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On June 15, 2018, Sanderson Construction entered into a
long-term construction contract to build a baseball stadium in
Washington, D.C., for $220 million. The expected completion date is
April 1, 2020, just in time for the 2020 baseball season. Costs
incurred and estimated costs to complete at year-end for the life
of the contract are as follows ($ in millions):
| 2018 | 2019 | 2020 | |||||||
| Costs incurred during the year | $ | 40 | $ | 80 | $ | 50 | |||
| Estimated costs to complete as of December 31 | 120 | 60 | — | ||||||
Required:
1. Compute the revenue and gross profit will
Sanderson report in its 2018, 2019, and 2020 income statements
related to this contract assuming Sanderson recognizes revenue over
time according to percentage of completion.
2. Compute the revenue and gross profit will
Sanderson report in its 2018, 2019, and 2020 income statements
related to this contract assuming this project does not qualify for
revenue recognition over time.
3. Suppose the estimated costs to complete at the
end of 2019 are $80 million instead of $60 million. Compute the
amount of revenue and gross profit or loss to be recognized in 2019
using the percentage of completion method.
Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming Sanderson recognizes revenue over time according to percentage of completion. (Enter your answers in millions. Loss amounts should be indicated with a minus sign. Use percentages as calculated and rounded in the table below to arrive at your final answer.)
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Compute the revenue and gross profit will Sanderson report in its 2018, 2019, and 2020 income statements related to this contract assuming this project does not qualify for revenue recognition over time. (Enter your answers in millions. Loss amounts should be indicated with a minus sign.)
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Suppose the estimated costs to complete at the end of 2019 are $80 million instead of $60 million. Compute the amount of revenue and gross profit or loss to be recognized in 2019 using the percentage of completion method. (Enter your answers in millions. Use percentages as calculated and rounded in the table below to arrive at your final answer.)
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In: Accounting
SPRING TRAINING INC.
Balance Sheet
December 31, 2017
ASSETS LIABILITIES
Cash $25,000 Accounts Payable $50,000
Accounts Rec. 5,000 Mortgage Payable 50,000
Inventory 14,000
Supplies 2,000 Total Liabilities $100,000
Land 18,000
Buildings $220,000 STOCKHOLDER EQUITY
Acc. Depr. <20,000> 200,000
Equipment 200,000 Common Stock $5 Par $30,000
Acc. Depr <14,000> 186,000 Excess of Par $300,000
Retained Earnings 20,000
Total Equity $350,000
TOTAL ASSETS $450,000 TOTAL LIAB. & EQUITY $450,000
Jan. 2] Sold 200,000 shares of common stock for $2,600,000.
Jan. 3] Purchased on account $40,000 of inventory for resale to customers. Terms
were 5/60 net 90.
Jan. 10] Paid $5,000 for promotion & marketing expenses. Promotion would run
through the month of January 2018.
Jan. 15] Purchased a 3-year insurance policy for $3,600 in cash. Effective date is
January 1, 2018 to December 31, 2020.
Jan. 27] Paid in full for purchases acquired January 3, 2018.
Feb. 1] Paid $3,000 as a mortgage payment. The balance on the mortgage is listed
on the balance sheet dated December 31, 2017. Interest Rate is 8 per cent.
Feb. 10] Sales revenue generated was $400,000. $10,000 in cash received this date
the balance on account. Terms 4/60 net 60 days.
Feb. 27] Paid wages for the months of January and February 2018. Total wages
that was paid for the two months was $40,000.
Mar. 1] Acquired $200,000 of equipment. Useful life is 10 years. Signed a note
(12%) for entire amount.
Mar. 1] Declared a dividend of 50 cents per share.
Mar. 1] Customer returned $25,000 of items acquired on February 10, 2018.
Mar. 1] Signed a lease for warehouse space rental period is from April 1, 2018 to
December 31, 2018. A $10,000 deposit was paid on March 1.
Mar. 1] Borrowed $80,000, and signed a note for this amount at 10%.
Mar. 3] Paid the February Mortgage payment only this time $7,000 was paid.
Mar. 6] Sales on account to customers amounted to $200,000. Terms are 10/60 net
90 days.
Mar. 15] Received full amount due from the February 10 sale.
Mar. 15] Customer returned items that were sold for $35,000 on March 6, 2018.
Mar. 17] Purchased $40,000 of inventory and terms were 8/30 net 90. This was a
cash purchase.
Mar. 30] Supplies were now determined to be $500.
Mar. 31] Customer paid in full for the March 6 sale.
Mar. 31] Spring Training paid $20,000 in wages for the month of March.
Mar. 31] Paid $30,000 on the equipment note entered on March 1, 2018.
OTHER INFORMATION
1. Tax rate is 20%.
2. All equipment has a useful life of ten years.
4. Building has useful life of 20 years.
5. Ending Inventory for Spring Training Inc. is $20,000.
Rquirement:
PREPARE A SET OF FINANCIAL STATEMENTS FOR THE QUARTER ENDING MARCH 31, 2018
Please prepare for T accounts, Journal Entry, Income statement, Balance sheet and statement of Retained Earnings
In: Accounting
One out of 25 healthy people carries a single gene for cystic
fibrosis (CF), these people are called carriers and
healthy people without a CF gene are called non-carriers.
A uniformly-chosen random healthy person has probability 1/25 of
being a carrier.
A person with two CF genes is not healthy; they are sick
(with cystic fibrosis). The child of a carrier has probability 1/2
of inheriting a CF gene from that parent. The child of two carriers
inherits each of their parents CF genes independently, so the child
has probability 1/4 of having CF.
Ok so this is how I solved it (I have not included all my steps as
they are long):
for number 1, I figured the probability is 1/2500 because the
probability of a child having CF is = to the probability of the
father being a carrier * by the probability that the mother is a
carrier * by the probability that it inherits both CF genes... 1/25
* 1/25 * 1/4...
for number 2, I got 2401/2500 because pr of child is a healthy non
carrier is = (pr of father being a carrier * pr of mother being a
non carrier)
+ (pr of father is non carrier * pr mother being a carrier * pr of
inheriting no CF gene)
+ (pr of father is non carrier * mother being a non carrier)
+ (pr of father is carrier * pr of mother is carrier * inheriting
no CF gene)
... calculating these probabilities gave me the answer above.
for number 3, I got 1/25 * 1/4 because the probability of it
inheriting both genes is 1/4 * by the probability of the other
parent being a carrier is 1/25 ... I got 1/100
for number 4, I got 49/1250 (this calculation was similar to #2 but
a bit longer)
for number 5, here we have the probability of a baby having CF
given that the baby has one CF gene:
P(baby has CF) = 1 - P(healthy non carrier) - P(healthy
carrier)
= 1 - 2401/2500 - 98/2500
= 1 / 2500
and the P(has CF given at least one CF gene)
= 1/ 2500
-------------
1/2500 + 98/2500
=1/99
Please let me know if I computed these correctly, if not to try and
guide me towards the direction!
thanks!
In: Statistics and Probability