Revenue $6164000 $5547600 $5295000 $5295000 O Option A O Option B O Option C Accounts Receivable $6164000 $1450000 $1450000 $6164000
Q: The outstanding capital stock of Metlock Corporation consists of 2,000 shares of $100 par value, 9%…
A: Introduction: In case of noncumulative preferred stocks, no dividend in arrears are paid to…
Q: Waters Department Store had net credit sales of $8,000,000 and cost of goods sold of $6,000,000 for…
A: Inventory turnover ratio :Inventory turnover ratio indicates the demand for the product &…
Q: Which one of the following is incorrect? O a. Goods Available for Sale Opening Inventory + Net…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to sell the goods to the…
Q: PS Builders Co purchases a new excavator costing £48,000. Its expected useful life is ten years, at…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: The Internal Revenue Code contains three general categories of currently deductible expenses…
A: THE CATEGORIES WHICH ARE NOT INCLUDED ARE 1. EXPENSES INCURRED FOR PERSONAL EXPENSES 2. EXPENSES…
Q: Accounting information is O A. comparable OB. verifiable OC. relevant D. understandable when…
A: First of all, One must know, the meaning of the given Qualitative characteristics of Financial…
Q: business issued a 60-day note for $96,000 to a bank. The note was discounted at 7%. Journalize the…
A: Notes payable: Notes payable is also called a promissory note. It is a legal instrument in which one…
Q: Depreciation and Rate of Return Burrell Company purchased a machine for $57,000 on January 2, 2019.…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: What is the 'carrying amount of a depreciating non-current asset? O A. The cost (or fair value) of…
A: INTRODUCTION The Carrying amount is calculated by deducting accumulated depreciation from the…
Q: Gladstone Ltd began the financial year with rent payable owing of £100. During the year, the…
A: Prepaid rent It is a rent paid in advance of the rental period. Income statement It shows a…
Q: Shown are data from recent reports of two toy makers. Dollar amounts are stated in thousands. Toyco…
A: Since you have posted two different questions, we will do the first one for you. Please post the…
Q: The following information is for Bullwinkle Industries Inc.: Line Item Description East West Sales…
A: The contribution margin is calculated as difference between sales and variable costs. The…
Q: Prepare a balance sheet Prepare a statement of net costs Prepare a statement of changes in net…
A: unit of the Department of State, was established October 1, 2022. It is financed by an appropriation…
Q: ment (Basic guitar built from veneered wood.) (Bridge and strings attached; guitar tuned and…
A: Direct materials price variance is computed by multiplying the difference between the standard price…
Q: Normandy Instruments invests heavily in research and development (R&D), although it must currently…
A: Economic value added is helpful in computing the amount of economic profit the company generates…
Q: G15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and…
A: Taxable income is the base income upon which tax is levied. It includes some or all items of income…
Q: Hats $65,200 (27,000) $38,200 (28,500) $9,700 Gloves $89,300 (32,000) $57,300 (34,200) $23,100…
A: Differential analysis compared cost the revenues and costs in case of continuance and discontinuance…
Q: Compute RNOA, Net Operating Profit Margin, and NOA Turnover Selected balance sheet and income…
A: The ratio is a measure of the relationship between two variables. Return on net asset is the measure…
Q: Wendell's Donut Shoppe is investigating the purchase of a new $33,000 donut-making machine. The new…
A: Annual cash inflows is based on Annual savings in part time help and Added contribution margin on…
Q: John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought…
A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…
Q: Alpha and Beta are divisions within the same company. The managers of both divisions are evaluated…
A: In a large-scale organization, there is a lot of department work to achieve a single goal. In this…
Q: Periodic Inventory by Three Methods The units of an item available for sale during the year were as…
A: Periodic inventory system means where day to day in or out of goods is not recorded and value of…
Q: A transaction has been recorded in the T-accounts of Gibbs Company as follows: Unearned Revenue…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Irina purchased 1000 common shares of Pacific Corporation stock at $18/share in 2013, to be held for…
A: The company's capital is divided into small parts, each part of the capital is called a share.…
Q: The following transaction has been recorded in the general journal: Debit Credit Account Title…
A: Expenses means the amount incurred for running the business. Expenses are always debited. Expenses…
Q: Auditors try to identify predictable relationships when using analytical procedures. Relationships…
A: Analytical processes are a crucial step in the audit process and involve evaluating financial data…
Q: The following is a random list of the adjusted account balances of Wyoming Company as of the end of…
A: Trial balance records the summary of all accounts in the debit side and credit side. All assets and…
Q: Describe the requirement of MFRS 3 Business Combination in relation to the revaluation of a…
A: When an entity acquires a subsidiary, the assets and liabilities of the subsidiary are generally…
Q: A company is planning to purchase a machine that will cost $70,308, have a six-year life, and will…
A: Payback period is a period calculated in which the initial investment is recovered to the investor.
Q: On January 1, Year 1, Jones Company issued bonds with a $300,000 face value, a stated rate of…
A: Bonds payable: Bonds payable is a legal instrument in which one party promises in writing to pay a…
Q: The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a)…
A: Under periodic inventory system, all the inventory bought are recorded in purchase account as…
Q: Q3. The municipality faced a lot of problems in Alin - Dubai Road accidents. In general, each normal…
A: 1. When two projects or proposal are given for evaluation. Then evaluation should be made from the…
Q: During the month of June, Monty Boutique recorded cash sales of $248,850 and credit sales of…
A: TOTAL SALES REVENUE : = $248,850 + $179,655 = $428,505 SALES TAX : = $428,505 X 5 / 105 = $20,405…
Q: Sunland Company purchased a machine on January 1, 2016, for $820000. At the date of acquisition, the…
A: Depreciation is the reduction in the value of the asset over a particular period. One of the methods…
Q: Account Number (1) (2) (3) (4) (5) (6) (7) (8) Account Title Multiple Choice Cash Service Revenue…
A: Balance sheet is the financial statement which is prepared by the entity in depicting its financial…
Q: The shareholders' equity of Broncos Corporation includes $300,000 of $1 par common stock and…
A: Dividend per share: Dividend per share is calculated for Preferred stock as well as Common Stock.…
Q: Which of the following presumptions is correct about the reliability of evidential matter?
A: The correct answer is : (C) Effective internal control provides more assurance about the reliability…
Q: PROBLEM 5 Compute for the following amounts: Current Assets Non-Current Assets Total Assets Equity…
A: Ratio analysis means where different ratio of various years of years companies has been compared and…
Q: n fixed overhead applied to work in process 3600
A: Standard fixed overhead applied is the standard direct hours available into standard fixed overhead…
Q: ● ● ● ● ● ● ● On September 1st, 2018, Mr. Payton moves from Sudbury to Ottawa (Ottawa is 484…
A: Moving Expense Deduction means that a taxpayer can deduct those amount of moving expenses which have…
Q: Compute, Disaggregate, and Interpret RNOA of Competitors Halliburton and Schlumberger compete in…
A: The ratio refers to identifying the relationship between two variables. Under accounting, the ratio…
Q: Currently, Atlas Tours has $5.4 million in assets. This is a peak six-month period. During the other…
A:
Q: Early Late Hydration Power Drink 7.00 6.00 Satisfying Bundle Net Smoothie Price Profit 5.00 10.00
A: Profit refers to the amount that is earned by the company from its revenue generated from business…
Q: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Marlin for…
A: A schedule of cash payment is the schedule which is prepared with the purpose of recording the…
Q: what is the fair value?
A: Masa - Company has a plan to purchase retail shop in which there are two value available which is…
Q: The following transactions of Heron Ltd took place during January 2022 in respect of component X…
A: FIFO states that the inventory that are purchased first would be sold first. Whereas, LIFO states…
Q: Crane incurred the following costs while manufacturing its product: Materials used in production,…
A: Product Cost - Product Cost is the cost that is incurred by the company to manufacture a product. It…
Q: usiness received rent from a tenant amounting to £38,000 during the year. The tenant had prepaid…
A: The rent is recieved when the property has been given on the rent but some rent is received at…
Q: Explain the effect of equity method on the consolidated income statement and statement of financial…
A: let us know about the EQUITY METHOD : When one company, the investor, significantly influences…
Q: P10.50B (LO 4) Nigh Company prepares monthly cash budgets. Relevant data from operating budgets for…
A: A cash budget is an estimate of the cash flows that are expected to be generated by an organization…
Step by step
Solved in 2 steps
- Seasons Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1,550,000 each quarter. The total contract price is $18,600,000 and Seasons estimates total costs of $17,750,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. In 2018, it incurs cost of $5,325,000. At December 31, 2019, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $18,000,000 due to unanticipated price increases. What is the cost that Seasons has incurred during the year ended December 31, 2019? Group of answer choices $7,875,000 $8,175,000 $7,987,500 $13,500,000Sheridan Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1200000 each quarter. The total contract price is $18222000 and Sheridan estimates total costs of $17400000. Sheridan estimates that the building will take 3 years to complete, and commences construction on January 2, 2021.At December 31, 2021, Sheridan estimates that it is 20% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term Contracts recognized for 2021 and what is the balance in the Accounts Receivable account assuming Cannon Company has not yet made its last quarterly payment? Revenue Accounts Receivable $3480000 $1200000 $6074000 $6074000 $3480000 $6074000 $3644400 $1200000YellowStone Construction is constructing an office building under contract for LimeStone Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1300000 each quarter. The total contract price is $15600000 and YellowStone estimates total costs of $17500000. YellowStone estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2022, YellowStone Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $17750000 due to unanticipated price increases.YellowStone Construction completes the remaining 25% of the building construction on December 31, 2023, as scheduled. At that time the total costs of construction are $18500000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that YellowStone will recognize for the year ended December 31, 2023? Revenue Expenses…
- Ivanhoe Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $900000 each quarter. The total contract price is $17898000 and Ivanhoe estimates total costs of $18100000. Ivanhoe estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2021, Ivanhoe estimates that it is 30% complete with the construction, based on costs incurred.At December 31, 2022, YellowStone Construction estimates that it is 70% complete with the building; however, the estimate of total costs to be incurred has risen to $18300000 due to unanticipated price increases. What is the total amount of Construction Expenses that Ivanhoe will recognize for the year ended December 31, 2022? $7440600 $7380000 $7300600 $12810000Seasons Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1,550,000 each quarter. The total contract price is $18,600,000 and Seasons estimates total costs of $17,750,000. Seasons estimates that the building will take 3 years to complete and commences construction on January 2, 2024. At December 31, 2024, Seasons estimates that it is 30% complete with the construction, based on costs incurred. By December 31, 2025, Seasons estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $18,000,000 due to unanticipated price increases. What is the total amount of Construction Expenses that Seasons will recognize for the year ended December 31, 2025? $13,500,000 O $7,875,000 $7,987,500 O $8,175,000Seasons Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1,550,000 each quarter. The total contract price is $18,600,000 and Seasons estimates total costs of $17,750,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2022, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $18,000,000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2022 for Seasons as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit a. $4,225,000 Credit b. $1,550,000 Debit c. $1,100,000 Debit d. $1,550,000 Credit
- Seasons Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $5,000,000 each year. The total contract price is $15,000,000 and Seasons estimates total costs of $12,000,00O. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2021, Seasons estimates that it is 30% complete with the construction, based on costs incurred, which are consistent with the original estimate. Prepare the journal entries required in 2021, if any, to record construction costs, revenues, and billings.Oriole Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1650000 each quarter. The total contract price is $18762000 and Oriole estimates total costs of $17900000. Oriole estimates that the building will take 3 years to complete, and commences construction on January 2, 2021.At December 31, 2022, Oriole Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $18100000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2022 for Oriole as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit $871500 Credit $4690500 Credit $871500 Debit $375000 DebitSMDC Construction is constructing an office building under contract for Onyx Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of P1,550,000 each quarter. The total contract price is P18,600,000 and SMDC Construction estimates total costs of P17,750,000. SMDC Construction estimates that the building will take 3 years to complete, and commences construction on January 2, 2018. SMDC Construction completes the remaining 25% of the building construction on December 31, 2020, as scheduled. At that time the total costs of construction are P18,750,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that SMDC Construction will recognize for the year ended December 31, 2020? Revenue Expenses A. P18,600,000 P18,750,000 B. P4,650,000 P 4,687,500 C. P4,650,000 P 5,250,000 D. P4,687,500 P 4,687,500 Group of answer choices D C B A
- Oriole Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $2050000 each quarter. The total contract price is $18222000 and Oriole estimates total costs of $17100000. Oriole estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2021, Oriole estimates that it is 20% complete with the construction, based on costs incurred.At December 31, 2022, Oriole Construction estimates that it is 70% complete with the building; however, the estimate of total costs to be incurred has risen to $17300000 due to unanticipated price increases. What is the total amount of Construction Expenses that Oriole will recognize for the year ended December 31, 2022? $8690000 $8325600 $12110000 $8465600Khodra Construction was contracted to construct an apartment complex for NDC. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Khodra estimates total costs of $7,100,000. Further, Khodra estimates that the complex will take 3 years to complete. Construction began on March 1, 2021. At December 31, 2021, Khodra estimated that construction was 30% complete based on costs incurred. What total amount of Revenue from Long-Term Contracts was recognized for 2021 and what was the balance in the Accounts Receivable account assuming NDC had paid $1,800,000 thus far for 2021?Khodra Construction was contracted to construct an apartment complex for NDC. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Khodra estimates total costs of $7,100,000. Further, Khodra estimates that the complex will take 3 years to complete. Construction began on March 1, 2021. At December 31, 2021, Khodra estimated that construction was 30% complete based on costs incurred. What total amount of Revenue from Long-Term Contracts was recognized for 2021 and what was the balance in the Accounts Receivable account assuming NDC had paid $1,800,000 thus far for 2021? Revenue $Answer Accounts Receivable $Answer