Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,700,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below: 2020 2021 Costs incurred during the year $ 486500 $1,000,000 Estimated costs to complete 903,500 0 Billings during the year 455,000 1,245,000 Cash collections during the year 355,000 1,345,000 ) Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.
Gross Profit 2020 and 2021
In: Accounting
On September 1, 2019, the entity bought the bonds belonging to the private sector with a nominal value (par value) of $400,000 with an annual interest payment of 12% through the bank. The related bonds were sold on February 1, 2020 with a bank equivalent of $424,000 .
a- Please show the journal entries required on 31 December 2019.
b- Show the journal entries required on February 1, 2020.
c- If these bonds were sold on February 1, 2020 for $418.000 show the journal entries.
In: Accounting
On 12/31/2020, Heaton Industries Inc. reported retained earnings of $275,000 on its balance sheet, and it reported that it had $172,500 of net income during the year. On its previous balance sheet, at 12/31/2019, the company had reported $555,000 of retained earnings. No shares were repurchased during 2020. How much in dividends did Heaton pay during 2020?
elect the correct answer.
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In: Finance
11
Green Company sells its product for $11100 per unit. Variable costs per unit are: manufacturing, $5600; and selling and administrative, $125. Fixed costs are: $51000 manufacturing overhead, and $61000 selling and administrative. There was no beginning inventory at 1/1/18. Production was 34 units per year in 2018–2020. Sales were 34 units in 2018, 30 units in 2019, and 38 units in 2020. Income under absorption costing for 2020 is
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$79650. |
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$85250. |
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$86250. |
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$92250. |
In: Accounting
| On March 2, 2020 Senators shipped merchandise costing $108,000 to Canadiens. Senators paid | ||||
| $900 for freight and Canadiens paid $1,000 for advertising (to be reimbursed by Senators). | ||||
| By the end of the third quarter of 2020 (September 30, 2020), Canadiens advised Senators that | ||||
| all merchandise has been sold for $165,500 and forwarded the proceeds (net of a 9% commission | ||||
| and the outlay of advertising) to Senators. | ||||
| 1. Prepare all entries for Senators to account for this transaction. | ||||
| 2. Prepare all entries for Canadiens to account for this transaction. | ||||
In: Accounting
On September 1, 2019, the entity bought the bonds belonging to the private sector with a nominal value (par value) of $400,000 with an annual interest payment of 12% through the bank. The related bonds were sold on February 1, 2020 with a bank equivalent of $424,000 .
a- Please show the journal entries required on 31 December 2019.
b- Show the journal entries required on February 1, 2020.
c- If these bonds were sold on February 1, 2020 for $418.000 show the journal entries.
In: Accounting
Waterway Industries includes one coupon in each bag of dog food
it sells. In return for eight coupons, customers receive a leash.
The leashes cost Waterway $3 each. Waterway estimates that 50
percent of the coupons will be redeemed. Data for 2020 and 2021 are
as follows:
| 2020 | 2021 | |||
| Bags of dog food sold | 490000 | 590000 | ||
| Leashes purchased | 20000 | 22000 | ||
| Coupons redeemed | 110000 | 150000 |
The premium liability at December 31, 2020 is
$44375.
$50625.
$66375.
$54375.
In: Accounting
Go to the website of the Bureau of Economic Analysis and find the growth rate of real GDP for the most recent quarter, 2019 fourth quarter. Go to the website of the Bureau of Labor Statistics and find the inflation rate over the past year 2019 and the unemployment rate for the most recent month, March 2019.
How do you interpret these data?
What do you think will the growth rate of real GDP be for first quarter of 2020? And unemployment rate for April 2020? And inflation rate for April 2020?
In: Economics
Ferry Corporation had 300,000 shares of common stock outstanding at December 31, 2020. In addition, it had 90,000 stock options outstanding, which had been granted to certain executives on June 30, 2020, and which gave them the right to purchase shares of Ferry's stock at an option price of $35 per share. The average market price of Ferry's common stock for 2020 was $50. Net income was $1,000,000. SHOW ALL COMPUTATIONS>
In: Accounting
Ferry Corporation had 300,000 shares of common stock outstanding at December 31, 2020. In addition, it had 90,000 stock options outstanding, which had been granted to certain executives on June 30, 2020, and which gave them the right to purchase shares of Ferry's stock at an option price of $35 per share. The average market price of Ferry's common stock for 2020 was $50. Net income was $1,000,000. SHOW ALL COMPUTATIONS>
In: Accounting