Rajbir Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2018 and was completed in 2019. Data relating to the construction are: 2018 2019 Costs incurred during the year $3,300,000 $2,750,000 Estimated costs to complete 2,700,000 — Raj uses the percentage-of-completion method. Instructions (a) How much revenue should be reported for 2018? Show your computation. (b) Make the entry to record progress billings of $4,100,000 during 2018. (c) Make the entry to record the revenue and gross profit for 2018. (d) How much gross profit should be reported for 2019? Show your computation.
In: Accounting
ABC Company has three divisions, J, P, and W. The following information is available for the most recent month: ABC Company: Sales revenue .............. $513,000 Total fixed costs .......... $125,320 Net income ................. $ 57,300 Division J: Sales revenue .............. $163,000 Segment margin ............. $ 20,810 Division P: Contribution margin ........ $ 30,150 Traceable fixed costs ...... $ 14,270 Variable cost ratio ........ 85% of sales in Division P Division W: Variable costs ............. $ 41,720 Segment margin ............. $ 67,370 Calculate the traceable fixed costs reported by Division J during the most recent month.
In: Accounting
ABC Company has three divisions, J, P, and W. The following information is available for the most recent month: ABC Company: Sales revenue .............. $513,000 Total fixed costs .......... $125,320 Net income ................. $ 57,300 Division J: Sales revenue .............. $163,000 Segment margin ............. $ 20,810 Division P: Contribution margin ........ $ 30,150 Traceable fixed costs ...... $ 14,270 Variable cost ratio ........ 85% of sales in Division P Division W: Variable costs ............. $ 41,720 Segment margin ............. $ 67,370 Calculate the traceable fixed costs reported by Division J during the most recent month.
In: Accounting
Macroeconomic Conditions and Company Performance: RE: Walmart, Neighborhood Market
a) Describe the trends of Net Profit And Total Revenue over the past three years.
b) Analyze the relationship between Net Profit And Total Revenue (performance variables) and Unemployment, Inflation, and Interest Rates (macroeconomic variables) for the past three years. Include Any relating graphs or suggested graphing methods**
c) Assess how the current monetary policy and fiscal policy in the United States may impact Walmanr't Neighborhood Markets financial performance in the short term (six months to one year). Justify your response.
In: Economics
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 | $ | 2,072,000 | $ | 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.
Required:
1. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years.
In: Accounting
The following is a partial trial balance for the Green Star
Corporation as of December 31, 2021:
| Account Title | Debits | Credits |
| Sales revenue | 2,100,000 | |
| Interest revenue | 49,000 | |
| Gain on sale of investments | 69,000 | |
| Cost of goods sold | 880,000 | |
| Selling expenses | 255,000 | |
| General and administrative expenses | 94,000 | |
| Interest expense | 59,000 | |
| Income tax expense | 149,000 | |
There were 100,000 shares of common stock outstanding throughout
2021.
Required:
Prepare a single-step income statement for 2021, including EPS disclosures.
Prepare a multiple-step income statement for 2021, including EPS disclosures.
In: Accounting
Answer the following questions using the information
below:
The following information is for Alex Corp:
Product X: Revenue $15.00
Variable Cost $2.50
Product Y: Revenue $25.00
Variable Cost $10.00
Total fixed costs $50,000
) The current sales mix is two units of Product X and one unit of
Product Y. If the sales mix shifts to one unit of Product X and two
units of Product Y, then the weighted-average contribution margin
will ________.
Question 26 options:
|
decrease per unit |
|
|
stay the same |
|
|
increase per unit |
|
|
decrease by $0.50 per unit |
|
|
increase by $0.50 |
In: Accounting
In February 2018, Gemstone Industries purchased the Opal Mine at a cost of $20,000,000. The mine is estimated to contain 500,000 carats of stone and to have a residual value of $1,000,000 after mining operations are completed. During 2018, 50,000 carats of stone were removed from the mine and sold. In this situation:
A. The book value of the mine is $19,000,000 at the end of 2018.
B. The amount of depletion deducted from revenue during 2018 is $1,900,000.
C. The amount of depletion deducted from revenue during 2018 is $1,000,000.
D. The mine is classified as an intangible asset and amortized over a period not to exceed 40 years.
In: Accounting
Keys Company showed the following account balances at the end of its first year (assume all accounts have normal balances):
Cash $ 2,000
Equipment 5,000
Depreciation expense 3,000
Service Revenue 18,000
Prepaid insurance 3,500
Accumulated Depreciation
--Equipment 2,000
Salaries and Wages expense 5,000
Accounts receivable 2,500
Accounts payable 2,000
Rent expense 2,500
Notes payable 3,000
Common stock 1,000
Unearned Service Revenue 2,000
Dividends 500
Insurance expense 3,000
Interest expense 1,000
Net income for the first year is:
In: Finance
In January 2016, United Airlines (UAL) had a market capitalization of $ 20.54 billion, debt of $ 12.06 billion, and cash of $ 5.36 billion. United Airlines had revenues of $ 38.27 billion. Southwest Airlines (LUV) had a market capitalization of $ 27.41billion, debt of $ 3.16 billion, cash of $ 2.82 billion, and revenues of $ 19.69 billion. a. Compare the market capitalization-to-revenue ratio (also called the price-to-sales ratio) for United Airlines and Southwest Airlines. b. Compare the enterprise value-to-revenue ratio for United Airlines and Southwest Airlines. c. Which of these comparisons is more meaningful? Explain.
In: Finance