Brady Construction Company contracted to build an apartment complex for a price of $6,400,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.
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Estimated Costs to Complete |
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Costs Incurred During Year |
(As of the End of the Year) |
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Situation |
2018 |
2019 |
2020 |
2018 |
2019 |
2020 |
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|
1 |
1,640 |
2,550 |
1,320 |
3,870 |
1,320 |
— |
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|
2 |
1,640 |
1,320 |
2,960 |
3,870 |
2,960 |
— |
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|
3 |
1,640 |
2,550 |
2,720 |
3,870 |
2,620 |
— |
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|
4 |
640 |
3,140 |
1,280 |
4,480 |
945 |
— |
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|
5 |
640 |
3,140 |
2,280 |
4,480 |
2,620 |
— |
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|
6 |
640 |
3,140 |
3,200 |
5,955 |
2,960 |
— |
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Required: Gross Profit (Loss) Recognized Revenue Recognized over Time Revenue Recognized Upon Completion
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In: Accounting
Brady Construction Company contracted to build an apartment complex for a price of $6,400,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1 through 6, involving differing costs for the project. All costs are stated in thousands of dollars.
|
Estimated Costs to Complete |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Costs Incurred During Year |
(As of the End of the Year) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Situation |
2018 |
2019 |
2020 |
2018 |
2019 |
2020 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1 |
1,640 |
2,550 |
1,320 |
3,870 |
1,320 |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2 |
1,640 |
1,320 |
2,960 |
3,870 |
2,960 |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3 |
1,640 |
2,550 |
2,720 |
3,870 |
2,620 |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4 |
640 |
3,140 |
1,280 |
4,480 |
945 |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5 |
640 |
3,140 |
2,280 |
4,480 |
2,620 |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6 |
640 |
3,140 |
3,200 |
5,955 |
2,960 |
— |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Required: Gross Profit (Loss) Recognized Revenue Recognized over Time Revenue Recognized Upon Completion
|
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In: Accounting
Exercise 7-48 (Algorithmic) Depreciation Methods Berkshire Corporation purchased a copying machine for $9,800 on January 1, 2019. The machine's residual value was $1,175 and its expected life was 5 years or 2,000,000 copies. Actual usage was 480,000 copies in the first year and 462,000 in the second year. Required: 1. Compute depreciation expense for 2019 and 2020 using the: a. Straight-line method. Depreciation expense: $fill in the blank 1 per year b. Double-declining-balance method. Depreciation Expense 2019 $fill in the blank 2 2020 $fill in the blank 3 c. Units-of-production method. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Depreciation Expense 2019 $fill in the blank 4 2020 $fill in the blank 5 2. For each depreciation method, what is the book value of the machine at the end of 2019? At the end of 2020? If required, round your answers to the nearest whole dollar. 2019 2020 a. Straight-line method $fill in the blank 6 $fill in the blank 7 b. Double-declining-balance method $fill in the blank 8 $fill in the blank 9 c. Units-of-production method $fill in the blank
10 $fill in the blank 11
In: Accounting
Question 1
The following balances have been extracted from the accounts of
Peya, a sole trader, for the period ended 31 March 2020.
N$
Sales 427,726
Carriage inwards 476
Wages and salaries 64,210
Carriage outwards 829
Purchases 302,419
Rent and rates 12,466
Heat and light 4,757
Stock at 1 April 2019 15,310
Drawings 21,600
Equipment at cost 102,000
Motor vehicles at cost 43,270
Provision for depreciation
– equipment 22,250
– motor vehicles 8,920
Debtors 50,633
Creditors 41,792
Bank 3,295 cr
Sundry expenses 8,426
Cash 477
Capital 122,890
The following information as at 31 March 2020 is also
available:
(1) N$350 is owing for heat and light
(2) N$620 has been prepaid for rent and rates
(3) Depreciation is to be provided for the year as follows:
equipment at 10% on cost and motor vehicles at 20% on cost
(4) Stock at 31 March2020 isN$16,480
Required:
(a) Prepare the trial balance for Peya (before any adjustments) as
at 31 March 2020.
(b) Prepare the trading and profit and loss accounts for Peya for
the year ending 31 March 2020.
(c) Prepare the balance sheet for Peya as at 31 March 2020.
(Total 31 marks)
Due Date:
In: Accounting
On January 1, 2018 Vulcan Company purchased 400 of the 1000 shares of Star Trek company stock for $60,000.
At this time, Star Trek had a truck with a book value of $40,000 and a fair market value of $80,000. The truck has a life of 5 years with no salvage value and Star Trek uses straight line depreciation
On July 1, 2018 Star Trek paid a dividend of $1 per share
On December 31, 2018 Star Trek reported a profit of $11,000 and its stock was selling $151 per share
On July 1, 2019 Star Trek paid a dividend of $2 per share
On December 31, Star Trek reported a loss of $5000 and its stock was selling for $148 per share
On July 1, 2020 Star Trek announced that it wasn't paying any dividends in 2020.
On December 31, 2020 Star Trek reported a profit of $3000 and its stock was selling for $155 per share
On January 31, 2021 Vulcan sold its entire investment in Star Trek at $150 per share
REQUIRED
A) MAKE ALL THE JOURNAL ENTRIES CONNECTED WITH VULCAN'S INVESTEMENT IN STAR TREK IN 2018
2019
2020
2021
B) FILL IN THE FOLLOWING TABLE
2018 2019 2020
INVESTMENT IN STAR TREK
INVESTMENT INCOME
In: Accounting
Modify your program from Learning Journal Unit 7 to read
dictionary items from
a file and write the inverted dictionary to a file. You will need
to decide on
the following:
* How to format each dictionary item as a
text string in the input file.
* How to convert each input string into a
dictionary item.
* How to format each item of your inverted
dictionary as a text string in
the output file.
Create an input file with your original three-or-more items and
add at least
three new items, for a total of at least six items.
------------------------------------------------------------------------------------------------------------------
The Unit 7 program:
Dr_Appointments = {'Mom':[2, 'April', 2020], 'Brother':[6, 'July', 2020], 'Sister':[6, 'January', 2021], }
def invert_dict(d):
inverse = dict()
for key in d:
val = d[key]
for val in val:
if val not in inverse:
inverse[val] =
[key]
else:
inverse[val].append(key)
return inverse
print('Dr. Appointments:', Dr_Appointments)
print('Inverted Dr. Appointments:')
Invert_Appointments = invert_dict(Dr_Appointments)
print(Invert_Appointments)
This is the expanded dictionary: the Unit 7 plus three more:
Mom: 2, April, 2020,
Brother: 6, July, 2020,
Sister: 6, January, 2021,
Aunt: 2, December, 2021,
Uncle: 6, November, 2021,
Niece: 2, December, 2020
In: Computer Science
Posh plc, a public limited company is expanding the group business. On 1 April 2019, Posh plc acquired 80% interest in Space Ltd and 30% interest in Aero Ltd. Posh plc is represented on Aero Ltd’s board of directors. Below are the statement of comprehensive income of Posh plc, Space Ltd and Aero Ltd for the year ended 31 March 2020.
Posh plc ($’000) | Space Ltd ($’000) | Aero Ltd ($’000) | |
Revenue | 50,000 | 20,000 | 10,000 |
Cost of sales | (35,000) | (13,000) | (6,800) |
Gross Profit | 15,000 | 7,000 | 3,200 |
Operating expenses | (7,600) | (2,500) | (1,700) |
Operating profit | 7,400 | 4,500 | 1,500 |
Management services to Space Sdn Bhd | 200 | - | - |
Dividend from Space Bhd | 600 | - | - |
Finance Income | 100 | - | - |
Finance costs | - | (120) | (10) |
Profit before tax | 8,300 | 4,380 | 1,490 |
Taxation | (2,500) | (1,300) | (450) |
Profit after tax | 5,800 | 3,080 | 1,040 |
Additional information:
Posh plc trades with Space Ltd and during the year Posh plc sold goods for $3,000,000 to Space Ltd.
Posh plc sells to Space Ltd at cost plus 25%. Half of these goods remain unsold in Space Ltd.
Posh plc has recognized a dividend declared and paid by Space Ltd of $600,000 during the year.
Included in the operating expenses of Space Ltd is an amount of $200,000 management fees charged by Posh plc for the services provided.
Posh plc charges Space Ltd interest of $100,000 for the advances given to Space Ltd.
Investment in Aero Ltd is impaired by $50,000
REQUIRED:
Prepare the consolidated statement of comprehensive income for the year ended 31 March 2020. (Show all workings)
marks)
(b) After the above statement presented to the directors, the operation director is questioning as to how to derive at the Group Revenue and why the Revenue of Aero Ltd has not been included as part of the Group Revenue. It is Posh plc’s target to increase their revenue and profit by more than 50% after the business expansion. As a group accountant, give your explanation with justification to the director by referring to the relevant accounting standards.
(10 marks)
(Total: 20 marks)
In: Accounting
"Do you think Hobbes' realist model explains well the interaction between states in today's international system? Explain and give examples of how realism plays a role in impacting the relationship between states/nations and cooperation especially in the UN decision-making."
In: Economics
"Do you think Hobbes' realist model explains well the interaction between states in today's international system? Explain and give examples of how realism plays a role in impacting the relationship between states/nations and cooperation especially in the UN decision-making."
In: Economics
Under the Federal Unemployment Tax Act (FUTA), __________ pay taxes to the __________, which deposit the money into the __________ government’s Unemployment Insurance Fund.
Multiple Choice
employees, states, federal
employers, states, federal
employees, federal government, state
employers, federal government, state
In: Accounting