Teal Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $597,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $908,000. The following data pertain to the construction period.

(a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.

Gross profit recognized in 2022

(b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period

Gross profit recognized in 2021

Gross profit recognized in 2022

1.) Winnie the Pooh Inc. issues 5,000 shares of $2 par common stock for $75 a share and 10,000 shares of $6 par preferred stock for $88 dollars per share. Journalize the issuance of these stocks:

2.) Winnie the Pooh Inc. the most generous of the companies declares a $200,000 cash dividend on April 1st, 2020. The company has 10,000 shares of $5 par common stock with a market value of $25 per share and 20,000 shares of $10 par 8% preferred stock with a $60 market value per share. The preferred stock is cumulative, and dividends were not paid in 2019. The date of record is April 20th, and the payment date is April 29th. Make the necessary journal entry showing exactly which shareholders will receive how much of each dividend, also be sure to perform the correct entry on the correct date: April 1st, 2020 journal entry: April 20th, 2020 journal entry: April 29th, 2020 journal entry:

Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 6,100 units of its only product. The beginning inventory balance of $87,200 consisted of the following layers: 2,600 units at $12 per unit = $ 31,200 3,500 units at $16 per unit = 56,000 Beginning inventory $ 87,200 During the three years 2018–2020, the cost of inventory remained constant at $18 per unit. Unit purchases and sales during these years were as follows: Purchases Sales 2018 19,000 20,000 2019 25,000 27,500 2020 21,000 22,000 Required: 1. Calculate cost of goods sold for 2018, 2019, and 2020. 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years. 3. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2018, 2019, and 2020. Cansela’s effective income tax rate is 30%.

On 5/17/2020, a random sample of 1007 U.S. households finds that Trump has a 49% approval rating.

a) Use the 2SD method to find a 95% confidence interval estimate of the proportion of all U.S. households that approve of Trump on 5/17/2020. Show all work/steps to get the 2SD estimate. Round the margin of error to three decimal places. Work and Answer:

b) Use your answer from part (a) to fill in the red spaces below in order to write the results of the poll in these two notations:

According to the poll, on 5/17/2020, Trump has an approval rating of 49% ± _________%

According to the poll, on 5/17/2020, Trump’s approval rating was between ______% and ______%

c) If we were to use this same sample information to find a 90% confidence interval estimate instead of a 95% confidence interval estimate, then would our new 90% confidence interval be wider, or would it be narrower than the 95% estimate? Work and Answer:

Problem 16-5 Change in tax rate; record taxes for four years [LO16-1, 16-4, 16-5]

The DeVille Company reported pretax accounting income on its income statement as follows:
   

   
Included in the income of 2018 was an installment sale of property in the amount of $52,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $20,800 in 2019, $26,000 in 2020, and $5,200 in 2021.

Included in the 2020 income was $21,000 interest from investments in municipal bonds.

The enacted tax rate for 2018 and 2019 was 30%, but during 2019 new tax legislation was passed reducing the tax rate to 25% for the years 2020 and beyond.

Required:
Prepare the year-end journal entries to record income taxes for the years 2018–2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Geraths completes installation on October 15, 2020, and the customer pays the balance due.

Required:

Prepare the journal entries for Geraths in 2020. (Round amounts to nearest dollar.)

I want to know the answer on handwriting, plz.

Metlock Co. has the following postretirement benefit plan balances on January 1, 2020.

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends the plan so that prior service costs of $177,000 are created. Other data related to the plan are:

1. Prepare a worksheet for the postretirement plan in 2020.

2.Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2020.

3.Prepare a worksheet for 2021

4.Prepare journal entries related to the postretirement plan as of December 31, 2021.

5. Indicate the postretirement-benefit–related amounts reported in the 2021 financial statements.

Q7) Pearl Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Pearl, has gathered the following data concerning inventory.

At May 31, 2020, the balance in Pearl’s Raw Materials Inventory account was $444,720, and Allowance to Reduce Inventory to NRV had a credit balance of $27,340. Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below.

Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Pearl’s May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle.

Incorrect answer iconYour answer is incorrect.

Determine the proper balance in Allowance to Reduce Inventory to NRV at May 31, 2020.

For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded (using the loss method) due to the change in Allowance to Reduce Inventory to NRV. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)