            1.   Expenses are ________________________ costs that have been __________________________ while doing business

            2.   Three categories of healthcare expenses are ______________________________, ________________________________ and Operations Expenses

            3.   A program can be defined as a __________________________ that has its own objectives

            4.   _____________________ costs can be specifically associated with a particular unit, department or patient

            5.   A Responsibility Center makes a manager responsible for both the __________________________ and the ____________________________ sides of a department, division, unit or program.

            6.   Period Costs are not connected with the ______________________________ process

            7.   Examples of expenses include salary expense for labor performed, __________________________________ for electricity and __________________________________________ for the use of money

            8.   Cost is the __________________________________________ expended in consideration of goods or services received or to be received

            9.   Expenses can be grouped by _________________________________________ which recognizes the different sites at which services are delivered

          10.   A program is usually funded _________________________________________ and for a ______________________________________ of time

          11.   The somewhat vague definition of a _______________________________________ is any unit for which a separate cost measurement is desired.

          12.   ______________________________________ are incurred for the sole benefit of a particular operating unit.

          13.   The concept of product costs assumes that a product has been _______________________________ and ______________________________________________ while waiting to be sold.

          14.   If Revenues are grouped by ___________________________________ or by Service Lines then Expenses should also be grouped by theses categories.

          15.   Program expenses should be grouped in such a way that they are _______________________________

          16.   The important thing is that direct costs can be ________________________. Indirect costs, on the other hand, cannot be specifically associated with a particular _____________________________

          17.   _________________________ Costs are incurred for the overall operation and not for any one unit.

          18.   In Revenue Centers, managers are responsible for generating _________________________ or _________________________________

          19.   The concept of _______________________ Costs assumes that a product has been manufactured and placed in inventory while waiting to be sold.

          20.   In healthcare organizations, product costs can be viewed as __________________________ to the cost object of the department, __________________________ or _______________________________

          21.   _________________________ represents the amount earned by an organization.

          22.   Revenue is generally defined as the value of ______________________________________________, expressed at the facility’s full established rates.

          23.   The traditional payment method in health care is that of payment ____________________________________________________

          24.   The truly traditional U.S. method of receiving revenue for services is _________________________

          25.   _______________________________________________ are the differences between the full established rate and the agreed-upon contractual rate that will be paid.

          26.   Medicare’s _____________________________________, Part ______ is the prescription drug benefit.

          27.   The __________________________________________ is the largest U.S. Government Program providing funds for medical and health-related services for the poor.

          28.   Generally speaking, conventional indemnity insurers or _______________________________________, simply pay for the eligible health services used by those individual who pay premiums for healthcare insurance.

          29.   Grouping revenue by _________________________________________ recognizes the different sites at which services are delivered.

          30.   _____________________________________________________ represents a variation on the original fee for service where a contracted discount is agreed upon

In: Economics

Which of the following reasons is NOT  consideredacceptable when examining the decrease in accounts receivable on...

Which of the following reasons is NOT  considered acceptable when examining the decrease in accounts receivable on the cash flow statement?



More customers have failed to pay off their accounts compared to prior year.



The company is collecting its accounting receivable faster.



The company hired an employee dedicated to monitoring accounts receivable.



Sales revenue decreased.

In: Accounting