An analysis of the accounts of Roberts Company reveals the
following manufacturing cost data for the month ended June 30,
2020.
|
Inventory |
Beginning |
Ending |
||
| Raw materials | $ 9,660 | $ 13,620 | ||
| Work in process | 5,100 | 8,710 | ||
| Finished goods | 9,870 | 6,640 |
Costs incurred: raw materials purchases $ 57,250, direct labor $
51,410, manufacturing overhead $22,900. The specific overhead costs
were: indirect labor $ 6,160, factory insurance $ 4,610, machinery
depreciation $ 4,920, machinery repairs $ 2,230, factory utilities
$ 3,210, and miscellaneous factory costs $ 1,770. Assume that all
raw materials used were direct materials.
(a) Prepare the cost of goods manufactured
schedule for the month ended June 30, 2020.
(b) Show the presentation of the ending
inventories on the June 30, 2020, balance sheet.
In: Accounting
8. German Company, PAS software is developing an ERP (Enterprise Resource Planning) system for sale to mid-size companies around the world. Software development started during 2018, during which time $45 million was incurred. During 2019, and additional $60 million was incurred, with $10 million of this incurred after technological feasibility of the new software had been established. Record the journal entry for the 2019 software development costs.
Refer back to question 8. Assume this product was released to customers in early 2020, and is assumed to have a 10-year useful life. Revenues from sale of the ERP system in 2020 were $30 million, and total expected revenues over the life of the product were $200 million. Record the journal entry for amortization of the capitalized software in 2020.
In: Accounting
In: Accounting
Novak Co. has the following defined benefit pension plan balances on January 1, 2020.
Projected benefit obligation 4555000
Fair value of plan assets 4555000
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $599,000 are created. Other data related to the pension plan are:
|
2020 |
2021 |
|
|
Service cost |
149,000 |
170,000 |
|
Prior service cost amortization |
0 |
91,000 |
|
Contributions (funding) to the plan |
201,000 |
183,000 |
|
Benefits paid |
220,000 |
278,000 |
|
Actual return on plan assets |
251,000 |
353,000 |
|
Expected rate of return on |
6% |
8% |
Prepare a pension worksheet for the pension plan in 2020. (Enter all amounts as positive.)
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
Computing EPS: Restricted Stock Awards
West Inc. granted 5,000 shares of restricted common stock shares at the beginning of 2020 to company managers that will vest after 4 years of service. Net income for the year is $360,000, and 250,000 common shares were outstanding the entire year. The fair value of the shares on January 1, 2020, is $25 per share. The average market price of common shares in 2020 is $25 per share.
a. Compute basic earnings per share.
b. Compute diluted earnings per share.
Note: Round per share amounts to two decimal places.
| Net Income Available to Common Stockholders |
Weighted Avg. Common Shares Outstanding |
Per Share |
|
|---|---|---|---|
| Basic EPS | Answer | Answer | Answer |
| Diluted EPS | Answer | Answer | Answer |
In: Accounting
Flint Company has the following two temporary differences between its income tax expense and income taxes payable.
|
2020 |
2021 |
2022 |
|||||||
| Pretax financial income |
$842,000 |
$956,000 |
$914,000 |
||||||
| Excess depreciation expense on tax return |
(28,800 |
) |
(39,300 |
) |
(9,900 |
) |
|||
| Excess warranty expense in financial income |
20,400 |
9,500 |
7,600 |
||||||
| Taxable income |
$833,600 |
$926,200 |
$911,700 |
||||||
The income tax rate for all years is 20%
Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (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.)
In: Accounting
Two accountants, Yuan Tsui and Sergio Aragon, are arguing about
the merits of presenting an income statement in the multiple-step
versus the single-step format. The discussion involves the
following 2020 information for P. Bride Company (in
thousands):
| Administrative expenses | Selling expenses | |||||||
| Officers’ salaries | $4,000 | Delivery | $2,050 | |||||
| Depreciation of office furniture and equipment | 3,060 | Sales commissions | 67,640 | |||||
| Cost of goods sold | 57,190 | Depreciation of sales equipment | 6,260 | |||||
| Rental revenue | 14,330 | Sales revenue | 308,900 | |||||
| Interest expense | 1,730 | |||||||
Common shares outstanding for 2020 total 30,000 (in thousands).
Income tax for the year was $18,130.
Prepare an income statement for the year ended December 31, 2020, using the multiple-step format, showing expenses by function. Include calculation of EPS.
In: Accounting
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 |
$ |
2,580,000 |
$ |
4,042,000 |
$ |
2,175,800 |
|||
|
Estimated costs to complete as of year-end |
6,020,000 |
1,978,000 |
0 |
||||||
|
Billings during the year |
2,060,000 |
4,562,000 |
3,378,000 |
||||||
|
Cash collections during the year |
1,830,000 |
4,200,000 |
3,970,000 |
||||||
Westgate recognizes revenue over time according to percentage of
completion.
Required:
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete
information.
|
2018 |
2019 |
2020 |
|||||||
|
Cost incurred during the year |
$ |
2,580,000 |
$ |
3,830,000 |
$ |
3,990,000 |
|||
|
Estimated costs to complete as of year-end |
6,020,000 |
4,160,000 |
0 |
||||||
In: Accounting
17. An infection with a rhinovirus might result in:
A. common cold
B. genital warts
C. cold sores
D. mumps
E. vomiting
18. An example of a disease caused by a retrovirus is:
A. mumps
B. influenza
C. syphilis
D. AIDS
E. chickenpox
19. Naturally acquired active immunity would be most likely
acquired through which of the following
processes?
A.
vaccination
B. drinking colostrum
C. natural birth
D. infection with disease causing organism followed by recovery.
20. Which of the following convey the longest lasting immunity
to an infectious agent?
A. Naturally acquired passive
immunity
B. Artificially acquired passive immunity
C. Naturally acquired active immunity
D. All of these
E. None of these
In: Biology