Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2016 2015 Sales $1,680.0 $1,400.0 Operating costs excluding depreciation and amortization 1,344.0 1,190.0 EBITDA $336.0 $210.0 Depreciation and amortization 37.0 29.0 Earnings before interest and taxes (EBIT) $299.0 $181.0 Interest 37.0 31.0 Earnings before taxes (EBT) $262.0 $150.0 Taxes (40%) 104.8 60.0 Net income $157.2 $90.0 Common dividends $141.0 $72.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2016 2015 Assets Cash and equivalents $23.0 $20.0 Accounts receivable 200.0 182.0 Inventories 252.0 210.0 Total current assets $475.0 $412.0 Net plant and equipment 368.0 294.0 Total assets $843.0 $706.0 Liabilities and Equity Accounts payable $101.0 $84.0 Accruals 140.0 112.0 Notes payable 34.0 28.0 Total current liabilities $275.0 $224.0 Long-term bonds 336.0 280.0 Total liabilities $611.0 $504.0 Common stock 188.8 175.0 Retained earnings 43.2 27.0 Common equity $232.0 $202.0 Total liabilities and equity $843.0 $706.0 Write out your answers completely. For example, 25 million should be entered as 25,000,000. What was net operating working capital for 2015 and 2016? 2015: $ 2016: $ What was the 2016 free cash flow? $ How would you explain the large increase in 2016 dividends? The large increase in net income from 2015 to 2016 explains the large increase in 2016 dividends. The large increase in free cash flow from 2015 to 2016 explains the large increase in 2016 dividends. The large increase in EBIT from 2015 to 2016 explains the large increase in 2016 dividends. The large increase in sales from 2015 to 2016 explains the large increase in 2016 dividends. The large increase in retained earnings from 2015 to 2016 explains the large increase in 2016 dividends. Check My Work (2 remaining) Icon Key Previous Question 9 of 9Problem 3.17
In: Finance
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Question 3 Intangible Assets |
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XYZ Ltd reports the following intangible assets on 30 June 2020: |
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Patents at directors’ valuation |
$160 000 |
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Less Accumulated amortisation |
(40 000) |
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Brand name at fair value |
100 000 |
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Licence at cost |
$100 000 |
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Less Accumulated amortisation |
(10 000) |
Additional Information:
Some of the treatments by XYZ may be inconsistent with the accounting standards AASB 138 “Intangible Assets”.
REQUIRED:
For EACH intangible asset, specify and briefly justify the following accounting decisions in accordance with AASB 138 ‘Intangible Assets’:
In: Accounting
Develop a Domain Class Model with proper annotation on paper.
Music
An album has a name and a release date. An album has a collection of 1 or more songs. And a song may be on one album, but does not have to be (that is a song can exist whether it is on an album or not). A song has a title and a length in seconds. A song is created by one artist. All artists have a name. There are different kinds of artists. An artist can be an individual person. That is a person is an artist. A group is also an artist. A person has a birth date and a favorite color. And a group has a date that it was established. An artist can perform one or more songs.
Examples:
Lizzo is a person who is an artist. Lizzo was born on April 27, 1988 and her favorite color is orange. Lizzo sings songs like Good as Hell (2 min 38 seconds) and Truth Hurts (2 min 53 seconds). Truth Hurts is on the album Cuz I Love You (2019). Good as Hell is on Coconut Oil (2016).
The Revivalists are a group that is an artist and was established in 2007. The Revivalists have four studio albums: Vital Signs (2010), City of Sound (2014), Men Amongst Mountains (2015) and Take Good Care (2018). The song Wish I knew You is on the album Men Amongst Mountains, and is 4 min 34 seconds.
In: Computer Science
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 | $ | 2,204,000 | $ | 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.)
In: Accounting
[The following information applies to the questions
displayed below.]
In 2018, 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 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,072,000 | $ | 2,738,000 | $ | 2,849,000 | |||
| Estimated costs to complete as of year-end | 5,328,000 | 2,590,000 | 0 | ||||||
| Billings during the year | 2,160,000 | 2,650,000 | 5,190,000 | ||||||
| Cash collections during the year | 1,880,000 | 2,700,000 | 5,420,000 | ||||||
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.)
|
In: Accounting
Required information
[The following information applies to the questions
displayed below.]
In 2018, 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 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,291,000 | $ | 3,555,000 | $ | 2,259,400 | |||
| Estimated costs to complete as of year-end | 5,609,000 | 2,054,000 | 0 | ||||||
| Billings during the year | 2,110,000 | 3,736,000 | 4,154,000 | ||||||
| Cash collections during the year | 1,855,000 | 3,500,000 | 4,645,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
rev: 09_15_2017_QC_CS-99734
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.)
In: Accounting
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 | $ | 2,604,000 | $ | 4,032,000 | $ | 1,940,400 | |||
| Estimated costs to complete as of year-end | 5,796,000 | 1,764,000 | 0 | ||||||
| Billings during the year | 2,040,000 | 4,596,000 | 3,364,000 | ||||||
| Cash collections during the year | 1,820,000 | 4,000,000 | 4,180,000 | ||||||
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.)
2021. 2022. 2023
Revenue
Gross profit(loss)
In: Accounting
Required information
[The following
information applies to the questions displayed
below.]
In 2018, 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 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| 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.
rev: 09_15_2017_QC_CS-99734
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.)
In: Accounting
Required information
[The following
information applies to the questions displayed
below.]
In 2018, 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 2020. Information related to the contract is
as follows:
| 2018 | 2019 | 2020 | |||||||
| 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.
rev: 09_15_2017_QC_CS-99734
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.)
In: Accounting
Chapter 6, #5
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 | $ | 2,542,000 | $ | 3,772,000 | $ | 2,074,600 | |||
| Estimated costs to complete as of year-end | 5,658,000 | 1,886,000 | 0 | ||||||
| Billings during the year | 2,020,000 | 4,294,000 | 3,686,000 | ||||||
| Cash collections during the year | 1,810,000 | 3,800,000 | 4,390,000 | ||||||
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.)
| 2021 | 2022 | 2023 | |
| Revenue | |||
| Gross profit(loss) |
In: Accounting