Cullumber Construction Company began work on a $400,000 construction contract in 2020. During 2020, Cullumber incurred costs of $250,000, billed its customer for $200,000, and collected $170,000. At December 31, 2020, the estimated additional costs to complete the project total $178,890.

Prepare Cullumber’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (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. Round answers to 0 decimal places, e.g. 5,275.)

Windsor Construction Company began work on a $404,000 construction contract in 2020. During 2020, Windsor incurred costs of $273,000, billed its customer for $232,000, and collected $182,000. At December 31, 2020, the estimated additional costs to complete the project total $163,660.

Prepare Windsor’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (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. Round answers to 0 decimal places, e.g. 5,275.)

Pronghorn Company reported 2020 net income of $152,900. During 2020, accounts receivable increased by $13,760 and accounts payable increased by $9,604. Depreciation expense was $44,000.

Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Marin Construction Company began work on a $424,000 construction contract in 2020. During 2020, Marin incurred costs of $279,500, billed its customer for $204,500, and collected $170,500. At December 31, 2020, the estimated additional costs to complete the project total $150,500. Prepare Marin’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (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. Round answers to 0 decimal places, e.g. 5,275.)

Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.

There are several transactions occurred in March. For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease.

Possible account type: Cash, Accounts Receivable, Inventory, Prepaid Rent, Fixtures and Equipment, Accounts Payable, Interest Payable, Wages Payable, Notes Payable, Paid-in Capital, Retained Earnings

Transaction 1: On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $23,000 in exchange for shares of stock. A few of their friends also purchased stock for $13,000 that was deposited in The Wire account.

Transaction 2: The company quickly acquired $43,000 in inventory, 60% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash.

Transaction 3: A one-year store rental lease was signed on March 1 for $1,200 per month, and rent for the first 4 months was paid in advance. (Note: Record the complete entry for the March 1 transaction first and the complete adjusting entry on March 31 second.)

Transaction 4: The owners paid $2,000 for website advertising. They were able to get a good deal because one of the company's owners also owns stock in the website company. The owners also paid $6,000 for some advertising in local newspapers. (Note: Combine both transactions into one entry.)

Transaction 5: Sales were $60,000. Cost of merchandise sold was 70% of sales. 25% of sales were for cash. (Note: Record the complete entry for the sales first and the complete entry for the expenses second.)

Transaction 6: Wages and salaries in March were $10,300, of which $8,000 was actually paid to employees.

Transaction 7: Miscellaneous expenses were $1,000, all paid for with cash.

Transaction 8: On March 1, fixtures and equipment were purchased for $4,000 with a downpayment of $1,000 and a $3,000 note, payable in one year. Interest of 5% per year was due when the note was repaid. The estimated life of the fixtures and equipment is 9 years with no expected salvage value. (Note: Record the complete entry for the March 1 equipment purchase first, the March 31 depreciation adjusting entry second, and the March 31 interest adjusting entry third. Also, round all answers to the nearest cent.)

Transaction 9: Cash dividends totaling $3,400 were paid to stockholders on March 31.

You are asked to carry out the accounting of the company

1. Prepare with the information the opening entry in the General Journal,

2. Analyze the transactions recorded in the general journal

3. Transfer all information to Major General

4. Prepare the trial balance

The company reports the following assets and obligations:

 Accounts Payable amount to B / .16,600.00

 Has documents to pay for B / .7,000.00

 The inventory of merchandise is B / .125,500.00

 In the box they have B / 88,800.00

 Also a bank loan payable B / .29,000.00

 They have office furniture for 15,000.00

 The bank account sum is B / .65,000.00

 27,000.00 is the amount of the office equipment

 And accounts receivable total B / .68,000.00

THE FOLLOWING TRANSACTIONS WERE DONE:

 On 6/24/2020 We bought a car for B / .12,500.00 on credit

 On 6/24/2020 A payment was made to accounts payable for B / .1,000.00

 On 06/22/2020 the sum of B / 500.00 was paid to a bank loan

 On 06/22/2020 Bank B / 88,000.00 was deposited

 On 6/23/2020 We received credit to accounts receivable for B / 23,000.00

The Cordis Building Works Company modifies and builds portable offices and homes based on customized plans using everything from shipping containers, to modular homes. The company has been in business for 35 years and has prided itself on providing a very competitive salary and great benefits as well as retaining most of its original employees since they began. While they originally began the company doing creative designs and one of a kind housing and office buildings, much of the routine work in the factory is now done robotically. They still need a supervisor and technicians to keep the operations running as well as the construction crew who actually deliver and construct the products on site. Now the designs might be modified a bit but are already in their computer and ready to produce with some small modifications when needed. There are two main engineers, one who predominantly works on high-end mansions, and the other who predominantly works on corporate office projects back at the main offices.

The CEO and President (i.e., the husband and wife team who are the founders), are the ones that meet with prospective corporate clients and negotiate the prices and building parameters. While the company used to construct low income housing as well, the clients are now almost exclusively, wealthy private clients or corporate titans. The CEO and the company president are beginning to think about retirement. They want to keep the company running but they cannot understand why the two engineers seem unmotivated when they are receiving such competitive salaries, and great benefits with three weeks’ vacation a year. In addition, the production line has had more problems of late and the supervisor seems to be coming in late several times a week as have the technicians. They are worried about the future of the company they built.

Checklist: Minimum Submission Requirements

Summarize the problems at the company that are possibly affecting employee motivation and performance.
Analyze motivation theories as provided in your text and Learning Activities (providing proper attribution) to explain the engineers’ lack of motivation.
Analyze motivation theories as provided in your text and Learning Activities (providing proper attribution) to explain the supervisor’s, technicians’, and construction crew’s lack of motivation.
Explain how the CEO and president might better motivate employees to improve performance.

Select and analyze a specific U.S. transnational corporation (MNE Multi National Enterprise) from list below, which includes the largest U.S. MNE corporations. Include at a minimum, the following information:

Overview of corporation's history and development over time (growth in revenue, growth in employees, growth by acquisitions of other companies, etc.)

Company's current global operations and reach

Discussion of outsourcing jobs, supplies or services to other countries

Summary of recent news coverage, criticism, or other significant stories about the company

Ford motor company

For each of the following questions, (1) cut and paste the appropriate paragraph(s) from the Accounting Standards Codification to answer the question and (2) give the full citation for each paragraph.

1.      Company A, a calendar-year public company, acquired common shares of Company B in 2018 as an investment. The investment does not give Company A control or significant influence over Company B. Company B is a private company and its shares are rarely bought or sold. How should Company A account for its investment in Company B?

2.      Company A acquired an asset that qualifies for interest capitalization. What interest rate or rates should the company apply to the weighted-average-accumulated expenditures to determine the appropriate amount of interest to capitalize?

3.      Company A is lessee on a lease that qualifies as a capital lease. What interest rate should Company A use to calculate the present value of the minimum lease payments. Company A has not elected to early adopt ASC 842.

4.      Company A holds a financial instrument that is not a derivative financial instrument but contains a separate financial instrument that is a derivative financial instrument. Under what circumstances must Company A account for the two financial instruments separately?

5.      Company A sponsors a defined-benefit pension plan that creates pension gains and/or losses each year. How do these pension gains and/or losses affect the calculation of the net periodic pension cost (pension expense)?

On January 1, 2016, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $127,800. Cayce is a U.S.-based company headquartered in Buffalo, New York, and Simbel is in Cairo, Egypt. Cayce accounts for its investment in Simbel under the initial value method. Any excess of fair value of consideration transferred over book value is attributable to undervalued land on Simbel’s books. Simbel had no retained earnings at the date of acquisition. Following are the 2017 financial statements for the two operations. Information for Cayce and for Simbel is in U.S. dollars ($) and Egyptian pounds (£E), respectively.

Additional Information

• During 2016, the first year of joint operation, Simbel reported income of £E 166,000 earned evenly throughout the year. Simbel declared a dividend of £E 30,600 to Cayce on June 1 of that year. Simbel also declared the 2017 dividend on June 1.

• On December 9, 2017, Simbel classified a £E 10,300 expenditure as a rent expense, although this payment related to prepayment of rent for the first few months of 2018.

• The exchange rates for 1 £E are as follows:

Translate Simbel’s 2017 financial statements into U.S. dollars and prepare a consolidation worksheet for Cayce and its Egyptian subsidiary. Assume that the Egyptian pound is the subsidiary’s functional currency.

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

• Translation Worksheet
• Consolidation Worksheet

Prepare a Translation worksheet. (Round "Exchange Rate" answers to 3 decimal places. Round your "Dollars" answers to the nearest whole number. Amounts to be deducted and negative amounts should be indicated with a minus sign.)