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 Construction uses the completed contract method of accounting for long-term construction contracts.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
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).
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.
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.

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.

Brandlin Company of Anaheim, California, purchases materials from a foreign supplier on December 1, 2017, with payment of 17,000 korunas to be made on March 1, 2018. The materials are consumed immediately and recognized as cost of goods sold at the date of purchase. On December 1, 2017, Brandlin enters into a forward contract to purchase 17,000 korunas on March 1, 2018. Relevant exchange rates for the koruna on various dates are as follows:

Brandlin’s incremental borrowing rate is 12 percent. The present value factor for two months at an annual interest rate of 12 percent (1 percent per month) is 0.9803. Brandlin must close its books and prepare financial statements at December 31.

1. a-1. Assuming that Brandlin designates the forward contract as a cash flow hedge of a foreign currency payable and recognizes any premium or discount using the straight-line method, prepare journal entries for these transactions in U.S. dollars.

2. a-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on 2017 net income?

3. a-3. What is the impact on 2018 net income?

4. a-4. What is the impact on net income over the two accounting periods?

5. b-1. Assuming that Brandlin designates the forward contract as a fair value hedge of a foreign currency payable, prepare journal entries for these transactions in U.S. dollars.

6. b-2. Assuming that the purchased parts became a part of the cost of goods sold in 2017, what is the impact on net income in 2017 and in 2018?

7. b-3. What is the impact on net income over the two accounting periods?

1. Using General Ledger, you are to prepare the following financial statements in Excel.
2. Properly classified Balance Sheet
3. Multiple Step Income Statement
4. Statement of Shareholders’ Equity
5. For the year ended December 31, 2018, the income tax rate is 40%. Check figure: Income tax expense of $47,602

Vaughn Company has the following securities in its investment portfolio on December 31, 2017 (all securities were purchased in 2017): (1) 3,100 shares of Anderson Co. common stock which cost $55,800, (2) 9,600 shares of Munter Ltd. common stock which cost $547,200, and (3) 6,100 shares of King Company preferred stock which cost $250,100. The Fair Value Adjustment account shows a credit of $10,900 at the end of 2017. In 2018, Vaughn completed the following securities transactions. 1. On January 15, sold 3,100 shares of Anderson’s common stock at $23 per share less fees of $2,180. 2. On April 17, purchased 1,000 shares of Castle’s common stock at $34 per share plus fees of $1,830. On December 31, 2018, the market prices per share of these securities were Munter $60, King $40, and Castle $23. In addition, the accounting supervisor of Vaughn told you that, even though all these securities have readily determinable fair values, Vaughn will not actively trade these securities because the top management intends to hold them for more than one year.

Prepare the journal entry to record the security purchase on April 17, 2018. (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.)

Compute the unrealized gains or losses.

Unrealized gain = ?

Prepare the adjusting entry for Vaughn on December 31, 2018. (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.)

Please show steps in the calculation. Please make sure you include checking conditions for using the CLT.

Only Answer Question 3 and 4

The Human Resources (HR) Department of a certain college has asked all employees who were employed in 2018 to fill out a survey in December 2018. Three items on the survey were: “Your dental expense in 2018”, “Are you in a family with at least three other family members?”, and “Your medical expenses in 2018”. The manager of HR has randomly selected a sample of 169 surveys. Found that the sample average dental expense is $1600 per person with the sample standard deviation is $500. 70 of them are in a family of at least three other members. Also, the sample average medical expense is $2,450 per person and the sample standard deviation is $700.

1. The statistical inference will be made in parts (b), (c) and (d). Please clearly state the three parameters of interest.
2. Provide a 99% interval estimate of the average dental expenses per employee who was employed in the year 2018. please interpret your answer.
3. Using a 95% confidence interval, estimate the proportion of all employees who were employed in the year 2018 are in a family of at least three members. Interpret your answer.
4. As stated, the sample average medical expenses were $2,450. With your knowledge, the actual average price is more than $2,350. Obviously, 2,450 is more than 2,350 but this is only from a sample and is only $100 more, does it really mean that the actual average medical expenses are more than $2,350? Conduct a hypothesis test to prove the actual average medical expenses is more than $2,350 with a 5% level of significance. Use p-value to do a conclusion. Interpret your answer.

Required information

Problem 19-1A Variable costing income statement and conversion to absorption costing income (two consecutive years) LO P2, P3

[The following information applies to the questions displayed below.]

Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation follow.

Additional Information

1. Sales and production data for these first two years follow.

2. Variable cost per unit and total fixed costs are unchanged during 2018 and 2019. The company's $31 per unit product cost consists of the following.

3. Selling and administrative expenses consist of the following.

Problem 19-1A Part 2

2. Prepare a table as in Exhibit 19.12 to convert variable costing income to absorption costing income for both 2018 and 2019. (Loss amounts should be entered with a minus sign.)

American Surety and Fidelity buys and sells securities expecting to earn profits on short-term differences in price. For the first 11 months of 2018, gains from selling trading securities totaled $8 million, losses were $11 million, and the company had earned $5 million in investment revenue. The following selected transactions relate to American's trading account and equity securities investment account during December 2018, and the first week of 2019. The company's fiscal year ends on December 31. No trading securities were held by American on December 1, 2018.

Required:
1. Prepare the appropriate journal entry for each transaction or event during 2018.
2. Indicate any amounts that American would report in its 2018 balance sheet and income statement as a result of these investments.
3. Prepare the appropriate journal entry for each transaction or event during 2019.

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.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
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).
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.
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.

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.

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.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
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).
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.
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.

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.

Please help, i am so confused.....

n 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 the percentage of completion.

Required:
1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years.
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).
3. Complete the information required below to prepare a partial balance sheet for 2018 and 2019 showing any items related to the contract.
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.

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.