In 2015 The Big Boss Construction Company, started a 3 year
project at a fixed contract price of $22,000,000. The estimated
construction costs were $15,500,000. The project was completed
on time during the 2917 year. The following information is
available for the three year period of the construction project.
2015 2016 2017
Costs Incurred to Date $6,188,000 $12,360,000 $15,875,000
Estimated Costs to Complete 9,282,000 3,090,000 --
Billings to Date 6,400,000 18,890,000 22,000,000
Collections to Date 5,100,000 17,110,000 21,630,000
Required
1. Compute the amount of gross profit to be recognized for
each of the three years using the percentage of completion.
2. Prepare all necessary journal entries for the 2015, 2016, and
2017 years using the percentage of completion method.
3. Compute gross profit to be recognized for the three years of
2015, 2016, and 2017 using the completed contract method.
4. For each of the three years of 2015, 2016, and 2017:
a. Prepare the Income Statement section for Big Boss Construction
reporting percentage of completion information.   
b. Prepare the Balance Sheet section for Big Boss Constriction
reporting percentage of completion information.

Counter Argument for this Post: Please list references and citations

Adaptive functioning is defined as the ability to effectively perform ordinary life tasks (Mash & Wolfe,2016). Those with an intellectual disability have limitations when it comes to conceptual, social, and practical skills used every day (Mash & Wolfe, 2016). For example, those with an intellectual disability are unable to live independently or obey laws and societal norms. Just because a person has a low IQ does not mean they are intellectually disabled, however, even with an intellectual disability, there can be cognitive growth (Mash & Wolfe, 2016). This means that there is potential to live as an independent adult, but there must be adaptive functioning is necessary to lead an independent life. The deficits in intellectual functions include, reasoning, planning, learning from experience, and/or problem-solving (Mash & Wolfe, 2016). Adaptive functioning is important when assessing someone’s intellectual functioning. In court, a person is deemed competent or not based on their mental state. Without adaptive functioning, a person is unable to functionally communicate. Therefore, an intellectual evaluation would not be passed if taken by someone who does not have adaptive functioning.

AFN equation

Broussard Skateboard's sales are expected to increase by 15% from $7.0 million in 2016 to $8.05 million in 2017. Its assets totaled $5 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 3%, and the forecasted payout ratio is 70%. What would be the additional funds needed? Do not round intermediate calculations. Round your answer to the nearest dollar.
$___

Assume that an otherwise identical firm had $6 million in total assets at the end of 2016. The identical firm's capital intensity ratio (A₀*/S₀) is -Select- higher than , lower than , or equal to than Broussard's; therefore, the identical firm is -Select- less , more , the same capital intensive - it would require -Select- a smaller , a larger , the same increase in total assets to support the increase in sales.

aughn Manufacturing reported these income statement data for a 2-year period. 2017 2016 Sales revenue $246,700 $190,450 Beginning inventory 43,240 35,100 Cost of goods purchased 211,980 173,640 Cost of goods available for sale 255,220 208,740 Less: Ending inventory 56,720 43,240 Cost of goods sold 198,500 165,500 Gross profit $48,200 $24,950 Vaughn Manufacturing uses a periodic inventory system. The inventories at January 1, 2016, and December 31, 2017, are correct. However, the ending inventory at December 31, 2016, is overstated by $7,770. Prepare correct income statement data for the 2 years. 2016 2017 Sales $ $ Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit $ $ LINK TO TEXT What is the cumulative effect of the inventory error on total gross profit for the 2 years? The cumulative effect on total gross profit for the two years is $ . Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT

Question 4

Al-Hijrah Company prepares monthly financial statements. Below are the listed account balances in the Trial Balance at December 31, 2016 before any adjustments have been made for the month of December.

SCOTSMAN COMPANY

Trial Balance

December 31, 2016

                                                                                                                        Debit          Credit

Supplies....................................................................................................       $ 3,200

Prepaid Insurance....................................................................................          4,200

Equipment................................................................................................        16,200

Accumulated Depreciation—Equipment.................................................                             $6,000

Unearned Rent Revenue..........................................................................                               1,200

Accounts Payable.....................................................................................                               5,000

Owner’s Equity........................................................................................                             11,400

  Totals...................................................................................................        23,600          23,600

An analysis of the account balances by the company's accountant provided the following additional information:

1.   A physical count of supplies revealed $1,000 on hand on December 31.

2.   A two-year life insurance policy was purchased on September 1 for $4,800.

3.   Equipment depreciated $3,000 per year.

4.   The amount of rent received in advance that remains unearned at December 31is $500.

Instructions:

1. Using the above additional information, prepare the adjusting entries that should be made by Scotsman Company on December 31, 2016.                                                                               
2. Prepare an adjusted trial balance at December 31, 2016.                                            

B&J Corporation was established in 2016. B&J has authorized 50,000 shares of common stock, par value $2 per share, and 10,000 authorized shares of 6% preferred stock, par value $10 per share. Net Income for 2016 was $210,000. The following transactions took place during 2016:

Required: Please show calculations
a)Prepare journal entries for each of the above transactions.
b) Calculate Ending Retained Earnings
c.)Prepare the Stockholders' Equity section of the Balance Sheet in good format.

Problem 12-02
AFN equation

Broussard Skateboard's sales are expected to increase by 20% from $8.4 million in 2016 to $10.08 million in 2017. Its assets totaled $4 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 5%, and the forecasted payout ratio is 75%. What would be the additional funds needed? Do not round intermediate calculations. Round your answer to the nearest dollar.
$

Assume that an otherwise identical firm had $5 million in total assets at the end of 2016. The identical firm's capital intensity ratio (A₀*/S₀) is-Select-higher than or lower than or equal toItem than Broussard's; therefore, the identical firm is -Select -less or more or the sameItem capital intensive - it would require -Select-a smaller or a larger or the sameItem increase in total assets to support the increase in sales.

Broussard Skateboard's sales are expected to increase by 20% from $7.0 million in 2016 to $8.40 million in 2017. Its assets totaled $6 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 7%, and the forecasted payout ratio is 75%. What would be the additional funds needed? Do not round intermediate calculations. Round your answer to the nearest dollar.

$

a. Assume that an otherwise identical firm had $7 million in total assets at the end of 2016. The identical firm's capital intensity ratio (A0*/S0) is

a. Higher than

b. Lower than

c. Equal to

than Broussard's; therefore, the identical firm is

a. Less

b. More

c. The same

capital intensive - it would require

a. A smaller

b. A larger

c. The same

increase in total assets to support the increase in sales.

Phoenix Photography Company experienced a sharp decrease in Net Income during the year 2016. Madea Perry, the owner of the company, anticipates a need for a Bank loan in the year 2017. Late in 2016, Perry instructed Reunion Mann, the accountant, and friend of his to record a R10, 000 sale of portraits to the Perry family even though the photos will not be shot until January 2017. Perry told Reunion not to make the following December 31 2016 adjusting entries

Salaries owed to employees R 20000

Prepaid insurance that has expired 2000

Required:

1. Compute the overall effect of these transactions on the company’s reported income for 2016. Is the reported net income overstated or understated.

2. Why did Madea take these actions? Are they ethical? Give your reason, identifying the parties that benefitted and those that were harmed by Madea’s actions.

Use the ethical decision making model which factor (economic, legal or ethical) seems to be taking precedence? Identify the stakeholders and potential consequences to each.

3) As a personal friend of Perry’s, what advice would you give to him?

Using the data for Gronk, Inc. provided below prepare a Statement of Cash Flows for fiscal year 2016 in proper format.