Matthew (48 at year-end) develops cutting-edge technology for SV Inc., located in Silicon Valley. In 2018, Matthew participates in SV’s money purchase pension plan (a defined contribution plan) and in his company’s 401(k) plan. Under the money purchase pension plan, SV contributes 15 percent of an employee’s salary to a retirement account for the employee up to the amount limited by the tax code. Because it provides the money purchase pension plan, SV does not contribute to the employee’s 401(k) plan. Matthew would like to maximize his contribution to his 401(k) account after SV’s contribution to the money purchase plan. (Leave no answer blank. Enter zero if applicable.)

Assuming Matthew’s annual salary is $442,000,

a-1. What amount will SV contribute to Matthew’s money purchase plan?

a-2. What can Matthew contribute to his 401(k) account in 2018?

Assuming Matthew’s annual salary is $303,000,

b-1. What amount will SV contribute to Matthew’s money purchase plan?

b-2. What can Matthew contribute to his 401(k) account in 2018?

Assuming Matthew’s annual salary is $70,500,

c-1. What amount will SV contribute to Matthew’s money purchase plan?

c-2. What can Matthew contribute to his 401(k) account in 2018?

. Assume the same facts as part c, except that Matthew is 54 years old at the end of 2018. What amount can Matthew contribute to his 401(k) account in 2018?

Crane Productions Corp. purchased equipment on March 1, 2018, for $ 63,000. The company estimated the equipment would have a useful life of three years and produce 12,000 units, with a residual value of $ 8,400. During 2018, the equipment produced 4,900 units. On November 30, 2019, the machine was sold for $ 20,000 and had produced 5,700 units that year.

Record all the necessary entries for the years ended December 31, 2018 and 2019, using the following depreciation methods: (Credit account titles are automatically indented when the 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 the depreciation rate in the double-diminishing-balance method to the nearest whole percent, e.g. 43% and round depreciation per unit in the units-of-production depreciation method to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 5,275.)

A) Straight-Line

B) Double-Diminishing-Balance

C) Units of Production

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

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.)

Johnson Corporation began 2018 with inventory of 17,000 units of its only product. The units cost $9 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2018:

Purchased 85,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f.o.b. shipping point and freight charges of $0.40 per unit were paid by Johnson.

1,700 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.40 per unit it had paid on the original purchase. The units were defective and were returned two days after they were received.

Sales for the year totaled 80,000 units at $18 per unit.

On December 28, 2018, Johnson purchased 5,700 additional units at $10 each. The goods were shipped f.o.b. destination and arrived at Johnson's warehouse on January 4, 2019.

20,300 units were on hand at the end of 2018.

Required:
1. Complete the below table to determine the ending inventory and cost of goods sold for 2018.
2. Assuming that operating expenses other than those indicated in the above transactions amounted to $164,000, determine income before income taxes for 2018.

Assignment:

Complete the entries.

I am unsure on how to do these.

12/31/2018-On December 15, Anniston contracted to perform services for a client and recorded the amount received as Unearned Revenue (amount $1,560). As of December 31, Anniston has earned 60% of this Unearned Revenue.

12/31/2018-Anniston prepaid two months of rent on December 1 ($1,450). This was debited to Prepaid Rent and is included in the Trial Balance.

12/31/2018 A physical count of supplies revealed an ending balance of $500.

12/31/2018 Anniston purchased the Equipment included on the Trial Balance on 12/1/16. The equipment has a residual value of $1,000 and is expected to last a total of 10 years. Anniston last recorded depreciation of this equipment on 12/31/17.

12/31/2018 Anniston received a bill for December's online advertising, $1,100. Anniston will not pay the bill until January (Anniston uses Accounts Payable for unpaid advertising).

12/31/2018Anniston pays its employees on Monday for the previous week's wages. Its employees earn $3,500 for the five-day workweek. December 31 falls on a Wednesday this year.

12/31/2018 On October 1, Anniston agreed to provide a four-month air system check beginning that day. The customer agreed to pay a total of $3,400 at the end of the four month service contract. As of December 31, Anniston has completed all work as necessary, but has not recorded any revenue to date.

ohnson Corporation began 2018 with inventory of 17,000 units of its only product. The units cost $9 each. The company uses a periodic inventory system and the LIFO cost method. The following transactions occurred during 2018:

Purchased 85,000 additional units at a cost of $10 per unit. Terms of the purchases were 2/10, n/30, and 100% of the purchases were paid for within the 10-day discount period. The company uses the gross method to record purchase discounts. The merchandise was purchased f.o.b. shipping point and freight charges of $0.40 per unit were paid by Johnson.

1,700 units purchased during the year were returned to suppliers for credit. Johnson was also given credit for the freight charges of $0.40 per unit it had paid on the original purchase. The units were defective and were returned two days after they were received.

Sales for the year totaled 80,000 units at $18 per unit.

On December 28, 2018, Johnson purchased 5,700 additional units at $10 each. The goods were shipped f.o.b. destination and arrived at Johnson's warehouse on January 4, 2019.

20,300 units were on hand at the end of 2018.

Required:
1. Complete the below table to determine the ending inventory and cost of goods sold for 2018.
2. Assuming that operating expenses other than those indicated in the above transactions amounted to $164,000, determine income before income taxes for 2018.

Sachs Brands’ defined benefit pension plan specifies annual retirement benefits equal to: 1.6% × service years × final year’s salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years’ service. Her retirement is expected to span 18 years. Davenport’s salary is $90,000 at the end of 2018 and the company’s actuary projects her salary to be $240,000 at retirement. The actuary’s discount rate is 7%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required: 1. What is the company's projected benefit obligation at the beginning of 2018 (after 14 years' service) with respect to Davenport? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

2. Estimate by the projected benefits approach the portion of Davenport's annual retirement payments attributable to 2018 service.

3. What is the company's service cost for 2018 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

4. What is the company's interest cost for 2018 with respect to Davenport? (Do not round intermediate calculations. Round your final answer to nearest whole dollar.)

5. Combine your answers to requirements 1, 3, and 4 to determine the company's projected benefit obligation at the end of 2018 (after 15 years' service) with respect to Davenport.

Answers using real data

1. How many treasury shares did HRB hold at April 30, 2018? What was the weighted average cost per treasury share at that date (calculation note: HRB presents amounts in thousands of dollars, but shares at actual)?

1a. What was the amount of HRB’s accumulated other comprehensive income/loss (AOCI) at April 30, 2018? According to footnote 7, what did substantially all of HRB’s AOCI balance represent?

1b. According to ASC 220-10-45-1, what two options are available for reporting comprehensive income?

1c. According to ASC 220-10-45-10A, name three items that would be reported as a component of other comprehensive income. Which (two) items did HRB report as components of its other comprehensive income (nature and 2018 amount)?

1d. What was HRB’s total stockholders’ equity balance as of May 1, 2015? What was the balance as of April 30, 2017? What was the primary contributor to the change during this period?

1e. What type of dividends did HRB declare, and what were the per share amount of those dividends, in 2016, 2017 and 2018? What was the impact to HRB’s retained earnings in 2016, 2017, and 2018?

1f. How many shares did HRB repurchase and retire in 2016, 2017 and 2018? What was the impact to HRB’s various stockholders’ equity accounts as a result of shares repurchased and retired in 2017?

Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $360,000 and lists a cash selling price of $492,102. Appropriate adjusting entries are made quarterly. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:
1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.

a. Record the beginning of the lease for Eye Deal. (Jan 1)

b. Record the quarterly rental paid by Eye Deal. (Jan 1)

c. Record the quarterly rental and interest paid by Eye Deal. (March 31)

d. Record the Amortization of Right-of-use equipment for Eye Deal. (March 31)

2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.
a. Record the beginning of the lease for Insight Machines. (Jan 1)

b. Record the lease revenue received by Insight Machines. (Jan 1)

c. Record the lease revenue and interest received by Insight Machines. (March 31)