Sanchez Construction Loan Co. makes loans of up to $100,000 for construction projects. There are two categories of Loans—those to businesses and those to individual applicants.

Write an application that tracks all new construction loans. The application also must calculate the total amount owed at the due date (original loan amount + loan fee). The application should include the following classes:

• Loan —A public abstract class that implements the LoanConstants interface. A Loan includes a loan number, customer last name, amount of loan, interest rate, and term. The constructor requires data for each of the fields except interest rate. Do not allow loan amounts greater than $100,000. Force any loan term that is not one of the three defined in the LoanConstants class to a short-term, 1-year loan. Create a toString() method that displays all the loan data.

• LoanConstants—A public interface class. LoanConstants includes constant values for short-term (1 year), medium-term (3 years), and long-term (5 years) loans. It also contains constants for the company name and the maximum loan amount.

• BusinessLoan—A public class that extends Loan. The BusinessLoan constructor sets the interest rate to 1% more than the current prime interest rate.

• PersonalLoan—A public class that extends Loan. The PersonalLoan constructor sets the interest rate to 2% more than the current prime interest rate.

• CreateLoans— An application that creates an array of five Loans. Prompt the user for the current prime interest rate. Then, in a loop, prompt the user for a loan type and all relevant information for that loan. Store the created Loan objects in the array. When data entry is complete, display all the loans. For example, the program should accept input similar to the sample program execution below:

Welcome to Sanchez Construction
Enter the current prime interest rate as a decimal number, for example, .05
0.08
Is this a (1) Business loan or (2) Personal loan
1
Enter account number
1
Enter name
Joe
Enter loan amount
10000
Enter term
5
Is this a (1) Business loan or (2) Personal loan
2
Enter account number
2
Enter name
Sara
Enter loan amount
5000
Enter term
3
... And so on for 5 total loans

After all loan information is input, the program should output the loans in the following format:

Sanchez Construction
Loan #1   Name: Joe  $10000.0
 for 5 year(s) at 9% interest
Loan #2   Name: Sara  $5000.0
 for 3 year(s) at 10% interest
Loan #3   Name: Mike  $975.0
 for 1 year(s) at 10% interest
Loan #4   Name: Jane  $7000.0
 for 5 year(s) at 9% interest
Loan #5   Name: Peter  $300.0
 for 1 year(s) at 9% interest

====================================================

public class BusinessLoan extends Loan
{
public BusinessLoan(int num, String name, double amt, int yrs, double prime)
{
// write your code here
}
}

===============================================

import java.util.*;
public class CreateLoans implements LoanConstants
{
public static void main(String[] args)
{
// write your code here
}
}

===============================================

public abstract class Loan implements LoanConstants
{
protected int loanNum;
protected String lastName;
protected double amount;
protected double rate;
protected int term;
public Loan(int num, String name, double amt, int yrs)
{
// write your code here
}
public String toString()
{
// write your code here
}

public boolean equals(Loan loan)
{
// write your code here
}
}

=========================================

public interface LoanConstants
{
public static final int MAXLOAN = 100000;
public static final int SHORT_TERM = 1;
public static final int MEDIUM_TERM = 3;
public static final int LONG_TERM = 5;
public static final String COMPANY = "Sanchez Construction";
}

============================================

public class PersonalLoan extends Loan
{
public PersonalLoan(int num, String name, double amt, int yrs, double prime)
{
// write your code here
}
}

Brady Construction Company contracted to build an apartment complex for a price of $5,800,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Required:
Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)

Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

A construction worker pulls a five-meter plank up the side of a building under construction by means of a rope tied to one end of the plank (see figure). Assume the opposite end of the plank follows a path perpendicular to the wall of the building and the worker pulls the rope at a rate of 0.18 meter per second. How fast is the end of the plank sliding along the ground when it is 1.5 meters from the wall of the building? (Round your answer to two decimal places.)

Brady Construction Company contracted to build an apartment complex for a price of $6,000,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Required:
Complete the following table. (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)

Complete the following table.

                                Gross Profit (Loss) Recognized

                   Revenue Recognized Over Time             Revenue Recognized Upon Completion

Situation       2016       2017       2018                             2016       2017     2018       

1.

2.

3.

4.

5.

6.

Construction labor is budgeted on the basis of 52 weeks per year. Construction labor is budgeted on the basis of 40 hours per work week (Assuming overtime premiums) A contractor employs his labor force for the full year of 1,676 hours with a company policy that recognizes the following: 5 paid holidays per year.- 103 hours of paid leave per year, per employee. For estimating purposes what are standard costs/hours for how many work hours are available for productive work on the jobsite per quarter/employee?

Diamond Construction is an owner-managed entity with contracting revenues of $20 million in 2020. As construction is a labour-intensive industry, one of Diamond’s largest expense accounts is labour and wages. You are a first-year auditor at Klein and Partners. You have been given the following information regarding the entity’s payroll process for hourly employees at Diamond Construction:

1. The owner-manager is the only person who can authorize the hiring of a new employee.
2. When a new employee is hired, the payroll clerk prepares a new employee package that includes:
(a) safety orientation
(b) tax forms
(c) benefits plan enrolment
3. Only the payroll manager has the ability to update the employee master list. This can only be done once the tax forms, a void cheque with direct deposit information, and the owner’s approval have been received. All forms need to be returned before the payroll manager will update the payroll master list and add any new employees.
4. Hourly employees are paid biweekly.
5. Hours worked are tracked on time cards. Supervisors fill in the time cards for each individual day, noting the hours worked.
6. At the end of the pay period, time cards are provided to the payroll clerk, who compiles the total hours worked and codes the hours to the appropriate job number. Once compiled, the payroll clerk enters the hours worked per person in the payroll system.
7. The accounting system prepares the direct deposit information based on the rates of pay maintained in the payroll master list (listing of all authorized staff and approved wage rates). It also calculates the withholding taxes.
8. This is transferred to the bank and a record of the transmission is printed and attached to the front of the payroll run.
9. The payroll module is integrated with the general ledger. The payroll clerk prepares and posts the journal entry to the payroll expense accounts.
10. Remittance advices are given to the supervisors for distribution.
11. If an employee is terminated, Diamond just stops paying them as they no longer have time cards submitted.
12. When an employee has been promoted or their job classification has changed, the supervisor will verbally communicate this to the payroll manager, who will then update the payroll master file. Therefore, source documentation in employee files will only relate to an employee’s original job classification. The rationale for this was that most job classification changes would only result in an additional dollar or two per hour paid to the employee.

Which of the following are control strengths with the payroll process?

The payroll manager has the ability to update the employee master list once the completed paperwork is received.

Supervisors fill in the time cards for each individual day, noting the hours worked and initialling each of the time cards.

The payroll clerk, who compiles the total hours worked and codes the hours to the appropriate job number, enters the hours worked per person in the payroll system.

All employees are on direct deposit.

The accounting system calculates the wages, withdrawing taxes.

The payroll module is integrated with the general ledger.

If an employee is terminated, Diamond just stops paying them as they no longer have time cards submitted.

When an employee has been promoted or their job classification has changed, the supervisor will verbally communicate this to the payroll manager, who will then update the payroll master file.

Which of the following tests of controls should be performed for Diamond Construction?

Compare monthly figures to expectations.

Take a sample of employees and compare to the employee files to ensure they exist.

Select a sample of time cards and review for the supervisor’s initials.

Examine termination notices in payroll department.

Take a sample of payroll journal entries and ensure they are posted and posted correctly.

Witness distribution of payroll remittance advices.

Examine evidence of the preparation and use of batch totals.

Test the system using a sample of hours and ensure it is calculating all items correctly.

Brady Construction Company contracted to build an apartment complex for a price of $5,200,000. Construction began in 2021 and was completed in 2023. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.

Required:
Complete the following table (Do not round intermediate calculations. Enter answers in dollars. Round your final answers to the nearest whole dollar. Negative amounts should be indicated by a minus sign.)