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Submit responses to the individual assignment for week 3 posted in the Course-Materials forum. Problem 1: Grading: This problem is worth a total of 18.75 points. There are 23grading elements each worth 18.75 x 2/3 / 23 = 0.5435 points. There are 18.75 x 1/3 = 6.25 points available for effort. The following are general ledger balances of the RTQ Company as of December 31, 2013: Cost of goods sold $585,000 Fair Market Value appreciation on land above cost 42,000 Cash dividends declared and paid 32,000 Rental revenue 32,000 Administrative salaries 86,000 Sales salaries 92,000 Sales supplies expense 22,000 Interest expense on notes payable 50,000 Depreciation expense on sales related assets 34,000 Depreciation expense on administrative related assets 46,000 Other administrative expense 22,000 Net sales 1,078,000 Income tax 42,000 The company had 49,000 shares of common stock issued and outstanding during the entire year. The company ends its fiscal accounting year on December 31. Instructions:
A: Prepare a multiple-step income statement in good form. B: Prepare a single-step income statement in good form.
Problem 2: Grading: This problem is worth a total of 18.75 points. There are 22grading elements each worth 18.75 x 2/3 / 22 = 0.5682 points. There are 18.75 x 1/3 = 6.25 points available for effort. The following information pertains to the BBR Company for the year ending December 31, 2010: Administrative expenses $303,000 Cash dividends declared 189,000 Cost of goods sold 1,074,000 Extraordinary gain 120,000 Extraordinary loss 76,000 Income tax applicable to continuing operations 236,200 Income tax applicable to extraordinary gain 40,800 Income tax applicable to extraordinary loss 25,700 Income tax applicable to discontinued operations 32,200 Loss on discontinued operations 95,000 Rent revenue 51,000 Retained earnings, January 1, 2010 758,000 Sales 2,400,000 Selling expenses 379,000 Unrealized holding gain on available-for-sale securities 19,000 Common shares outstanding during 2010 126,000 Instructions: A: Prepare a single-step income statement for 2010. B: Prepare a retained earnings statement for 2010. C: Show how comprehensive income is reported using the second income statement format. The company ends its fiscal accounting year on December 31. Problem 3: Grading: This problem is worth a total of 18.75 points. There are 16grading elements each worth 18.75 x 2/3 / 16= 0.7813 points. There are 18.75 x 1/3 = 6.25 points available for effort.
The PNK Company is in the business of construction. In 2016 it negotiated a contract with the TAT Company to build a new factory building for the TAT Company. The negotiated total contract price of the factory building was agreed to be $5,200,000 As the construction progressed through completion, the following information was compiled: 2016 2017 2018 Contract billings to date $1,040,000 $3,120,000 $5,200,000 Collections to date 936,000 2,808,000 4,940,000 Costs incurred to date 1,387,000 3,241,000 3,709,000 Estimated costs to complete 2,080,000 572,000 0 Instructions: A. Assuming that the PNK Company uses the percentage-of-completion method to account for long term contracts: 1. For each year, compute the amount of gross profit that should be recognized. 2. Prepare all necessary journal entries that the PNK Company should record for 2017. B. Assuming that the PNK Company uses the completed-contract method to account for long term contracts: 1. For each year, compute the amount of gross profit that should be recognized. The PNK Company closes it fiscal accounting year on December 31.
Problem 4: Grading: This problem is worth a total of 18.75 points. There are 5grading elements each worth 18.75 x 2/3 / 5 = 2.5000 points. There are 18.75 x 1/3 = 6.25 points available for effort. The KDG Company constructs buildings. It entered into a three-year contract in 2014 to construct a building for a total contract price of $2,500,000 The company uses the percentage-ofcompletion method to recognize income under long term construction contracts; and recognizes income each year based on the proportion of cost incurred to the total estimated costs for the contract. Financial statement information pertaining to the contract as of December 31, 2014 follows: Income Statement Income recognized $45,500 Balance Sheet
Accounts receivable $53,800 Construction in progress $162,500 Less: Contract billings 153,800 Cost of uncompleted contract in excess of billings 8,700 Instructions: A. Compute the initial estimated total income on this contract? B. Compute the total amount actually collected on this contract in 2014. The company ends it fiscal accounting year on December 31. Note: Ignore the effect of income taxes.
ACC 421 Week 3 Individual Assignment P1,P2,P3 And P4 ACC 421 Entire Courses ACC 421Week 1 Discussion Question 1 ACC 421Week 1 Discussion Que...