Sheridan Corporation was organized on January 1, 2017. It is authorized to issue 10,600 shares of 8%, $100 par value preferred stock, and 538,200 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,710 shares of common stock for cash at $7 per share. Mar. 1 Issued 6,000 shares of preferred stock for cash at $113 per share. Apr. 1 Issued 24,600 shares of common stock for land. The asking price of the land was $91,730; the fair value of the land was $80,710. May 1 Issued 80,710 shares of common stock for cash at $9 per share. Aug. 1 Issued 10,600 shares of common stock to attorneys in payment of their bill of $48,100 for services rendered in helping the company organize. Sept. 1 Issued 10,600 shares of common stock for cash at $11 per share. Nov. 1 Issued 990 shares of preferred stock for cash at $117 per share.

Penobscot Nuclear has a contract to build a state of the art breeder reactor in Maine. This will be the first reactor built in the U.S. in many years and the only breeder reactor in the country. The contract cost is $1 billion and is expected to take 4 years to complete.

Here are some relevant facts (all numbers in the table are in millions):

Contract price: $1,000 Million

Complete the required jorunal entries for each year using the percentage-of-completion contract method. also show the relevant balance sheet and income statement presentation, and complete T-accounts for construction-in-progress and billings-on-contract accounts.

Penobscot Nuclear
Balance sheet
December 31, 2015

Cash $800

Retained Earnings $ 300
Common Stock 500
Total Equity $ 800

Concord Corporation was organized on January 1, 2017. It is authorized to issue 9,400 shares of 8%, $100 par value preferred stock, and 537,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Concord Corporation was organized on January 1, 2019. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 504,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year:

JOURNALIZE

1. Financial institutions in the U.S. economy

Suppose Van would like to invest $9,000 of his savings.

One way of investing is to purchase stock or bonds from a private company.

Suppose NanoSpeck, a biotechnology firm, is selling bonds to raise money for a new lab—a practice known as____finance. Buying a bond issued by NanoSpeck would give Van____the firm. In the event that NanoSpeck runs into financial difficulty,____will be paid first.

Suppose instead Van decides to buy 100 shares of NanoSpeck stock.

Which of the following statements are correct? Check all that apply.

An increase in the perceived profitability of NanoSpeck will likely cause the value of Van's shares to rise.

Expectations of a recession that will reduce economywide corporate profits will likely cause the value of Van's shares to decline.

The price of his shares will rise if NanoSpeck issues additional shares of stock.

Alternatively, Van could invest by purchasing bonds issued by the U.S. government.

Assuming that everything else is equal, a municipal bond issued by a state most likely pays a _____ interest rate than a corporate bond issued by an electronics manufacturer.

Lowell Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2017. January February March April May Estimated unit sales 12,000 14,000 13,000 11,000 11,000 Sales price per unit $50.00 $47.50 $47.50 $47.50 $47.50 Direct labor hours per unit 2.0 2.0 1.5 1.5 1.5 Wage per direct labor hour $8.00 $8.00 $8.00 $9.00 $9.00 Lowell has a labor contract that calls for a wage increase to $9.00 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. Lowell expects to begin the year with 17,600 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month’s sales, plus 40% of the second following month’s sales.

Prepare a direct labor budget for Lowell Company by month and for the first quarter of the year. The direct labor budget should include direct labor hours.

Presented below is information related to Blossom Company.

1. On July 6, Blossom Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:

Land $372,000

Buildings 1,116,000

Equipment 744,000

Total $2,232,000

Blossom Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $171 per share on the date of the purchase of the property.

2. Blossom Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.)

Repairs to building $107,860

Construction of bases for equipment to be installed later 135,500

Driveways and parking lots 131,060

Remodeling of office space in building, including new partitions and walls 162,550

Special assessment by city on land 19,750

3. On December 20, the company paid cash for equipment, $274,800, subject to a 2% cash discount, and freight on equipment of $11,540.

Prepare entries on the books of Blossom Company for these transactions

Exercise 10-13

Presented below is information related to Nash Company.

1. On July 6, Nash Company acquired the plant assets of Doonesbury Company, which had discontinued operations. The appraised value of the property is:

Nash Company gave 12,500 shares of its $100 par value common stock in exchange. The stock had a market price of $188 per share on the date of the purchase of the property.

2. Nash Company expended the following amounts in cash between July 6 and December 15, the date when it first occupied the building. (Prepare consolidated entry for all transactions below.)

3. On December 20, the company paid cash for equipment, $269,700, subject to a 2% cash discount, and freight on equipment of $11,200.

c++

A program that displays the status of an order.
a) Program uses 2 functions (in addition to main ()).
b) The first function asks the user for the data below and stores the input values in reference parameters.
c) Input data from user: # of spools ordered, # of spools in stock, any special shipping & handling charges over and above the $10 rate.
d) The second function receives as arguments any values needed to compute and display the following information:
e) # of spools ready to ship from current stock, # of ordered spools on backorder (if ordered > in stock),
f) Total sales price of portion ready to ship (# of spools ready to ship X $100),
g) Total shipping and handling charges on the portion ready to ship, Total of the order ready to ship.
h) Shipping & handling parameter in 2nd function should have a default argument of $10.00.
I) Input validation: Do not accept numbers < 1 for spools ordered,
J) Input validation: Do not accept numbers < 0 for spools in stock or for shipping & handling charges.

c++

Write a program that displays the status of an order.
a) Program uses 2 functions (in addition to main ()).
b) The first function asks the user for the data below and stores the input values in reference parameters.
c) Input data from user: # of spools ordered, # of spools in stock, any special shipping & handling charges over and above the $10 rate.
d) The second function receives as arguments any values needed to compute and display the following information:
e) # of spools ready to ship from current stock, # of ordered spools on backorder (if ordered > in stock),
f) Total sales price of portion ready to ship (# of spools ready to ship X $100),
g) Total shipping and handling charges on the portion ready to ship, Total of the order ready to ship.
h) Shipping & handling parameter in 2nd function should have a default argument of $10.00.
I) Input validation: Do not accept numbers < 1 for spools ordered,
J) Input validation: Do not accept numbers < 0 for spools in stock or for shipping & handling charges.