E3.10 (LO3) (Adjusting Entries) Uhura Resort opened for business on June 1 with
eight air-conditioned units. Its trial balance on August 31 is as follows (in
thousands).

Uhura Resort
Trial Balance
August 31, 2019
Debit Credit
Cash ¥ 19,600
Prepaid Insurance 4,500
Supplies 2,600
Land 20,000
Buildings 120,000
Equipment 16,000
Accounts Payable ¥ 4,500
Unearned Rent Revenue 4,600
Mortgage Payable 50,000
Share Capital—Ordinary 100,000
Retained Earnings 0
Dividends 5,000
Rent Revenue 86,200
Salaries and Wages Expense 44,800
Utilities Expense 9,200
Maintenance and Repairs Expense 3,600
¥245,300 ¥245,300
Other data:
1. The balance in prepaid insurance is a 1-year premium paid on June 1, 2019.
2. An inventory count on August 31 shows ¥650 of supplies on hand.
3. Annual depreciation rates are buildings (4%) and equipment (10%). Residual value
is estimated to be 10% of cost.
4. Unearned rent revenue of ¥3,800 should be recognized as revenue prior to August
31.
5. Salaries and wages of ¥375 were unpaid at August 31.
6. Rentals of ¥800 were due from tenants at August 31.
7. The mortgage note is dated 1/1/2019. The mortgage interest rate is 8% per year.
Instructions
a. Journalize the adjusting entries on August 31 for the 3-month period June 1
–August 31. (Omit explanations.)
b. Prepare an adjusted trial balance on August 31.

Required information

Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9]

[The following information applies to the questions displayed below.]

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:

Westgate recognizes revenue over time according to percentage of completion.

Problem 6-10 (Algo) Part 4

4. 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. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.)

Solve for "X"

Please show you work, I've tried finding the answers to year 2022 and 2023 but nothing is working

Top executive officers of Baird Company, a merchandising firm, are preparing the next year’s budget. The controller has provided everyone with the current year’s projected income statement.

  
Cost of goods sold is usually 75 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $74,000. The president has announced that the company’s goal is to increase net income by 15 percent.

Required

The following items are independent of each other.

Using Excel prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal?

The market may become stagnant next year, and the company does not expect an increase in sales revenue. The production manager believes that an improved production procedure can cut cost of goods sold by 2 percent. Prepare a pro forma income statement still assuming the President's goal to increase net income by 15 percent. Calculate the required reduction in selling & administrative expenses to achieve the budgeted net income.

The company decides to escalate its advertising campaign to boost consumer recognition, which will increase selling and administrative expenses to $347,000. With the increased advertising, the company expects sales revenue to increase by 15 percent. Assume that cost of goods sold remains a constant proportion of sales. Prepare a pro forma income statement. Will the company reach its goal?

Presented below are the 2020 Income Statement and Balance Sheet for Riggins Online Store. Prepare a Cash Flow Statement as of December 31, 2020.

Additional Information for the 2020 fiscal year includes: 1) Cash dividends of $1,000 were declared and paid. 2) Equipment with a cost of $1,500 and accumulated depreciation of $1,000 was sold for $500.

Top executive officers of Tildon Company, a merchandising firm, are preparing the next year’s budget. The controller has provided everyone with the current year’s projected income statement.

Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $30,000. The president has announced that the company’s goal is to increase net income by 15 percent.

Required

The following items are independent of each other:

A. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal?

B. The market may become stagnant next year, and the company does not expect an increase in sales revenue. The production manager believes that an improved production procedure can cut cost of goods sold by 2 percent. Prepare a pro forma income statement still assuming the President's goal to increase net income by 15 percent. Calculate the required reduction in selling & administrative expenses to achieve the budgeted net income.

C. The company decides to escalate its advertising campaign to boost consumer recognition, which will increase selling and administrative expenses to $230,000. With the increased advertising, the company expects sales revenue to increase by 15 percent. Assume that cost of goods sold remains a constant proportion of sales. Prepare a pro forma income statement. Will the company reach its goal?

Top executive officers of Tildon Company, a merchandising firm, are preparing the next year’s budget. The controller has provided everyone with the current year’s projected income statement.

Required

The following items are independent of each other:

A Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal?

B The market may become stagnant next year, and the company does not expect an increase in sales revenue. The production manager believes that an improved production procedure can cut cost of goods sold by 2 percent. Prepare a pro forma income statement still assuming the President's goal to increase net income by 15 percent. Calculate the required reduction in selling & administrative expenses to achieve the budgeted net income.

C The company decides to escalate its advertising campaign to boost consumer recognition, which will increase selling and administrative expenses to $230,000. With the increased advertising, the company expects sales revenue to increase by 15 percent. Assume that cost of goods sold remains a constant proportion of sales. Prepare a pro forma income statement. Will the company reach its goal?

Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 were declared at the end of the year, and 690 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,760 in cash (for a total at the end of the year of 810 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year Debit Credit Cash $ 1,530 Accounts receivable 2,230 Interest receivable 220 Prepaid insurance 1,710 Long-term notes receivable 2,940 Equipment 16,700 Accumulated depreciation $ 2,870 Accounts payable 2,310 Dividends payable 650 Accrued expenses payable 3,750 Income taxes payable 2,620 Unearned rent revenue 330 Common Stock (810 shares) 81 Additional paid-in capital 3,559 Retained earnings 4,530 Sales revenue 36,850 Interest revenue 110 Rent revenue 690 Wages expense 18,300 Depreciation expense 1,720 Utilities expense 330 Insurance expense 710 Rent expense 9,200 Income tax expense 2,760 Total $ 58,350 $ 58,350 Prepare a statement of stockholders' equity for the current year. (Reductions in account balances should be indicated with a minus sign.)

Balance, December 31

Please show how to get the numbers.

Tacoma Hospital has three support departments and four patient services departments. The direct costs to each of the support departments are as follows:

Tacoma Hospital has three support departments and four patient services departments. The direct costs to each of the support departments are as follows:

The patient services revenue, salary dollars, and housekeeping labor hours for each department are as follows:

Assume that the hospital uses the step-down method for cost allocation (see pages 230 0 232), with salary dollars as the cost driver for general administration, housekeeping labor hours as the cost driver for facilities, and patient services revenue as the cost driver for financial services. Assume also that the general administration department provides the most services to other support departments, followed closely by the facilities department. The financial services department provides the least services to the other support departments.

a. Use an allocation table to allocate the hospital’s overhead costs to the patient services departments.

b. Is the direct method or the step-down method better for cost allocation within Tacoma Hospital’s? Please explain.

Top executive officers of Baird Company, a merchandising firm, are preparing the next year’s budget. The controller has provided everyone with the current year’s projected income statement.

  
Cost of goods sold is usually 75 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $74,000. The president has announced that the company’s goal is to increase net income by 15 percent.

Required

The following items are independent of each other.

Using Excel prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal?

The market may become stagnant next year, and the company does not expect an increase in sales revenue. The production manager believes that an improved production procedure can cut cost of goods sold by 2 percent. Prepare a pro forma income statement still assuming the President's goal to increase net income by 15 percent. Calculate the required reduction in selling & administrative expenses to achieve the budgeted net income.

The company decides to escalate its advertising campaign to boost consumer recognition, which will increase selling and administrative expenses to $347,000. With the increased advertising, the company expects sales revenue to increase by 15 percent. Assume that cost of goods sold remains a constant proportion of sales. Prepare a pro forma income statement. Will the company reach its goal?