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 | $ | 2,580,000 | $ | 4,042,000 | $ | 2,175,800 | |||
| Estimated costs to complete as of year-end | 6,020,000 | 1,978,000 | 0 | ||||||
| Billings during the year | 2,060,000 | 4,562,000 | 3,378,000 | ||||||
| Cash collections during the year | 1,830,000 | 4,200,000 | 3,970,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
rev: 09_15_2017_QC_CS-99734
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.
In: Accounting
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 | $ | 2,542,000 | $ | 3,772,000 | $ | 2,074,600 | |||
| Estimated costs to complete as of year-end | 5,658,000 | 1,886,000 | 0 | ||||||
| Billings during the year | 2,020,000 | 4,294,000 | 3,686,000 | ||||||
| Cash collections during the year | 1,810,000 | 3,800,000 | 4,390,000 | ||||||
Westgate recognizes revenue over time according to percentage of
completion.
rev: 09_15_2017_QC_CS-99734
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.
In: Accounting
Grace Inc. has a December 31 year end. Grace had not received their December 2018 bill for their holiday party. Grace will accrue the estimated $5,000 cost at December 31, 2018. On January 28, 2019 ,after the financial statements were released, the final bill was received for the party of $5,250 and paid.
In: Accounting
City Taxi Service purchased a new auto to use as a taxi on January 1, 2018, for $36,000. In addition, City paid sales tax and title fees of $1,200 for the vehicle. The taxi is expected to have a five-year life and a salvage value of $4,000.
Using the straight-line method, compute the depreciation expense for 2018 and 2019.
Assume the van was sold on January 1, 2020, for $21,000. Determine the amount of gain or loss that would be recognized on the asset disposal. (Amounts to be deducted should be indicated with minus sign.)
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cant get the lost correcy
In: Accounting
Broussard Skateboard's sales are expected to increase by 15%
from $7.6 million in 2018 to $8.74 million in 2019. Its assets
totaled $5 million at the end of 2018.
Broussard is already at full capacity, so its assets must grow at
the same rate as projected sales. At the end of 2018, 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 4%. Assume that the
company pays no dividends. Under these assumptions, what would be
the additional funds needed for the coming year? Do not round
intermediate calculations. Round your answer to the nearest
dollar.
In: Finance
On August 15, 2018 Red Fish Blue Fish consigned 500 electronic play systems, costing $100 each, to Toys R You Company. The cost of shipping the play systems amounted to $1,250 and was paid by RedFish Blue Fish. On December 31, 2018 an account sales summary was received from the consignee,reporting that 420 play systems had been sold for $160 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission.
Required
Calculate the following at December 31, 2018
.
1.The inventory value of the units unsold in the hands of the consignee.
2.The profit for the consignor for the units sold.
3.The amount of cash that will beremitted by the consignee.
In: Accounting
In: Accounting
a company has the following at January 1, 2018
2,000,000 shares of common stock issued and $1 par outstanding 4,000,000 shares authorized
Additional paid in capital $5,750,000
retained earnings $12,345,000
During 2018 the following happened
Net income: $6,789,000
cash dividend declared May 15: $.70 per share
cash dividends paid on Jun 30th
stock dividends declared on November 30th : 17%
stock dividend distributed on 12/31
the market price of the stock has been $36 all year
Prepare journal entries to record cash and stock dividends
prepare a owners equity section of the balance sheet of 12/31/2018
In: Accounting
1. In August 2014, the US banks excess reserves (NBR) were equal to $2.699 trillion while they reached $2.087 trillion in January 2018 due to the historic ending of the Fed’s QE programs.
2. Since January 2009, the monthly average interest rate paid by the Federal Reserve Bank on both required reserve and excess reserve balances has been 25 basis points (0.25%).
3. The federal funds rate (overnight rate) in 2014 was 0.25%, while it was equal to 1.75% in 2018.
4. The Discount Rate in 2014 was 0.75%, while it was 2.25% in 2018.
Question1:
Explain in detail the different arguments for and against the Federal Reserve Bank independence?
In: Economics
8. The accounting records of Jamaican Importers, Inc., at January 1, 2018, included the following:
Assets Investment in IBM common shares $1,895,000 Less: Fair value adjustment (200,000) ____________ $1,695,000
No changes occurred during 2018 in the investment portifolio.
Required: Prepare appropriate adjusting entry(s) at December 31, 2018, assuming the fair value of the IBM common shares was
1. $1,331,000 2. $1,770,000 3. $1,920,000
(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Record the fair value adjustment assuming the fair value of the IBM common shares was $1,331,000.
| Transaction | General Journal | Debit | Credit |
| 1 | |||
In: Accounting