Cullumber Construction Company began work on a $400,000
construction contract in 2020. During 2020, Cullumber incurred
costs of $250,000, billed its customer for $200,000, and collected
$170,000. At December 31, 2020, the estimated additional costs to
complete the project total $178,890.
Prepare Cullumber’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Round answers to 0
decimal places, e.g. 5,275.)
|
No. |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
(a) |
enter an account title to record the transaction using the percentage-of-completion method |
enter a debit amount |
enter a credit amount |
|
enter an account title to record the transaction using the percentage-of-completion method |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record the transaction using the percentage-of-completion method |
enter a debit amount |
enter a credit amount |
|
|
(b) |
enter an account title to record the transaction using the completed-contract method |
enter a debit amount |
enter a credit amount |
|
enter an account title to record the transaction using the completed-contract method |
enter a debit amount |
enter a credit amount |
In: Accounting
Windsor Construction Company began work on a $404,000
construction contract in 2020. During 2020, Windsor incurred costs
of $273,000, billed its customer for $232,000, and collected
$182,000. At December 31, 2020, the estimated additional costs to
complete the project total $163,660.
Prepare Windsor’s journal entry to record profit or loss, if any,
using (a) the percentage-of-completion method and (b) the
completed-contract method. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts. Round answers to 0
decimal places, e.g. 5,275.)
|
No. |
Account Titles and Explanation |
Debit |
Credit |
|---|---|---|---|
|
(a) |
enter an account title to record the transaction using the percentage-of-completion method |
enter a debit amount |
enter a credit amount |
|
enter an account title to record the transaction using the percentage-of-completion method |
enter a debit amount |
enter a credit amount |
|
|
enter an account title to record the transaction using the percentage-of-completion method |
enter a debit amount |
enter a credit amount |
|
|
(b) |
enter an account title to record the transaction using the completed-contract method |
enter a debit amount |
enter a credit amount |
|
enter an account title to record the transaction using the completed-contract method |
enter a debit amount |
enter a credit amount |
In: Accounting
Pronghorn Company reported 2020 net income of $152,900. During
2020, accounts receivable increased by $13,760 and accounts payable
increased by $9,604. Depreciation expense was $44,000.
Prepare the cash flows from operating activities section of the
statement of cash flows. (Show amounts that decrease
cash flow with either a - sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
|
PRONGHORN COMPANY |
||
|---|---|---|
|
select an opening section name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
||
|
select an item Decrease in Accounts ReceivableIncrease in Accounts PayableDecrease in Accounts PayableDepreciation ExpenseNet IncomeIncrease in Accounts Receivable |
$enter a dollar amount |
|
|
Adjustments to reconcile net income to |
||
|
select a subsection name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
||
|
select an item Increase in Accounts PayableIncrease in Accounts ReceivableDepreciation ExpenseNet IncomeDecrease in Accounts ReceivableDecrease in Accounts Payable |
$enter a dollar amount |
|
|
select an item Decrease in Accounts ReceivableNet IncomeIncrease in Accounts PayableIncrease in Accounts ReceivableDepreciation ExpenseDecrease in Accounts Payable |
enter a dollar amount |
|
|
select an item Increase in Accounts ReceivableDepreciation ExpenseNet IncomeIncrease in Accounts PayableDecrease in Accounts PayableDecrease in Accounts Receivable |
enter a dollar amount |
|
|
enter a subtotal of the adjustments |
||
|
select a closing section name Cash at Beginning of PeriodCash at End of PeriodCash Flows from Financing ActivitiesCash Flows from Investing ActivitiesCash Flows from Operating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash |
$enter a total amount for the section |
|
In: Accounting
The following information is related to Whispering Company for 2020.
Retained earnings balance, January 1, 2020$1,078,000
Sales Revenue27,500,000
Cost of goods sold17,600,000
Interest revenue77,000
Selling and administrative expenses5,170,000
Write-off of goodwill902,000
Income taxes for 2020 1,368,400
Gain on the sale of investments121,000
Loss due to flood damage429,000
Loss on the disposition of the wholesale division (net of tax)484,000
Loss on operations of the wholesale division (net of tax)99,000
Dividends declared on common stock275,000
Dividends declared on preferred stock88,000
Whispering Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Whispering sold the wholesale operations to Rogers Company. During 2020, there were 500,000 shares of common stock outstanding all year.
In: Accounting
On January 1, 2020, Caliber Corporation issued 9% bonds dated January 1, 2020, with a face amount of $10 million. The bonds mature in 2029 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid annually on December 31.
1. What is the amount of the annual interest payment?
2. What is the price of the bond on the issue date? (state method used)
3. Was the bond sold at a discount or a premium? Explain why.
4. What is the "actual" cost of this debt?
5. What is the price of the bond if the market yield is 8%? (state method used)
6. Is this bond sold at a discount or premium? Explain why.
7. What is the "actual" cost of this debt?
In: Finance
Ratchet Company uses budgets in controlling costs. The August 2020 budget report for the company’s Assembling Department is as follows.
|
RATCHET COMPANY |
||||
|
Difference |
||||
|
|
|
|
Favorable |
|
| Variable costs | ||||
| Direct materials |
$50,740 |
$49,740 |
$1,000 |
Favorable |
| Direct labor |
54,280 |
51,480 |
2,800 |
Favorable |
| Indirect materials |
25,960 |
26,260 |
300 |
Unfavorable |
| Indirect labor |
22,420 |
21,940 |
480 |
Favorable |
| Utilities |
14,750 |
14,580 |
170 |
Favorable |
| Maintenance |
5,900 |
6,120 |
220 |
Unfavorable |
| Total variable |
174,050 |
170,120 |
3,930 |
Favorable |
| Fixed costs | ||||
| Rent |
10,000 |
10,000 |
–0– |
Neither Favorable nor Unfavorable |
| Supervision |
18,200 |
18,200 |
–0– |
Neither Favorable nor Unfavorable |
| Depreciation |
5,200 |
5,200 |
–0– |
Neither Favorable nor Unfavorable |
| Total fixed |
33,400 |
33,400 |
–0– |
Neither Favorable nor Unfavorable |
| Total costs |
$207,450 |
$203,520 |
$3,930 |
Favorable |
The monthly budget amounts in the report were based on an expected production of 59,000 units per month or 708,000 units per year. The Assembling Department manager is pleased with the report and expects a raise, or at least praise for a job well done. The company president, however, is unhappy with the results for August because only 57,000 units were produced.
(a) State the total monthly budgeted cost formula. (Round cost per unit to 2 decimal places, e.g. 1.25.)
The formula is __________ + variable costs of $__________ per unit
(b) Prepare a budget report for August using
flexible budget data. (List variable costs before fixed
costs.)
(c) In September, 63,000 units were produced. Prepare the budget report using flexible budget data, assuming (1) each variable cost was 10% higher than its actual cost in August, and (2) fixed costs were the same in September as in August. (List variable costs before fixed costs.)
In: Accounting
|
After years of rapid growth, illegal immigration into the United States has declined, perhaps owing to the recession and increased border enforcement by the United States (Los Angeles Times, September 1, 2010). While its share has declined, California still accounts for 29% of the nation’s estimated 11.9 million undocumented immigrants. Use Table 1. |
| a. |
In a sample of 40 illegal immigrants, what is the probability that more than 23% live in California? (Round “z” value to 2 decimal places, and final answer to 4 decimal places.) |
| Probability |
| b. |
In a sample of 100 illegal immigrants, what is the probability that more than 23% live in California? (Round “z” value to 2 decimal places, and final answer to 4 decimal places.) |
| Probability |
| c. |
Comment on the reason for the difference between the computed probabilities in parts a and b. |
||||
|
In: Statistics and Probability
Database Normalization
Please if you don't know the answer don't comment as "Need More
Information."
Introduction:
This lab is designed to help you with practicing normalization
concepts implementation.
Submission:
After finishing the task below, convert the word file to a PDF
document and submit it to Brightspace.
Task:
Using this file, normalize the following tables to be in the third
normal form. Remember to consider having the data when you do the
normalization.
| Course_Title | Course_Credit_Hours | Professor_ID | Professor_Name | First_day_work | Professor Specialization_ID | Professor Specialization |
| Accounting, Finance | 3,3 | 234 | Patric | 14/2/2008 | 7 | Accounting |
| Marketing, Business administration | 3,2 | 564 | Mary | 15/4/2010 | 5 | Business Management |
Notes: • Every course can be taught by more than one professor and each professor can teach more than one course
Table B
| Employee_ID (P.K) | Project_ID (P.K) | E_Name | P_Name | E_Assigned_Hours |
| 100 | 101 | Cedric | Acct. | 13 |
| 200 | 110 | Natali | Finance | 15 |
| 300 | 111 | Maria | BD | 12 |
Marking Criteria:
• Entities titles
• Attributes:
• PKs:
• FKs:
• Relationships:
• Handling data:
In: Computer Science
Product Pricing: Single Product
Presented is the 2009 contribution income statement of Colgate
Products.
| COLGATE PRODUCTS Contribution Income Statement For Year Ended December 31, 2009 |
||
|---|---|---|
| Sales (18,000 units) | $2,160,000 | |
| Less variable costs | ||
| Cost of goods sold | $720,000 | |
| Selling and administrative | 198,000 | (918,000) |
| Contribution margin | 1,242,000 | |
| Less fixed costs | ||
| Manufacturing overhead | 770,000 | |
| Selling and administrative | 340,000 | (1,110,000) |
| Net income | $132,000 | |
During the coming year, Colgate expects an increase in variable
manufacturing costs of $6 per unit and in fixed manufacturing costs
of $72,000.
(a) If sales for 2010 remain at 18,000 units, what price should
Colgate charge to obtain the same profit as last year?
$Answer
(b) Management believes that sales can be increased to 24,000 units
if the selling price is lowered to $105. What would be the excepted
profit (or loss) as a result of this action? Use a negative sign
with your answer, if appropriate.
Answer
(c) After considering the expected increases in costs, what sales
volume is needed to earn a profit of $132,000 with a unit selling
price of $105?
Answer units
In: Accounting
After years of rapid growth, illegal immigration into the United States has declined, perhaps owing to the recession and increased border enforcement by the United States (Los Angeles Times, September 1, 2010). While its share has declined, California still accounts for 23% of the nation’s estimated 11.1 million undocumented immigrants. [You may find it useful to reference the z table.]
a. In a sample of 50 illegal immigrants, what is the probability that more than 20% live in California? (Round “z” value to 2 decimal places, and final answer to 4 decimal places.)
b. In a sample of 200 illegal immigrants, what is the probability that more than 20% live in California? (Round “z” value to 2 decimal places, and final answer to 4 decimal places.)
c. Comment on the reason for the difference between the computed probabilities in parts a and b.
As the sample number increases, the probability of more than 20% also increases, due to the lower z value and decreased standard error.
As the sample number increases, the probability of more than 20% also increases, due to the lower z value and increased standard error.
In: Statistics and Probability