Does knowing the personal, social, or political context of a work of art has a bearing on how to judge the art in question?

Give examples from:

painting or sculpture,

literature, and

theater, television or film.

Income recognition for a contractor. On October 15, 2010, Flanikin Construction Company contracted to build a shopping center at a contract price of $180 million. The schedule of expected and actual cash collections and contract costs is as follows:

Year Cash collections from Customers Estimated and Actual Cost Incurred

2010 $36,000,000 $12,000,000

2011 45,000,000 36,000,000

2012 45,000,000 48,000,000

2013 54,000,000 24,000,000

   $180,000,000 $120,000,000

A) Calculate the amount of revenue, expense, and net income for each of the four years under the following revenue recognition methods:

(1)    Percentage-of-completion method.

(2)    Completed contract method.

B) Show the journal entries Flanikin will make in 2010, 2011, 2012, and 2013 for this contract. Flanikin accumulates contract costs in a Contract in Process account. Although the costs involve a mixture of cash payments, credits to assets, and credits to liability accounts, assume for purposes of this problem that all costs are recorded as credits to Accounts Payable.

C) Which method do you believe provides the better measure of Flanikin Construction Company’s performance under the contract? Why?

Can somebody please show me how to calculate this in EXCEL. Step by step excel calculations need to be shown with screenshots. Thank you.

HAS TO BE SOLVED IN EXCEL

Exercise 5A–1 High-Low Method LO5–11 NEEDS to be solved and shown in excel The Cheyenne Hotel in Big Sky, Montana, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room rented for one day. The hotel’s business is highly seasonal, with peaks occurring during the ski season and in the summer. Month Occupancy-Days Electrical Costs January 1,736 $  4,127 February 1,904 $4,207 March 2,356 $5,083 April 960 $2,857 May 360 $   1,871 June 744 $2,696 July 2,108 $4,670 August 2,406 $ 5,148 September 840 $   2,691 October 124 $   1,588 November 720 $2,454 December 1,364 $3,529 Required: Using the high-low method, estimate the fixed cost of electricity per month and the variable cost of electricity per occupancy-day. Round off the fixed cost to the nearest whole dollar and the variable cost to the nearest whole cent. What other factors in addition to occupancy-days are likely to affect the variation in electrical costs from month to month

You are considering opening a drive-in movie theater and running it for ten years. You have spent after-tax $10,000 researching the land that will be used for theater, but if you take the project you expect to incur another immediate after-tax expense of $20,000 as you work with a consulting firm to decide how to most efficiently run the business.

The project entails an immediate $100,000 capital expenditure, which can be depreciated over 10 years. You expect to sell this capital investment for $25,000 at the end of the ten year project. Working capital expenses for the project are $50,000 immediately, $40,000 incurred two years from today, both of which are fully recovered in ten years (at the end of the project).

The project’s operating costs are expected to be $100,000 for each of the first five years and then (starting between t=5 and t=6) grow at -5% per year through the end of the project (i.e., through t=10). You expect the project’s revenues to start at $100,000 starting one year from today and remain constant for the life of the project.

1. ) You decide to use 10% as the project’s opportunity cost of capital. Your expected tax rate is 25%. What is the project’s NPV?

Interest During Construction

Matrix Inc. borrowed $1,000,000 at 8% to finance the construction of a new building for its own use. Construction began on January 1, 2019, and was completed on October 31, 2019. Expenditures related to this building were:

In addition, Matrix had additional debt (unrelated to the construction) of $500,000 at 9% and $800,000 at 10%. All debt was outstanding for the entire year.

Required:

1. Compute the amount of interest capitalized related to the construction of the building.

   $

2. If the expenditures are assumed to have been incurred evenly throughout the year:
   Compute weighted-average accumulated expenditures

   $

   
   Compute the amount of interest capitalized on the building

   $

1. You decide to purchase a van to transport your hotel guests to and from the airport. This is a new service you are adding to your hotel because you have noticed from your STR reports that your competitors are having better occupancy percentages and slightly better ADRs. And after some research, you do have a very comparable product but your current guests have also put in their comment cards that they wish you would provide airport transportation. The cost of the van with the upgrades totals $75,000. You are not charging your guests anything but you have estimated that this new service, you should have an increase in your annual cash flow of $28,000 for the next 5 years. What is the IRR of this van?

20. An existing public park serving 1.8 Million visitor/year is to be improved. Initial cost is SR 2.25 Million and the annual operating and maintenance cost starts with SR 0.145 Million during the first year and increases 3%/year thereafter. The planning horizon is 20 years, the salvage value is 32% of the initial cost, and the interest rate is 10%. The minimum additional benefits/visit that will justify the facility improvement is closest to: a) SR 0.17 b) SR 0.24 c) SR 0.15 d) SR 0.3

An existing public park serving 1.8 Million visitor/year is to be improved. Initial cost is SR 2.25 Million and the annual operating and maintenance cost starts with SR 0.145 Million during the first year and increases 3%/year thereafter. The planning horizon is 20 years, the salvage value is 32% of the initial cost, and the interest rate is 15%. The minimum additional benefits/visit that will justify the facility improvement is closest to:

a) SR 0.19

b) SR 0.25

c) SR 0.16

d) SR 0.29

Question 2

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Sage Construction Company began work on a $415,500 construction contract in 2020. During 2020, Sage incurred costs of $286,000, billed its customer for $209,500, and collected $178,500. At December 31, 2020, the estimated additional costs to complete the project total $152,650.

Prepare Sage’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.)

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Wed, Apr 29, 2020, 9:07:49 PM (America/Los Angeles -07:00)