Assume that credit sales "to be received in 90 days" are received in exactly 90 days and that EFT wage payments are made in exactly 7 days. Expected to pay income tax of 35%? And its journal entries CR and DR
|
01-January-2016 |
Open business bank account with transfer of personal funds |
$210,000 |
||
|
02-January-2016 |
EFT for rental of office space. Immediate occupancy. 60 months at $3500 per month. |
$210,000 |
||
|
11-January-2016 |
Office equipment purchased for cash to get discount from the retail price of $56,000. |
$50,000 |
||
|
11-January-2016 |
The office equipment will be replaced in 5 years at an expected cost of $67,000. |
$67,000 |
||
|
13-January-2016 |
Bank loan approved and credited to account. Payable in 2021 |
$310,000 |
||
|
28-June-2016 |
Credit sales. EFT payment to be received in 90 days. |
$65,500 |
||
|
04-July-2016 |
Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. |
$5,200 |
||
|
29-July-2016 |
Cash sales. |
$33,500 |
||
|
12-December-2016 |
Credit sales. EFT payment to be received in 90 days. |
$42,500 |
||
|
28-December-2016 |
Employee timesheets submitted for work performed. Payment (EFT) to be made in 7 days. |
$5,720 |
||
In: Accounting
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
1. Would Santa Clarita (latitude 34oN) ever receive direct, vertically overhead rays of the sun? Why or why not?
2. Why does the Equator get 12 hours of day and 12 hours of night, every day of the year, and all other latitudes do not?
3. On the June solstice, why does the area between the Arctic Circle (66.5oN) and North Pole (90oN) have 24-hour daytime, whereas the area between the Antarctic Circle (66.5oS) and South Pole (90oS) gets 24-hour nighttime?
4. Would Istanbul, Turkey (41oN) ever get 12 hours of night in July? Give at least 2 accurate reasons for your answer.
5. Define aphelion and perihelion What are their dates? Why don’t they have any effect on our seasons?
In: Other
You are a construction manager for You can Do It Construction, and have been given an 135,000 square foot, 6-story, medical office and laboratory building project in Santa Fe to manage. The project is located at the southeast quadrant of US 599 and Airport Rd, which is just NW of I-40. The building itself is in the EAST corner of the parcel.
The plans call for a structural steel framework with exterior walls of imported Italian marble. The plans, which were done by a firm in North Dakota, also call for two stories of underground parking constructed with precast concrete components trucked in from Amarillo, Tx.
Write 3 paragraphs on what you’d consider when laying out the jobsite and who you might consult with. Be thorough and concise.
In: Civil Engineering