During 2020, Pearl Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $393,900   $760,380   $1,059,000 Estimated costs to complete   616,100   341,620   –0– Billings to date   299,000   905,000   1,610,000 Collections to date   268,000   818,000   1,421,000   Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.     2020   2021   2022 Gross profit   $enter a dollar amount    $enter a dollar amount    $enter a dollar amount

During 2020, Pearl Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.

   
2020
 
2021
 
2022
Costs incurred to date
  $393,900   $760,380   $1,059,000
Estimated costs to complete
  616,100   341,620   –0–
Billings to date
  299,000   905,000   1,610,000
Collections to date
  268,000   818,000   1,421,000

 

Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

   
2020
 
2021
 
2022
Gross profit
 
$enter a dollar amount 
 
$enter a dollar amount 
 
$enter a dollar amount 
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A 4-ft section of aluminum pipe of cross-sectional area 1.75 in2 rests on a fixed support at A. The 58-in.-diameter steel rod BC hangs from a rigid bar that rests on the top of the pipe at B. Knowing that the smodulus of elasticity is 29 3 106 psi for steel and 10.4 3 106 psi for aluminum, determine the deflection of point C when a 15-kip force is applied at C.

A 4-ft section of aluminum pipe of cross-sectional area 1.75 in2 rests on a fixed support at A. The 58-in.-diameter steel rod BC hangs from a rigid bar that rests on the top of the pipe at B. Knowing that the smodulus of elasticity is 29 3 106 psi for steel and 10.4 3 106 psi for aluminum, determine the deflection of point C when a 15-kip force is applied at C.

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On January 1, 2020, Pronghorn Company acquires $270,000 of Spiderman Products, Inc., 9% bonds at a price of $244,500. Interest is received on January 1 of each year, and the bonds mature on January 1, 2023. The investment will provide Pronghorn Company a 13% yield. The bonds are classified as held-to-maturity.   (c)   Prepare the journal entry for the interest revenue and discount amortization under the straight-line method at December 31, 2021. (d)   Prepare the journal entry for the interest revenue and discount amortization under the effective-interest method at December 31, 2021. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (c)                       (d)

 

On January 1, 2020, Pronghorn Company acquires $270,000 of Spiderman Products, Inc., 9% bonds at a price of $244,500. Interest is received on January 1 of each year, and the bonds mature on January 1, 2023. The investment will provide Pronghorn Company a 13% yield. The bonds are classified as held-to-maturity.

 

(c)   Prepare the journal entry for the interest revenue and discount amortization under the straight-line method at December 31, 2021.
(d)   Prepare the journal entry for the interest revenue and discount amortization under the effective-interest method at December 31, 2021.

(Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.)

No.
Account Titles and Explanation
Debit
Credit
(c)
     
       
       
(d)
     
       
       
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On January 1, 2020, Pronghorn Company acquires $270,000 of Spiderman Products, Inc., 9% bonds at a price of $244,500. Interest is received on January 1 of each year, and the bonds mature on January 1, 2023. The investment will provide Pronghorn Company a 13% yield. The bonds are classified as held-to-maturity.     Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method. (Round answers to 0 decimal places, e.g. 2,500.) Schedule of Interest Revenue and Bond Discount Amortization Straight-line Method Bond Purchased to Yield

On January 1, 2020, Pronghorn Company acquires $270,000 of Spiderman Products, Inc., 9% bonds at a price of $244,500. Interest is received on January 1 of each year, and the bonds mature on January 1, 2023. The investment will provide Pronghorn Company a 13% yield. The bonds are classified as held-to-maturity.
 
 
Prepare a 3-year schedule of interest revenue and bond discount amortization, applying the straight-line method. (Round answers to 0 decimal places, e.g. 2,500.)

Schedule of Interest Revenue and Bond Discount Amortization
Straight-line Method
Bond Purchased to Yield
Date
 
Cash
Received
 
Interest
Revenue
 
Bond Discount
Amortization
 
Carrying Amount
of Bonds
                 
                 
                 
                 
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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units of product, with a $5,000 salvage value. During the first year , the machine produces 40,000 units of product and 32,500 units of the product in the second year. Determine the machine’s first- and second-year depreciation using a. The straight-line method

Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units of product, with a $5,000 salvage value. During the first year , the machine produces 40,000 units of product and 32,500 units of the product in the second year.

Determine the machine’s first- and second-year depreciation using

a. The straight-line method

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​The following table shows the results of an analysis of variance comparing two treatment conditions with a sample of n = 11 participants in each treatment. Note that several values are missing in the table. What is the missing value for the F-ratio? Source         SS      df      MS Between      xx      xx      14      F = xx Within         xx      xx      xx Total         154       xx

​The following table shows the results of an analysis of variance comparing two treatment conditions with a sample of n = 11 participants in each treatment. Note that several values are missing in the table. What is the missing value for the F-ratio?

Source         SS      df      MS

Between      xx      xx      14      F = xx

Within         xx      xx      xx

Total         154       xx

 
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The following elements of​ stockholders’ equity are from the balance sheet of Smith Marketing Corp. at December 31​, 2023​: paid no preferred dividends in 2023. Data Table Stockholders’ Equity Paid-In Capital:   Preferred Stock—4%, $2 Par Value; 90,000 shares authorized, 85,000 shares issued and outstanding $170,000 Common Stock—$0.10 Par Value; 11,000,000 shares authorized, 10,250,000 shares issued and outstanding 1,025,000 Requirements 1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $200,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024. 2. Record the journal entries for 2024 assuming that Smith Marketing Corp. declared the dividends on July 1 for stockholders of record on July 15. Smith paid the dividends on July 31. Requirement 1. Compute the dividends to the preferred and common shareholders for 2024 if total dividends are $200,000 and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in 2024. ​(Complete all input boxes. Enter​ “0” for any zero​ amounts.)   Smith​’s 2024 dividend would be divided between preferred and common stockholders in this​ manner:   Total Dividend—2024     Dividend to preferred stockholders:     Dividend in arrears     Current year dividend     Total dividend to preferred stockholders     Dividend to common stockholders

The following elements of​ stockholders’ equity are from the balance sheet of Smith Marketing Corp. at December 31​, 2023​:

paid no preferred dividends in 2023.

Data Table
Stockholders’ Equity
Paid-In Capital:
 
Preferred Stock—4%, $2 Par Value; 90,000 shares authorized, 85,000 shares issued and outstanding
$170,000
Common Stock—$0.10 Par Value; 11,000,000 shares authorized, 10,250,000 shares issued and outstanding
1,025,000
Requirements
1.
Compute the dividends to the preferred and common shareholders for

2024

if total dividends are

$200,000

and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in

2024.
2.
Record the journal entries for

2024

assuming that

Smith

Marketing Corp. declared the dividends on

July

1 for stockholders of record on

July

15.

Smith

paid the dividends on

July

31.

Requirement 1. Compute the dividends to the preferred and common shareholders for

2024

if total dividends are

$200,000

and assuming the preferred stock is noncumulative. Assume no changes in preferred and common stock in

2024.

​(Complete all input boxes. Enter​ “0” for any zero​ amounts.)

 
Smith​’s
2024

dividend would be divided between preferred and common stockholders in this​ manner:

 
Total Dividend—2024
 
 
Dividend to preferred stockholders:
 
 
Dividend in arrears
 
 
Current year dividend
 
 
Total dividend to preferred stockholders
 
 
Dividend to common stockholders
 
 
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Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units of product, with a $5,000 salvage value. During the first year , the machine produces 40,000 units of product and 32,500 units of the product in the second year. Determine the machine’s first- and second-year depreciation using a. Double-declining -balance method.

Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units of product, with a $5,000 salvage value. During the first year , the machine produces 40,000 units of product and 32,500 units of the product in the second year.

Determine the machine’s first- and second-year depreciation using

a. Double-declining -balance method.

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A company reports the following beginning inventory and 2 purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units     Units Unit Cost Beginning Inventory 320 units $10.00 Purchases on January 9 80 5.20 Purchases on January 25 100 5.54   Required Assume the perpetual inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on The FIFO method

A company reports the following beginning inventory and 2 purchases for the month of January.

On January 26, the company sells 350 units.

Ending inventory at January 31 totals 150 units

 

 

Units

Unit Cost

Beginning Inventory

320 units

$10.00

Purchases on January 9

80

5.20

Purchases on January 25

100

5.54

 

Required

Assume the perpetual inventory system is used. Determine the costs assigned to the ending inventory when costs are assigned based on

  1. The FIFO method
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To diagnose colorectal cancer, the hemoccult test is conducted to detect occult blood in the stool. For symptom-free people over 50 years old who participate in screening using the hemoccult test, the following information is available. The probability that one of these people has colorectal cancer is 0.3 percent. If a person has colorectal cancer, the probability is 50 percent that he will have a positive hemoccult test. If a person does not have colorectal cancer, the probability is 3 percent that he will still have a positive hemoccult test. Imagine a person (over age 50, no symptoms) who has a positive hemoccult test in your screening. What is the probability that this person actually has colorectal cancer?”

To diagnose colorectal cancer, the hemoccult test is conducted to detect occult blood in the stool. For symptom-free people over 50 years old who participate in screening using the hemoccult test, the following information is available.

The probability that one of these people has colorectal cancer is 0.3 percent. If a person has colorectal cancer, the probability is 50 percent that he will have a positive hemoccult test. If a person does not have colorectal cancer, the probability is 3 percent that he will still have a positive hemoccult test. Imagine a person (over age 50, no symptoms) who has a positive hemoccult test in your screening. What is the probability that this person actually has colorectal cancer?”

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