Whispering Ltd. sold $6,830,000 of 8% bonds, which were dated March 1, 2020, on June 1, 2020. The bonds paid interest on September 1 and March 1 of each year. The bonds' maturity date was March 1, 2030, and the bonds were issued to yield 10%. Whispering's fiscal year-end was February 28, and the company followed IFRS. On June 1, 2021, Whispering bought back $2,830,000 worth of bonds for $2,730,000 plus accrued interest.

a,Using 1. a financial calculator, or 2. Excel function PV, calculate the issue price of the bonds and prepare the entry for the issuance of the bonds. (Hint: Use the account Interest Payable in your entry).

b,Prepare the journal entry for the scheduled interest payment on September 1, 2020

c,Prepare any year-end entry required at February 28, 2021

d,Prepare the entry required for the redemption of face value $2,830,000 of the bonds on June 1, 2021.

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

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.)

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.)

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

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.)

2018 2019 2020 Cost incurred during the year $ 2,580,000 $ 3,830,000 $ 3,990,000 Estimated costs to complete as of year-end 6,020,000 4,160,000 0

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 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.) 2018 2019 2020 Cost incurred during the year $ 2,580,000 $ 3,830,000 $ 3,230,000 Estimated costs to complete as of year-end 6,020,000 3,130,000 0

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 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.) 2018 2019 2020 Cost incurred during the year $ 2,580,000 $ 3,830,000 $ 3,230,000 Estimated costs to complete as of year-end 6,020,000 3,130,000 0

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.

rev: 09_15_2017_QC_CS-99734

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).

Selected financial statement information and additional data for Jasmine Co. is presented below. Prepare a statement of cash flows for the year ending December 31, 2020

December 31

2020 2019

Cash $65,000 $42,000

Accounts receivable (net) 144,200 84,000

Inventory 206,600 168,000

Land 21,000 58,800

Equipment…………………………………. 789,600 504,000

A/D- Eqp………....................................... 115,600 84,000

Accounts payable 86,000 50,400

Notes payable - short-term 29,400 67,200

Notes payable - long-term 302,400 168,000

Common stock 487,200 420,000

Retained earnings 205,800 67,200

*change in inventory is an operating activity*

Additional data for 2020:

1. Net income was $220,200.

2. Depreciation was $?

3. Land was sold at its original cost.

4. Dividends of $81,600 were paid.

5. Equipment was purchased for $84,000 cash.

6. A long-term note for $134,400 issued for equipment purchase.

7. New owners invested in company by purchasing 100 shares of Common stock for cash.

Food and Beverages at Northeastern University Football Games

Northeastern University (NEU), a large state college in Stephenville, Texas, 30 miles northeast of the Dallas/Fort Worth metroplex, enrolls close to 20,000 students. The school is the dominant force in the small city, with more students during fall and spring than permanent residents.

A longtime football powerhouse, NEU is a member of the Big Eleven conference and is usually in the top 20 in college football rankings. To bolster its chances of reaching the elusive and long-desired number-one ranking, in 2010 NEU hired the legendary Bo Pitterno as its head coach. Although the number one ranking remained out of reach, attendance at the five Saturday home games each year increased. Prior to Pitterno’s arrival, attendance generally averaged 25,000–29,000. Season ticket sales bumped up by 10,000 just with the announcement of the new coach’s arrival. Stephenville and NEU were ready to move to the big time!

With the growth in attendance came more fame, the need for a bigger stadium, and more complaints about seating, parking, long lines, and concession stand prices. Northeastern University’s president, Dr. Marty Starr, was concerned not only about the cost of expanding the existing stadium versus building a new stadium but also about the ancillary activities. He wanted to be sure that these various support activities generated revenue adequate to pay for themselves. Consequently, he wanted the parking lots, game programs, and food service to all be handled as profit centers. At a recent meeting discussing the new stadium, Starr told the stadium manager, Hank Maddux, to develop a break-even chart and related data for each of the centers. He instructed Maddux to have the food service area break-even report ready for the next meeting. After discussion with other facility managers and his subordinates, Maddux developed the following table showing the suggested selling prices, and his estimate of variable costs, and the percent revenue by item. It also provides an estimate of the percentage of the total revenues that would be expected for each of the items based on historical sales data.

Maddux’s fixed costs are interesting. He estimated that the prorated portion of the stadium cost would be as follows:

salaries for food services at $100,000 ($20,000 for each of the five home games); 2,400 square feet of stadium space at $2 per square foot per game; and six people per booth in each of the six booths for 5 hours at $7 an hour. These fixed costs will be proportionately allocated to each of the products based on the percentages provided in the table. For example, the revenue from soft drinks would be expected to cover 25% of the total fixed costs.

Maddux wants to be sure that he has a number of things for President Starr:

(1) the total fixed cost that must be covered at each of the games;

(2) the portion of the fixed cost allocated to each of the items;

(3) what his unit sales would be at break-even for each item—that is, what sales of soft drinks, coffee, hot dogs, and hamburgers are necessary to cover the portion of the fixed cost allocated to each of these items;

(4) what the dollar sales for each of these would be at these break-even points; and

(5) realistic sales estimates per attendee for attendance of 60,000 and 35,000. (In other words, he wants to know how many dollars each attendee is spending on food at his projected break-even sales at present and if attendance grows to 60,000.) He felt this last piece of information would be helpful to understand how realistic the assumptions of his model are, and this information could be compared with similar figures from previous seasons.

Discussion Question

1. Prepare a brief report with the items noted so it is ready for Dr. Starr at the next meeting.

Note: Answers should be in word version format please

Alicia is a busy university student who spends her days in university attending classes or studying. In addition to her three meals, she packs two snacks to take with her to school. However, she doesn't always consume both snacks. Let X be the number of snacks she consumes per day. The distribution of X is as follows: x 0 1 2 P(X=x) 0.05 0.35 0.60 Assume the number of snacks per day is independent from day to day. A.[5] Find the sampling distribution of the average of snacks for two randomly selected days. B.[6] Find the expected value and variance for both X and �%. C.[3] Suppose that 36 days were selected at random. What is the sampling distribution of the sample mean based on n = 36? Why? D.[3] Suppose that 36 days were selected at random. What is the probability that the average number of snacks that Alicia consumed is at most 2.5 snacks per day, during the selected 36 days.