For the year ended December 31, 2018, Carla Vista Ltd. had the following transactions related to the purchase of property. Assume all transactions are for cash unless otherwise stated.
Feb. 7 Purchased real estate for $ 1 million, paying $ 292,700 cash and signing a mortgage payable for the balance. The site had an old building on it and the current values of the land and building were $ 0.9 million and $ 101,400, respectively. The old building will be demolished and a new apartment building will be constructed on the site.
9 Paid legal fees of $ 20,080 on the real estate purchase of February 7.
15 Paid $ 61,670 to demolish the old building and make the land ready for the construction of the apartment building.
16 Received $ 15,880 from the sale of material from the demolished building.
28 Paid $4,000 to grade the land in preparation for the construction of the apartment building.
Mar. 2 Paid architect fees of $ 67,570 to design the apartment building.
July 2 The full cost for construction of the apartment building was $ 2.7 million. Paid $ 732,330 cash and signed a bank loan payable for the balance.
3 Purchased a one-year insurance policy on the finished building for $ 10,830.
Aug. 29 Paid $ 46,700 for the paving of sidewalks and a parking lot for the building.
Record the above transactions. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
Feb. 7Feb. 9Feb. 15Feb. 16Feb. 28Mar. 2July 2July 3Aug. 29 |
|||
|
Feb. 7Feb. 9Feb. 15Feb. 16Feb. 28Mar. 2July 2July 3Aug. 29 |
|||
|
Feb. 7Feb. 9Feb. 15Feb. 16Feb. 28Mar. 2July 2July 3Aug. 29 |
In: Accounting
PT TOBA produces two types of products both TAKO and TAKI through joint production process. Both products must be further processed and then it can be sold. In April 2016 the production cost incurred consisted of a prime cost of $ 10,000, a direct labor cost of $ 4,000 and a conversion cost of $ 14,000. The production process in April produced 500 units of TAKO and 2,000 TAKI units. The cost for further processing TAKO is $ 5 per unit and TAKI $ 10 per unit. The selling price of TAKO and TAKI per unit is $ 25 and $ 20.
Requested: Calculate the cost per unit of TAKO and TAKI by using Physical measure method, NRV method, and Constant gross margin percentage NRV method.
In: Accounting
PLEASE TYPE OUT IN TEXT (please no pdf or writing)
C++ PLEASE
Summary
For each used car a salesperson sells, the commission is paid as follows: $20 plus 30% of the selling price in excess of the cost of the car.
Typically, the minimum selling price of the car is the cost of the car plus $200 and the maximum selling price is the cost of the car and $2,000.
Instructions
Write a program that prompts the user to enter:
The program should output:
Since your program handles currency, make sure to use a data type that can store decimals.
In: Computer Science
The United Nations has decided that it would be nice to construct a tunnel across the Bering Strait to connect Russia to Alaska, allowing for a road trip across the world(!) and thereby promoting a global sense of greater understanding, unity, and peace. To this end, the UN has solicited your firm to build this tunnel. If you build the tunnel, you will receive $20 for each car that passes through the tunnel. Upon hearing this, you hired a team of consultants, at a cost of $100,000, to help you analyze the scope, costs, and overall operations/infrastructure associated with this project. Their complete report/analysis is attached below: Overall, it should take three years to complete construction of the tunnel. The project would require the upfront purchase (t=0) of a $100 million Blade Digger, a huge machine to drill the tunnel. The Blade Digger has a useful life of five years, and can be depreciated at a rate of $20M/year. Based on our analyses, we anticipate that, at any point in time, The Blade Digger can be sold at book value. We expect annual construction expenses of $50M / year for 3 years (from t=1, 2, 3) and annual maintenance expenses of $25M / year throughout the 30‐year life of the tunnel, with maintenance expenses to be paid beginning at time t=4. We expect that the tunnel has no salvage value at the end of its useful life. The NWC requirement during the construction phase of this project is $15M (from t=0, 1, 2). We anticipate a $5M NWC requirement from t=3 and on. We estimate that, throughout life of tunnel, about 3.5 million vehicles will use the tunnel per year. Your relevant marginal tax rate is 35%, and based on the risks involved, the opportunity cost of capital is assessed to be 15%.
Question: Should you accept this project? Provide a full report/analysis along with your ultimate valuation of this project. I’d like to see a full cash‐flow timeline, detailing the accounting information each period (like how we did in class), so that I can follow how you derive your final cash flows, and ultimately, your final decision.
In: Accounting
The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2019 fiscal year. The June 30, 2018, credit balance of the owner’s capital account was $55,900, and the owner invested $22,000 cash in the company during the 2019 fiscal year.
| ACE CONSTRUCTION CO. Unadjusted Trial Balance June 30, 2019 |
||||||||
| No. | Account Title | Debit | Credit | |||||
| 101 | Cash | $ | 19,500 | |||||
| 126 | Supplies | 7,500 | ||||||
| 128 | Prepaid insurance | 6,000 | ||||||
| 167 | Equipment | 130,180 | ||||||
| 168 | Accumulated depreciation—Equipment | $ | 29,000 | |||||
| 201 | Accounts payable | 5,600 | ||||||
| 203 | Interest payable | 0 | ||||||
| 208 | Rent payable | 0 | ||||||
| 210 | Wages payable | 0 | ||||||
| 213 | Property taxes payable | 0 | ||||||
| 251 | Long-term notes payable | 22,000 | ||||||
| 301 | V. Ace, Capital | 77,900 | ||||||
| 302 | V. Ace, Withdrawals | 34,000 | ||||||
| 401 | Construction fees earned | 133,000 | ||||||
| 612 | Depreciation expense—Equipment | 0 | ||||||
| 623 | Wages expense | 44,000 | ||||||
| 633 | Interest expense | 2,420 | ||||||
| 637 | Insurance expense | 0 | ||||||
| 640 | Rent expense | 13,000 | ||||||
| 652 | Supplies expense | 0 | ||||||
| 683 | Property taxes expense | 4,400 | ||||||
| 684 | Repairs expense | 2,800 | ||||||
| 690 | Utilities expense | 3,700 | ||||||
| Totals | $ | 267,500 | $ | 267,500 | ||||
Adjustments:
3a. Prepare the income statement for the year
ended June 30, 2019.
3b. Prepare the statement of owner's equity for
the year ended June 30, 2019.
3c. Prepare the classified balance sheet at June
30, 2019.
In: Accounting
Sandhill Holdings Inc., a publicly listed company in Canada,
ventured into construction of a mega-shopping mall in Edmonton,
which is rated as the largest shopping mall in North America. The
company’s board of directors, after much market research, decided
that instead of selling the shopping mall to a local investor who
had approached them several times with excellent offers that he
steadily increased during the year of construction, the company
would hold this property for the purposes of capital appreciation
and earning rental income from mall tenants. Sandhill Holdings
retained the services of a real estate company to find and attract
many important retailers to rent space in the shopping mall, and
within months of completion at the end of 2017, the shopping mall
was fully occupied.
According to the company’s accounting department, the total
construction cost of the shopping mall was $50 million. The company
used an independent appraiser to determine the mall’s fair value
annually. According to the appraisal, the fair values of the
shopping mall at December 31, 2017, and at each subsequent year end
were:
| 2017 | $50 million | |
| 2018 | $60 million | |
| 2019 | $65 million | |
| 2020 | $61 million |
The independent appraiser felt that the useful life of the shopping
mall was 20 years and its residual value was $8 million.
Note that the mall’s rental income and expenses would be the same
and thus can be omitted from the analysis for this exercise.
Prepare the necessary journal entries for 2018, 2019, and 2020 if it decides to treat the shopping mall as an investment property under IAS 40: Use fair value model. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
__________
___________
_____________
Prepare the necessary journal entries for 2018, 2019, and 2020
if it decides to treat the shopping mall as an investment property
under IAS 40: Use Cost model. (Credit account titles
are automatically indented when the 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. Record journal entries
in the order presented in the problem.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
_________________
__________________
___________________
In: Accounting
Lab 10-2:You've been hired by Yogurt Yummies to write a C++ console application that calculates and displays the cost of a customer’s yogurt purchase. Use a validation loop to prompt for and get from the user the number of yogurts purchased in the range 1-9. Then use a validation loop to prompt for and get from the user the coupon discount in the range 0-20%. Calculate the following:
● Subtotal using a cost of $3.50 per yogurt. ● Subtotal after discount
● Sale tax using rate of 6%. ● Total
Use formatted output manipulators (setw, left/right) to print the following rows:
● Yogurts purchased ● Yogurt cost ($) ● Discount (%)
● Subtotal ($) ● Subtotal after discount ($) ● Tax ($)
● Total ($)
And two columns:
● A left-justified label (including units)
● A right-justified value.
Define constants for the yogurt cost, sales tax rate, and column widths. Format all real numbers to two decimal places. Run the program with invalid and valid inputs. The output should look like this:
#include <conio.h> // For function getch()
#include <cstdlib> // For several general-purpose functions
#include <fstream> // For file handling
#include <iomanip> // For formatted output
#include <iostream> // For cin, cout, and system
#include <string> // For string data type
using namespace std;
#define t 6.0
#define Yogurt_cost 3.50
int main()
{
float Yogurts_purchased,Discount,Subtotal,after_discount,tax,total;
cout<<"Welcome to Yogurt Yummies";
cout<<"\n-------------------------\n";
while (1>0)
{
cout<<"Enter the number of yogurts purchased (1-9):";
// input the number of yougurts purchased
cin>>Yogurts_purchased;
//checking number of yougurts purchased is valid
if(Yogurts_purchased>=1 && Yogurts_purchased<=9)
break;
else
cout<<"\nError:'"<<Yogurts_purchased<<"'is an invalid number of yogurts.\n ";
}
while (1>0)
{
// input the percentage discount
cout<<"Enter the percentage discount (0-20): :";
cin>>Discount;
// checking percentage discount is valid
if(Discount>=0 && Discount<=20)
break;
else
cout<<"Error:'"<<Discount<<"' is an invalid percentage discount.\n ";
}
//evaluating the Subtotal
Subtotal=Yogurts_purchased*Yogurt_cost;
//evaluating the after discount
after_discount=Subtotal-(Subtotal*(Discount/100));
//evaluating the tax
tax=after_discount*(t/100.0);
//evaluating the total
total=tax+after_discount;
//show the values
cout<<"\n Yogurts: "<<setw(26)<<Yogurts_purchased;
cout<<"\n Yogurt cost($):"<<setw(20)<< fixed << setprecision(2)<<Yogurt_cost;
cout<<"\n Discount (%):"<<setw(22)<< fixed << setprecision(2)<<Discount;
cout<<"\n Subtotal ($):"<<setw(22)<< fixed << setprecision(2)<<Subtotal;
cout<<"\n Total after discount ($):"<<setw(10)<< fixed << setprecision(2)<<after_discount;
cout<<"\n Tax ($): :"<<setw(25)<< fixed << setprecision(2)<<tax;
cout<<"\n Total ($):"<<setw(25)<< fixed << setprecision(2)<<total;
cout<<"\n\nEnd of Yogurt Yummies";
return 0;
}
Remember that great app you wrote for Yogurt Yummies (Lab 10-2). They want you to enhance the C++ console application that calculates and displays the cost of a customer’s yogurt purchase. Now they need to process multiple sales. Do not change any logic for handling a single sale. Make the following enhancements:
● Add "v2" to the application output header and close.
● Declare and initialize overall totals including:
Number of sales.
Overall number of yogurts sold.
Overall sale amount after discount.
Overall tax paid.
Overall sale total.
● Enclose the logic for a single sale with a sentinel loop that continues to process sales until the user enters 'n'.
● After calculating sale totals, update overall totals.
● When the user enters the sentinel value ('n'), print overall totals using formatted output manipulators (setw, left/right). Run the program with invalid and valid inputs, and at least three sales. The output should look like this:
Welcome to Yogurt Yummies, v2
-----------------------------
Enter another yogurt purchase (y/n)? y
Sale 1
----------------------------------------
Enter the number of yogurts purchased (1-9): 11
Error: '11' is an invalid number of yogurts.
Enter the number of yogurts purchased (1-9): 2
Enter the percentage discount (0-20): 22
Error: '22.00' is an invalid percentage discount.
Enter the percentage discount (0-20): 4
Yogurts: 2
Yogurt cost ($): 3.50
Discount (%): 4.00
Subtotal ($): 7.00
Total after discount ($): 6.72
Tax ($): 0.40
Total ($): 7.12
Enter another yogurt purchase (y/n)? y
Sale 2
----------------------------------------
Enter the number of yogurts purchased (1-9): 5
Enter the percentage discount (0-20): 10
Yogurts: 5
Yogurt cost ($): 3.50
Discount (%): 10.00
Subtotal ($): 17.50
Total after discount ($): 15.75
Tax ($): 0.94
Total ($): 16.70
Enter another yogurt purchase (y/n)? y
Sale 3
----------------------------------------
Enter the number of yogurts purchased (1-9): 7
Enter the percentage discount (0-20): 20
Yogurts: 7
Yogurt cost ($): 3.50
Discount (%): 20.00
Subtotal ($): 24.50
Total after discount ($): 19.60
Tax ($): 1.18
Total ($): 20.78
Enter another yogurt purchase (y/n)? n
Overall totals
========================================
Sales: 3
Yogurts: 14
Total after discount ($): 42.07
Tax ($): 2.52
Total ($): 44.59
End of Yogurt Yummies, v2
In: Computer Science
A young engineer has been asked to determine the annual cost for a new paver the AJAX Construction company is considering. The company uses an interest rate of 4% per year. The following is the information the engineer has regarding the costs of the paver:
Complete the following problem according to the guidelines below:
In: Economics
On January 1, Year 1, Webb Construction Company overhauled four
cranes, resulting in a slight increase in the life of the cranes.
Such overhauls occur regularly at two-year intervals and have been
treated as a maintenance expense in the past. Management is
considering whether to capitalize this year’s $28,420 cash cost in
the Cranes asset account or to expense it as a maintenance expense.
Assume that the cranes have a remaining useful life of two years
and no expected salvage value. Assume straight-line
depreciation.
Required
a. Determine the amount of additional depreciation
expense Webb would recognize in Year 1 and Year 2 if the cost were
capitalized in the Cranes account.
b. Determine the amount of expense Webb would
recognize in Year 1 and Year 2 if the cost were recognized as
maintenance expense.
c. Determine the effect of the overhaul on cash
flow from operating activities for Year 1 and Year 2 if the cost
were capitalized and expensed through depreciation charges.
d. Determine the effect of the overhaul on cash
flow from operating activities for Year 1 and Year 2 if the cost
were recognized as maintenance expense.
In: Accounting
A location analysis for Cook Controls, a small manufacturer of parts for high-technology cable systems, has been narrowed down to four locations. Cook will need to train assemblers, testers, and robotics maintainers in local training centers. Lori Cook, the president, has asked each potential site to offer training programs, tax breaks, and other industrial incentives. The critical factors, their weights, and the ratings for each location are shown in the following table. High scores represent favorable values.
Wight A B C D
Labor availability .15 90 80 90 80
Technical school
quality .10 95 75 65 85
Operating cost .30 80 85 95 85
Land and
construction cost .15 60 80 90 70
Industrial
incentives .20 90 75 85 60
Labor cost .10 75 80 85 75
a) Compute the composite (weighted average) rating for each location.
b) Which site would you choose?
c) Would you reach the same conclusion if the weights for operating cost and labor cost were reversed? Recomputed as necessary and explain.
In: Operations Management