Two accountants, Yuan Tsui and Sergio Aragon, are arguing about
the merits of presenting an income statement in the multiple-step
versus the single-step format. The discussion involves the
following 2020 information for P. Bride Company (in
thousands):
| Administrative expenses | Selling expenses | |||||||
| Officers’ salaries | $4,000 | Delivery | $2,050 | |||||
| Depreciation of office furniture and equipment | 3,060 | Sales commissions | 67,640 | |||||
| Cost of goods sold | 57,190 | Depreciation of sales equipment | 6,260 | |||||
| Rental revenue | 14,330 | Sales revenue | 308,900 | |||||
| Interest expense | 1,730 | |||||||
Common shares outstanding for 2020 total 30,000 (in thousands).
Income tax for the year was $18,130.
Prepare an income statement for the year ended December 31, 2020, using the multiple-step format, showing expenses by function. Include calculation of EPS.
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 |
$ |
2,580,000 |
$ |
4,042,000 |
$ |
2,175,800 |
|||
|
Estimated costs to complete as of year-end |
6,020,000 |
1,978,000 |
0 |
||||||
|
Billings during the year |
2,060,000 |
4,562,000 |
3,378,000 |
||||||
|
Cash collections during the year |
1,830,000 |
4,200,000 |
3,970,000 |
||||||
Westgate recognizes revenue over time according to percentage of
completion.
Required:
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 |
$ |
2,580,000 |
$ |
3,830,000 |
$ |
3,990,000 |
|||
|
Estimated costs to complete as of year-end |
6,020,000 |
4,160,000 |
0 |
||||||
In: Accounting
Sheffield Corp. purchased a machine on July 1, 2020, for $30,975. Sheffield paid $210 in title fees and a legal fee of $175 related to the machine. In addition, Sheffield paid $590 in shipping charges for delivery, and $450 to a local contractor to build and wire a platform for the machine on the plant floor. The machine has an estimated useful life of 10 years, a total expected life of 12 years, a residual value of $6,300, and no salvage value. Sheffield uses straight-line depreciation.
Calculate the 2020 depreciation expense if Sheffield prepares financial statements in accordance with IFRS.
| Depreciation expense | $enter the Depreciation expense in dollars |
eTextbook and Media
Calculate the 2020 depreciation expense if Sheffield prepares financial statements in accordance with ASPE.
| Depreciation expense | $enter the Depreciation expense in dollars |
In: Accounting
Bridgeport Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the following balances relate to this plan.
| Plan assets | $469,800 | ||
| Projected benefit obligation | 607,000 | ||
| Pension asset/liability | 137,200 | ||
| Accumulated OCI (PSC) | 97,100 | Dr. |
As a result of the operation of the plan during 2020, the following
additional data are provided by the actuary.
| Service cost | $91,100 | |
| Settlement rate, 8% | ||
| Actual return on plan assets | 54,400 | |
| Amortization of prior service cost | 19,100 | |
| Expected return on plan assets | 51,600 | |
| Unexpected loss from change in projected benefit
obligation, due to change in actuarial predictions |
79,700 | |
| Contributions | 99,500 | |
| Benefits paid retirees | 85,800 |
Using the data above, compute pension expense for Bridgeport Corp. for the year 2020 by preparing a pension worksheet.
In: Accounting
On January 1, 2018, Loop Raceway issued 550 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $535,288. Loop uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year. Required:
1. Prepare a bond amortization schedule.
2-5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 98.
In: Accounting
The following information is an extract from the financial statements of Extreme-Experiences Pty Ltd.
|
2020 |
2019 |
|
|
Current Assets |
409,500 |
292,500 |
|
Non-current Assets |
2,275,000 |
1,768,000 |
|
Current Liabilities |
221,000 |
169,000 |
|
Non-current Liabilities |
764,400 |
670,800 |
|
Total Revenue |
728,000 |
624,000 |
|
Total Expenses |
500,500 |
455,000 |
Required: Answer the following questions in the spaces provided below:
a) Calculate the following ratios for both 2019 and 2020.
|
2020 |
2019 |
|
|
Profit Margin (Correct your answer to 0.01%) |
||
|
Current Ratio (Correct your answer to 0.1) |
||
|
Debt to Total Assets Ratio (Correct your answer to 0.01%) |
b) Comment on the Liquidity of Extreme-Experiences using the answers in part a).
c) Which ratio measures Solvency? Provide suggestions on how to improve the Solvency of Extreme-Experiences.
In: Accounting
On January 1, 2018, Loop Raceway issued 520 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31, 2020. On the issue date, the market interest rate was 6 percent, so the total proceeds from the bond issue were $506,090. Loop uses the straight-line bond amortization method and adjusts for any rounding errors when recording interest in the final year.
Required:
1. Prepare a bond amortization schedule.
2-5. Prepare the journal entries to record the bond issue, the interest payments on December 31, 2018 and 2019, the interest and face value payment on December 31, 2020 and the bond retirement. Assume the bonds are retired on January 1, 2020, at a price of 98.
In: Accounting
Accounting for Gift Cards
Assume Ikeo Inc. sold $160,000 of gift cards during the last two weeks of December 2020. No gift cards were redeemed in 2020, while $144,000 of the gift cards were redeemed for store purchases during 2021. On December 31, 2021, Ikeo Inc. calculates the remaining balance of unredeemed gift cards of $16,000 ($160,000 less $144,000). Based on previous experiences, Ikeo estimates gift card breakage to be 5% of total gift card sales. Ikeo uses the proportional method to recognize income on gift card breakage.
Required
a. Record the sale of gift cards in 2020.
b. Record the redemption of gift cards in 2021.
c. Record revenue in 2021 due to gift card breakage using the proportional method.
In: Accounting
USE THE FOLLOWING INFORMATION FOR THE NEXT 3 QUESTIONS
Below is an income statement for XYZ Company for 2020:
|
Sales |
$400,000 |
|
Variable costs |
(150,000) |
|
Contribution margin |
$250,000 |
|
Fixed costs |
(200,000) |
|
Net Income |
$ 50,000 |
37. Calculate breakeven sales dollars for XYZ Company using the Y-formula.
A. $220,000
B. $320,000
C. $350,000
D. $270,000
38. The degree of leverage (DOL) for XYZ Company in 2020 is equal to what amount?
A. 1.0
B. 2.0
C. 3.0
D. 4.0
E. 5.0
39. Using the degree of leverage (DOL) for 2020 that you just calculated in question #38, if XYZ Company expects sales to increase 10% in 2021, by how much will the net income increase in 2021?
In: Operations Management
Using HTML/Javascript (if needed) I want to create a table for a website that pulls data from another website where the data is being updated on. Example: https://investors.coca-colacompany.com/stock-information/historical-data
I cannot just put in the numbers to a table as they will be getting updated daily. So it needs to link the the website elements.
| DATE | OPEN | HIGH | LOW | CLOSE | VWAP | VOLUME | % CHG | CHANGE | TRADE VAL | TOTAL TRADES |
|---|---|---|---|---|---|---|---|---|---|---|
| 2020-10-13 | -- | -- | -- | 51.09 | -- | -- | 0.00% | -- | -- | -- |
| 2020-10-12 | 50.84 | 51.525 | 50.83 | 51.09 | 51.155 | 11.39m | 0.55% | 0.28 | 582,437,982.00 | 70,341 |
| 2020-10-09 | 50.67 | 51.23 | 50.60 | 50.81 | 50.874 | 11.41m | 0.69% | 0.35 | 580,070,644.00 | 80,826 |
Table from:
https://investors.coca-colacompany.com/stock-information/historical-data
In: Computer Science