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 |
$ |
2,523,000 |
$ |
3,177,000 |
$ |
1,980,000 |
|||
|
Estimated costs to complete as of year-end |
6,177,000 |
1,800,000 |
0 |
||||||
|
Billings during the year |
2,070,000 |
3,630,000 |
4,300,000 |
||||||
|
Cash collections during the year |
1,835,000 |
3,400,000 |
4,765,000 |
||||||
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.
|
2018 |
2019 |
2020 |
|||||||
|
Cost incurred during the year |
$ |
2,523,000 |
$ |
3,835,000 |
$ |
3,235,000 |
|||
|
Estimated costs to complete as of year-end |
6,177,000 |
3,135,000 |
0 |
||||||
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.
|
2018 |
2019 |
2020 |
|||||||
|
Cost incurred during the year |
$ |
2,523,000 |
$ |
3,835,000 |
$ |
4,005,000 |
|||
|
Estimated costs to complete as of year-end |
6,177,000 |
4,170,000 |
0 |
||||||
In: Accounting
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 | $ | 2,291,000 | $ | 3,555,000 | $ | 2,259,400 | |||||
| Estimated costs to complete as of year-end | 5,609,000 | 2,054,000 | 0 | ||||||||
| Billings during the year | 1,900,000 | 3,946,000 | 4,154,000 | ||||||||
| Cash collections during the year | 1,700,000 | 3,500,000 | 4,800,000 | ||||||||
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.
| 2018 | 2019 | 2020 | |||||||||
| Cost incurred during the year | $ | 2,510,000 | $ | 3,855,000 | $ | 3,210,000 | |||||
| Estimated costs to complete as of year-end | 5,710,000 | 3,210,000 | 0 | ||||||||
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.
| 2018 | 2019 | 2020 | |||||||||
| Cost incurred during the year | $ | 2,510,000 | $ | 3,855,000 | $ | 4,065,000 | |||||
| Estimated costs to complete as of year-end | 5,710,000 | 4,210,000 | 0 | ||||||||
In: Accounting
Selected accounts included in the property, plant, and equipment
section of Sheffield Corporation’s balance sheet at December 31,
2019, had the following balances.
| Land | $432,000 | |
| Land improvements | 201,600 | |
| Buildings | 1,584,000 | |
| Equipment | 1,382,400 |
During 2020, the following transactions occurred.
| 1. | A tract of land was acquired for $216,000 as a potential future building site. | |
| 2. | A plant facility consisting of land and building was acquired from Mendota Company in exchange for 28,800 shares of Sheffield’s common stock. On the acquisition date, Sheffield’s stock had a closing market price of $37 per share on a national stock exchange. The plant facility was carried on Mendota’s books at $158,400 for land and $460,800 for the building at the exchange date. Current appraised values for the land and building, respectively, are $331,200 and $993,600. | |
| 3. | Items of machinery and equipment were purchased at a total cost of $576,000. Additional costs were incurred as follows. |
| Freight and unloading | $18,720 | |
| Sales taxes | 28,800 | |
| Installation | 37,440 |
| 4. | Expenditures totaling $136,800 were made for new parking lots, streets, and sidewalks at the corporation’s various plant locations. These expenditures had an estimated useful life of 15 years. | |
| 5. | A machine costing $115,200 on January 1, 2012, was scrapped on June 30, 2020. Double-declining-balance depreciation has been recorded on the basis of a 10-year life. | |
| 6. | A machine was sold for $28,800 on July 1, 2020. Original cost of the machine was $63,360 on January 1, 2017, and it was depreciated on the straight-line basis over an estimated useful life of 7 years and a salvage value of $2,880. |
(a)
Calculate the balance at December 31, 2020 in each of the following
balance sheet accounts. (Hint: Disregard the related
accumulated depreciation accounts.)
Balance at December 31, 2020
Land
Land Improvements
Buildings
Equipment
In: Accounting
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 $ 1,491,000 $ 3,195,000 $ 2,655,400 Estimated costs to complete as of year-end 5,609,000 2,414,000 0 Billings during the year 1,100,000 3,586,000 5,314,000 Cash collections during the year 900,000 2,700,000 6,400,000 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. 2018 2019 2020 Cost incurred during the year $ 2,590,000 $ 3,895,000 $ 3,290,000 Estimated costs to complete as of year-end 5,790,000 3,290,000 0 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. 2018 2019 2020 Cost incurred during the year $ 2,590,000 $ 3,895,000 $ 4,185,000 Estimated costs to complete as of year-end 5,790,000 4,290,000 0
In: Accounting
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 | $ | 2,016,000 | $ | 2,808,000 | $ | 2,613,600 | |||
| Estimated costs to complete as of year-end | 5,184,000 | 2,376,000 | 0 | ||||||
| Billings during the year | 2,180,000 | 2,644,000 | 5,176,000 | ||||||
| Cash collections during the year | 1,890,000 | 2,500,000 | 5,610,000 | ||||||
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.
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,016,000 | $ | 3,890,000 | $ | 3,290,000 | |||
| Estimated costs to complete as of year-end | 5,184,000 | 3,190,000 | 0 | ||||||
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.
| 2018 | 2019 | 2020 | |||||||
| Cost incurred during the year | $ | 2,016,000 | $ | 3,890,000 | $ | 4,170,000 | |||
| Estimated costs to complete as of year-end | 5,184,000 | 4,280,000 | 0 | ||||||
In: Accounting
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 $ 2,604,000 $ 4,032,000 $ 1,940,400 Estimated costs to complete as of year-end 5,796,000 1,764,000 0 Billings during the year 2,040,000 4,596,000 3,364,000 Cash collections during the year 1,820,000 4,000,000 4,180,000 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. 2018 2019 2020 Cost incurred during the year $ 2,604,000 $ 3,820,000 $ 3,220,000 Estimated costs to complete as of year-end 5,796,000 3,120,000 0 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. 2018 2019 2020 Cost incurred during the year $ 2,604,000 $ 3,820,000 $ 3,960,000 Estimated costs to complete as of year-end 5,796,000 4,140,000 0
In: Accounting
In: Accounting
Sheridan Inc. reported income from continuing operations before
taxes during 2020 of $804,900. Additional transactions occurring in
2020 but not considered in the $804,900 are as follows.
| 1. | The corporation experienced an uninsured flood loss in the amount of $93,900 during the year. | |
| 2. | At the beginning of 2018, the corporation purchased a machine for $70,200 (salvage value of $11,700) that had a useful life of 6 years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct the salvage value in computing the depreciation base. | |
| 3. | Sale of securities held as a part of its portfolio resulted in a loss of $58,400 (pretax). | |
| 4. | When its president died, the corporation realized $159,600 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $47,530 (the gain is nontaxable). | |
| 5. | The corporation disposed of its recreational division at a loss of $117,100 before taxes. Assume that this transaction meets the criteria for discontinued operations. | |
| 6. | The corporation decided to change its method of inventory pricing from average-cost to the FIFO method. The effect of this change on prior years is to increase 2018 income by $60,600 and decrease 2019 income by $21,510 before taxes. The FIFO method has been used for 2020. The tax rate on these items is 30%. |
Prepare an income statement for the year 2020 starting with income
from continuing operations before taxes. Compute earnings per share
as it should be shown on the face of the income statement. Common
shares outstanding for the year are 108,490 shares. (Assume a tax
rate of 30% on all items, unless indicated otherwise.)
(Round earnings per share to 2 decimal places, e.g.
1.48 and all other answers to 0 decimal places, e.g.
5,275.)
In: Accounting
I'm being ask to design an experiment about enzymes. I'm not sure about how to do that.
To test for the presence of monosaccharides and reducing disaccharide sugars in food, the food sample is dissolved in water, and a small amount of Benedict's reagent is added. The solution should progress in the colors of blue (with no glucose present), green, yellow, orange, red, and then brick red when there is a large amount of glucose present.
Design an experiment where you would determine how quickly Lactaid works to break down milk sugar at different temperatures and pH. Be specific in your description and create illustrations.
answer the questions below
a. What are enzymes?
b. How do enzymes work?
c. What is lactase?
d. What is Lactaid?
e. What is lactose intolerance?
2. Write down how you will perform these experiments? There are two experiments. (1) How does temperature influence Lactaid’s ability to break down lactose (2) How does pH influence Lactaid’s ability to break down lactose? Include illustrations and be very specific and elaborate on why you are doing 3. Write down what you think will happen in each experiment.
Thank you.
In: Biology
Please answer ALL of the following questions!
1. Suppose China is rich in unskilled labor relatively to Japan. Then, according to the Heckscher=Ohlin model, China tends to export (a. high-tech goods/ b. low-tech goods) to Japan and a trade with China benefits (a. unskilled labor/ b. skilled labor/ c. capital owner) of Japan.
2. Wage rates across countries tend (a. to be equalized only if/ b. to be equalized whether or not) trade barriers and technology gaps are absent. When Japan imports low-technology goods and export high-technology goods, a rise in the relative price of imports of Japan tends to (a. increase/ b. decrease/ c. not affect) its skilled-labor wage/ unskilled-labor wage ratio and (a. increase/ b. decrease/ c. not affect) its welfare.
3. The Leontief Paradox comes from the fact that the US exported (a. capital/ b. labor/ c. technology) intensive goods. The paradox can be explained by (a. complete specialization/ b. productivity difference/ c. no output price convergence).
4. If China’s growth worsens her terms of trade, it will (a. always hurt/ b. sometimes hurt/ c. always benefit) her trading partners, and will (a. always hurt/ b. sometimes hurt/ c. always benefit) herself.
5. Since the welfare effects of import tariffs and export subsidies are clear cut, home country’s tariffs should be (a. always welcome/ b. sometimes welcome/ c. never welcome) to home citizens rather than its export subsidies, which is (a. always welcome/ b. sometimes welcome/ c. never welcome) to foreign citizens.
Foreign aid (a. increases/ b. reduces) its donor country’s purchasing power and leads to a (a. rise/ b. decline) of her export goods price, if the country is (a. large/ b. small) and has a home bias for the export goods. On the other hand, if foreign aid decreases a recipient country’s export price, it (a. always hurt/ b. sometimes hurt/ c. always benefit) the country.
In: Economics