On January 1, Year 1, a contractor began work on a $3.2 million construction contract that is expected to be completed in 3 years. The contractor concludes that it is appropriate to recognize revenue over time using the input method based on costs incurred (cost-to-cost method). At the inception date, the estimated cost of construction was $2.4 million. The following data relate to the actual and expected construction costs:
Year 1 Year 2 Year 3
Cost incurred $720,000 $1,170,000 $1,110,000
Expected future costs $1,680,000 $810,000 $0
For this long-term construction contract, the contractor needs to calculate the estimated dollar values of the revenue and gross profit (loss) to be recognized each year.
Complete the contractor's long-term construction contract using the information above.
Revenue Gross Profit (loss)
Year 1
Year 2
Year 3

The constant growth formula is typically applied more commonly in the utility industry.

The constant growth formula, also known as the Gordon Growth Model, is commonly used to value companies in industries with stable and predictable dividend growth rates. It assumes that the company's dividends or earnings will grow at a constant rate indefinitely. However, it may not be the most suitable tool for valuing companies in every industry.

The constant growth formula can be a useful tool for valuing companies in certain industries like utilities, but it may not be the most appropriate choice for valuing companies in the technology or pharmaceutical sectors.

Utility companies often exhibit stable and predictable cash flows, making them suitable candidates for valuation using the constant growth model.

Therefore, the correct option is utility.

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Question Completion:

Journalize the entries to record the summarized operations.

Answer:

Royal Technology Company

Journal Entries:

Debit Materials $496,110

Credit Accounts Payable $496,110

To record the purchase of materials on account.

Debit Work in Process $362,560

Debit Factory Overhead $54,170

Credit Materials $416,730

To record materials requisitioned for production and general factory use.

Debit Work in Process $413,900

Debit Factory Overhead $97,090

Credit Factory labor $510,990

To record factory labor used in production.

Debit Factory Overhead $119,070

Debit Selling Expenses $183,560

Debit Administrative Expenses $109,140

Credit Accounts Payable $411,770

To record costs incurred on account.

Debit Factory Overhead $22,820

Debit Selling Expenses $19,350

Debit Administrative Expense $13,890

Credit Prepaid Expenses $56,060

To record expired prepaid expenses.

Debit Factory Overhead $22,820

Debit Depreciation Expense - Office Equipment $33,740

Debit Depreciation Expense - Office Building $66,480

Credit Depreciation Expenses $123,040

To allocate depreciation expenses.

Debit Work in Process $282,780

Credit Factory Overhead $282,780

To record overhead costs applied to jobs.

Debit Finished Goods Inventory $654,870

Credit Work in Process $654,870

To transfer completed jobs to the finished goods inventory.

Debit Cost of Goods Sold $635,020

Credit Finished Goods Inventory $635,020

To record the cost of goods sold.

Explanation:

Journal entries are made when a transaction is initially recorded.  They show the accounts to be debited and the ones to be credited.

Answer:

g

Explanation:

d

A bank Account Description is a type of financial account that is kept by a bank or other financial organisation and is used to record financial transactions between the bank and its clients.

To open an account, you must select a bank and give that bank the required documentation, such as identity and proof of address. Typically, in order to qualify, you must be at least 18 years old. To avoid fees, you may also need to fill the account or maintain a minimum level.

When you open a bank account, you are given a specific set of digits called a bank account number. Such numbers will be assigned by financial organisations to every account you have.

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Answer:

(Answers may vary.)

I know that as per OSHA guidelines, I must report workplace related accidents. I would ensure I implement the following OSHA guidelines:

I will report any worker fatality within 8 hours.

I will report any amputation, loss of an eye, or hospitalization of a worker within 24 hours.

Since I have more than 10 employees, I will keep a record of any serious work-related injuries and illnesses for five years.

Explanation:

The seller's final fee is $7,200. which is option D. based on the incentive contract.

The seller's final fee can be calculated by subtracting the target cost from the actual cost and multiplying it by the share ratio.

First, let's calculate the difference between the actual cost and the target cost:
Actual cost - Target cost = $249,000 - $240,000 = $9,000

Next, we multiply the difference by the share ratio:
$9,000 * (80/100) = $7,200

Therefore, the seller's final fee is $7,200.

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Answer:

$2,290

Explanation:

The computation of the amount posted to Work in process inventory is shown below:

= Direct material cost + direct labor cost

where,

Direct material cost is $1,750

And, the direct labor cost is

= 30 direct labor hours × $18

= $540

So, the work in process inventory is

= $1,750 + $540

= $2,290

Hence, the work in process inventory is $2,290

When preparing standard costs, we primarily consider microeconomics, which is the study of the behavior of individual consumers, firms, and industries. Standard cost is the estimated cost of producing a unit of product or service, based on historical data and budgeted costs.

It is used as a benchmark to compare actual costs with expected costs and to analyze the variances between them. In order to determine standard costs, we need to consider the cost of each individual input such as direct materials, direct labor, and overheads. This analysis is done at the microeconomic level because it involves the behavior and decision-making of individual firms and their interactions with suppliers, customers, and competitors.

The macroeconomic factors such as inflation, interest rates, and unemployment rates may also have an impact on the cost of production but these are generally outside the scope of standard cost analysis. Therefore, while macroeconomics can indirectly influence the cost of production, the focus of standard cost analysis remains on the microeconomic factors that affect the cost of individual inputs.

Overall, standard cost preparation involves a detailed microeconomic analysis to determine the estimated cost of producing a product or service, which is then compared with the actual costs to identify any variances and improve the cost efficiency of the firm.

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Answer:

B. Exporting

Explanation:

Answer:

communicating with persons outside of the organization

drafting, laying out, and specifying technical devices, parts, and equipment

making decisions and solving problems

thinking creatively

B, C, F, G

See attachment

Explanation:

A cost-of-living index is a theoretical price index that measures relative cost of living over time or regions. It is an index that measures differences in the price of goods and services, and allows for substitutions with other items as prices vary.

The most appropriate option is A. Consider his or her tone of voice carefully when speaking.

why it is?

Speaking with integrity as an accountant requires being honest and transparent in all communication, whether it is verbal or written. One of the ways an accountant can ensure that he or she is speaking with integrity is to carefully consider his or her tone of voice when speaking.

This means being aware of the impact of the words used, and how they might be perceived by others. It also involves communicating in a clear, concise and professional manner that does not include any negative language, gossip or making promises that cannot be kept.

Therefore, option A is the most appropriate answer as it emphasizes the importance of speaking with integrity and being mindful of one's tone of voice when communicating.

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Answer:

ofnrnrnenw

Explanation:

llfnnnskalwwlek

Answer:c

Explanation:

A class action suit is a case, brought up by a group of consumers that suffer similar damages, against a business together. Hence, the correct answer will be an option(c).

Consumers, suffering a similar loss caused by a business, come forward and file a lawsuit together against the same business. This type of lawsuit is known as a class action suit. It is also known as Representative action. If the group wins the lawsuit, it will be compensated for the damages caused but if they lose the lawsuit, it will not receive any type of financial compensation.

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PESTEL Analysis-

PESTEL Analysis provides the strategic framework for the analysis of all components which have impact on the functioning of the business.

According to the given case, Market share of the media company has reduced from 90% to 43%. As the new Managing Director of the company, my task is to turn around the business to restore it to its former glory. For this, we have to analyse the PESTEL Analysis of the company which is as follows-

1. Political Analysis- There is a impact of political parties , their policies , rules and regulations on every company. On media industry, there is a huge impact of the political parties as media demand news and there is a flood of news of political parties. As if my company will focus on the upcoming topics of the political party, then we will provide the latest news to our customer and will be able to beat our competitor and can increase their market share back to 90% from 43%.

2.Economic Analysis- Economic components includes fiscal policy, taxation policy, monetary policy etc. These have impact on the functioning of the business of media industry also.

3. Social Analysis- This factor constitutes demographic component. Media industry should provide news of such type which can focus on the demographic dividend. Like- Age composition, Gender-composition, income, interest, their needs, purchasing power. What is the interest of different segments of society in what kind of topic that a media industry should focus on to increase its market share.

4. Technological Analysis- Technology is an application of scientific knowledge to the practical task. Various technologies and up gradations have impact on the business scenario. Research and Development, innovation etc provides various opportunities to the business. Online platform is the result of technological innovation. This provide better opportunity to media-user like they can have information and news on different apps on their phones.

5. Environmental Analysis- Environment means scanning. It is the combination of various micro and macro factors which affects the functioning of the business. These have impact on the strategic framework of the business for the development of counter strategies to beat the competitor.

6. Legal Analysis-         Legal factors pertain to any legal forces that define what a business can or cannot do.

Legal factors include the following:

Industry Regulation

Licenses & Permits

Intellectual Property:

In order for a company to make a profitable growth, it must have good terms of accounts and finance people.

Hence the option D is correct.

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The cumulative temporary book-tax difference for the depreciable asset is $772,440 and the balance to be reported in the deferred tax liability account $41,801.52

Calculation of (a) the cumulative temporary book-tax difference for the depreciable asset:
Year 1:
Temporary difference = $300,000 – ($399,960 / 5) = $220,008
Cumulative temporary difference = $220,008

Year 2:
Cumulative temporary difference = $220,008 + $6,360 = $226,368

Year 3:
Cumulative temporary difference = $226,368 + $264,456 = $490,824
Year 4:
Temporary difference = $300,000 – ($88,920 / 5) = $281,616
Cumulative temporary difference = $490,824 + $281,616 = $772,440

Then, (b) the balance to be reported in the deferred tax liability account:

Year 1:
Deferred tax liability = $220,008 x 19% = $41,801.52

Year 2:
Deferred tax liability = $6,360 x 19% = $1,208.40

Year 3:
Deferred tax asset = ($264,456) x 19% = ($50,246.64)

Year 4:
Deferred tax asset = ($281,616) x 19% = ($53,507.04)

Therefore, the balance to be reported in the deferred tax liability account is:

Year 1: $41,801.52

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Answer:

  Income Tax.

Explanation:

  Income tax is levied on incomes, especially an annual government tax on personal incomes.

The basis period for ABC Ltd, which commenced business on September 1, 2011, but keeps accounts to December 31 of each year, for the year 2013 year of assessment is F. 1/1/13 - 31/12/13.

The basis period is the financial year for which a business is assessed for tax.

The basis period of a business follows the normal accounting period of the entity instead of the fiscal year of the taxation authority or the government.

For a business that commenced in 2011, but keeps accounts to December 31, the basis period for the later years agree with the accounting period ending on December 31.

Thus, we can conclude that the correct basis period is Option F.

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Answer:

Interpersonal citizenship behavior.

Explanation:

Interpersonal citizenship behavior can be defined as behaviors that benefits coworkers and colleagues and involves assisting, supporting, and developing other organizational members in a way that goes beyond normal job expectations.

This ultimately implies that, interpersonal citizenship behavior is the extent to which an employee (worker) goes beyond his or her job requirements (descriptions) to help colleagues (co-workers), which either directly or indirectly results in boosting individual job performance, as well as enhancing team work and organizational development.

For example, a line supervisor assisting his or her subordinates that are having a huge or cumbersome workload.

Hence, this voluntary employee behaviors and actions would go a long way to promote unity, foster growth and development and help the organization to successfully achieve its goals and objectives quickly.

Answer:

fg sheriff f hiding fh gay

Answer:

pick 'n pay through daily promotions

a. An increase of $20 per unit is necessary to cover the 15 percent increase in direct labor cost and maintain the desired contribution margin ratio.

b.The fixed costs and desired operating income remain the same, so the contribution margin per unit of $40 is used. The required sales volume is 18,500 units.

c. The estimated operating income after capacity expansion can be determined by increasing the production and sales volume by 25 percent, i.e., 23,125 units

a. To maintain the current contribution margin ratio of 40 percent, the selling price per unit needs to be increased by 20 percent [(15 percent wage increase) / (current contribution margin ratio)].

Therefore, an increase of $20 per unit is necessary to cover the 15 percent increase in direct labor cost and maintain the desired contribution margin ratio.

b. To maintain the current operating income of $350,000, the number of units that must be sold can be calculated using the contribution margin ratio.

The fixed costs and desired operating income remain the same, so the contribution margin per unit of $40 is used. The formula for calculating the required sales volume is:

(Number of units) = (Fixed costs + Desired operating income) / Contribution margin per unit

Plugging in the values, we have:

(Number of units) = ($390,000 + $350,000) / $40 = 18,500 units

c. Before the capacity expansion, the estimated operating income can be calculated using the current production and sales volume of 18,500 units.

The estimated operating income after capacity expansion can be determined by increasing the production and sales volume by 25 percent, i.e., 23,125 units.

The schedules of estimated operating income at full capacity before and after the expansion can be prepared by multiplying the respective sales volumes with the contribution margin per unit and subtracting the fixed costs and the wage increase.

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a) Credit Inventory for $517,800

b) Debit Inventory for $66,800

c) Credit Accounts Receivable (or Trade Receivables) for the same amount

(a) The journal entry to record the sale of merchandise from Windsor Company to Wildhorse Company on March 2nd would be:

Debit Accounts Receivable (or Trade Receivables) for $854,200

Credit Sales Revenue for $854,200

Debit Cost of Goods Sold for $517,800

Credit Inventory for $517,800

The debit to Accounts Receivable represents the amount owed by Wildhorse Company for the merchandise purchased on account. The credit to Sales Revenue recognizes the revenue generated from the sale. The debit to Cost of Goods Sold recognizes the cost of the merchandise sold, and the credit to Inventory reduces the inventory balance as the goods are no longer in stock.

(b) The journal entry to record the return of merchandise by Wildhorse Company on March 6th would be:

Debit Sales Returns and Allowances for $109,800

Credit Accounts Receivable (or Trade Receivables) for $109,800

Debit Inventory for $66,800

Credit Cost of Goods Sold for $66,800

The debit to Sales Returns and Allowances reduces the revenue from the original sale. The credit to Accounts Receivable reduces the amount owed by Wildhorse Company for the returned merchandise. The debit to Inventory increases the inventory balance as the goods are returned to stock, and the credit to Cost of Goods Sold reduces the cost of the merchandise originally sold.

(c) The journal entry to record the payment received by Windsor Company on March 12th would be:

Debit Cash (or Bank) for the amount received from Wildhorse Company

Credit Accounts Receivable (or Trade Receivables) for the same amount

The debit to Cash represents the inflow of funds from the customer's payment. The credit to Accounts Receivable reduces the amount owed by Wildhorse Company, reflecting the settlement of the outstanding balance.

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A job application is a legal document. Thus, option B is correct.

A legal document is one that, by definition, outlines an agreement between two or more parties, has been signed by mutual consent, and can be relied on in court in all other respects. However, there are many other types of documents that people will refer to as legal. A contract, will, deed, trust, and business arrangement are all examples.

A legal document functions by outlining the legal terms and conditions of an arrangement detailed in the document. However, in order for that legal document to be legally enforceable, it must also adhere to the elements that make it so. That is mutual assent, offer and acceptance, consideration, legality, and capacity.

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Full question:-

A  job application is a(n)           document.

A. temporary

B. legal

C. permanent

D. electronic

Answer:

The answer is option B. Net loss of $5,000

Explanation:

Beginning capital = $110,000

Withdrawal = $ 10,000

Capital left = $110,000 - $ 10,000 = $100,000

Ending capital = $95,000

Since the ending capital is less than the beginning capital, there is a loss.

net loss = $100,000 - $95,000 = $5,000

Answer:

The answer is option B. Net loss of $5,000

Explanation:

Answer: they should be loaded on the tool bar  

Explanation:

for quick and easy access  

Answer:

A. $1.18

B. Whole tomatoes $90 Unfavorable

Vinegar ($24.30) Favorable

Corn syrup $10 Unfavorable

Salt ($2.50) Favorable

Total direct materials quantity variance $73.20 Unfavourable

Explanation:

a. Calculation to Determine the standard unit materials cost per pound for a standard batch.

Ingredient Standard quantity* Standard price= Standard Cost per Batch

Whole tomatoes 4,200 lbs.*$0.45 per lb=$1,890

Vinegar 230 gal.*$2.70 per gallon=$621

Corn syrup 20 gal.*$10.00 per gal=$200

Salt 92 lbs.* $2.50 per lb=$230

Total $2,941

Standard unit materials cost per pound=$2,941/$2,500 Standard unit materials cost per pound=$1.18

Therefore the standard unit materials cost per pound for a standard batch $1.18

[b] Calculation to determine the direct materials quantity variance for batch K-111

Ingredient Standard quantity-Actual Quantity =Difference* Standard price= Materials Quantity Variance Favorable/Unfavorable

Whole tomatoes 4,200 lbs -4,400 lbs=200 lbs*$0.45=$90 UNFAVORABLE

Vinegar 230 gal- 221 gal=(9gal)*$2.70=($24.30) FAVORABLE

Corn syrup 20 gal-21 gal=1gal*$10=$10 UNFAVORABLE

Salt 92 lbs-91 lbs=(1lbs)*$2.50=($2.50)FAVOURABLE

Total direct materials quantity variance $73.20 Unfavourable

($90-$24.30+$10-$2.50)

Therefore the direct materials quantity variance for batch K-111 will be:

Whole tomatoes $90 Unfavorable

Vinegar ($24.30) Favorable

Corn syrup $10 Unfavorable

Salt ($2.50) Favorable

Total direct materials quantity variance $73.20 Unfavourable

The higher rates would have to increase the income that the agents would have to make in the commission in the short run.

In the short-run, higher insurance rates would likely increase the incomes of agents, as they would receive a larger commission on the policies they sell. However, in the long-run, higher rates could lead to decreased demand for insurance as customers may find the policies too expensive. This decrease in demand could lead to lower incomes for agents as they would sell fewer policies.

On the other hand, lower insurance rates could lead to an increase in demand for policies and thus, in the short-run, increase the number of policies sold by agents, which could increase their incomes. But in the long-run, as the insurance company would be making less profit from the policies, it could decrease the commission for agents, leading to a decrease in their incomes.

In summary, in the short-run, higher rates could increase the incomes of agents, but in the long-run, it could decrease them due to decreased demand. And Lower rates could increase the incomes of agents in the short-run but in the long-run, it could decrease due to decrease in commission.

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