python.Write a python program that prompts the user to enter the year and first day of the year, and displays the first day of each month in the year. For example, if the user entered the year 2020 and 3 for Wednesday, January 1, 2020, your program should display the following output:

January 1, 2020 is Wednesday

February 1, 2020 is Saturday ……

December 1, 2020 is Tuesday

The following information is available for Sheffield Corporation for 2020.

a.  Compute taxable income for 2020.

b.  Compute pretax financial income for 2020.

c.  Prepare the journal entries to record income tax expense, deferred income taxes, and income taxes payable for 2020 and 2021. Assume taxable income was $480,000 in 2021.

d.  Prepare the income tax expense section of the income statement for 2020, beginning with “Income before income taxes.”

Recording Treasury Stock Transactions

On January 2, 2020, Liberty Corporation was authorized to issue 300,000 shares of $5 par value common stock. Liberty issued 60,000 shares of common stock on January 15, 2020, at $15 per share.

Required

a. Record the entry on June 30, 2020, for purchase of 6,600 common shares for the treasury at $18 per share.

b. Record the entry on September 20, 2020, for sale of 2,400 treasury shares at $21 per share.

c. Record the entry on November 3, 2020, for sale of 1,500 treasury shares at $17 per share.

d. Record the entry on December 15, 2020, for sale of 1,200 treasury shares at $13 per share.

Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order.

e. Determine the number of shares issued and the number of shares outstanding on the following dates (after transactions have been recorded): June 30, 2020; September 20, 2020; November 3, 2020; and December 15, 2020.

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:

Westgate recognizes revenue over time according to percentage of completion.

rev: 09_15_2017_QC_CS-99734

Required:

1. 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.)

3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract. (Do not round intermediate calculations.)

Required information

[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:

Westgate recognizes revenue over time according to percentage of completion.

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. (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.)

Konica Company acquires 40% of the voting stock of Lexmark Corporation on January 1, 2017, for $60,000,000, and treats it as an equity method investment. There were no basis differences. Lexmark reports total net income of $20,000,000 for the period 2017 - 2020, and $5,000,000 for 2021. Lexmark paid no dividends during the period 2017 – 2020 but paid $1,000,000 in dividends in 2021. The accounting year for both companies ends December 31. Lexmark sells merchandise to Konica at a markup of 30% on cost. The inventory balances held by Konica, purchased from Lexmark, are as follows.

Required:

a.         Calculate equity in net income of Lexmark, reported on Konica’s 2021 income statement.

b.         Calculate investment in Lexmark, reported on Konica’s December 31, 2021 balance sheet

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 $2,624,000  $3,690,000  $2,074,600

Estimated costs to complete as of year-end 5,576,000   1,886,000 0

Billings during the year 2,200,000   4,114,000   3,686,000

Cash collections during the year 2,000,000   3,800,000   4,200,000

Westgate Construction uses the completed contract method of accounting for long-term construction contracts.

Required:

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
2-a. In the journal below, complete the necessary journal entries for the year 2018 (credit "Various accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary journal entries for the year 2019 (credit "Various accounts" for construction costs incurred).
2-c. In the journal below, complete the necessary journal entries for the year 2020 (credit "Various accounts" for construction costs incurred).

QUESTION TWO
The following information was extracted from ABC Ltd’s financial statements for the year ended 31 December 2019.

a. Sales on 30 November 2019 were K100 million and K110 million on 31 December 2019. For the year 2020, sales are expected to double at a constant monthly rate.
b. 80% of the sales made are on account; the remainder on cash.
c. From past experience, 5% of the receivables have turned out to be irrecoverable.
d. Credit customers pay as follows:
i. 75% in the month following the sale;
ii. 15% two months after the sale month.
e. Inventory levels are maintained at 20% of the following month’s sales.
f. Accounts payables are at settled at 30 days after purchase.

Required:
i. Prepare a collections schedule for the three-month period from January to March 2020.
[5 Marks]
ii. Prepare a cash forecast for the three-month period from January to March 2020.
[5 Marks]
iii. Assess the Operating Cycle ratios and their implication on the working capital requirements of the company for the forecast period.
        

Candid, Inc., is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2020, the company incurred $800,000 on direct materials and $805,000 on conversion costs, for a total manufacturing cost of $1,605,000.

1. Assume there was no beginning inventory of any kind on January 1, 2020. During January, 5,000 cameras were placed into production and all 5,000 were fully completed at the end of the month. What is the unit cost of an assembled camera in January?
2. Assume that during February 5,000 cameras are placed into production. Further, assume the same total assembly costs for January are also incurred in February, but only 4,000 cameras are fully completed at the end of the month. All direct materials have been added to the remaining 1,000 cameras. However, on average, these remaining 1,000 cameras are only 60% completed as to conversion costs. (a) What are the equivalent units for direct materials and conversion costs and their respective costs per equivalent unit for February? (b) What is the unit cost of an assembled camera in February 2020?
3. Explain the difference in your answers to requirements 1 and 2.