Business
The following selected accounts from the Bramble Corp.s general ledger are presented below for the year ended December 31, 2022: Advertising expense $54,000 Interest revenue $32,000 Common stock 249,000 Inventory 66,000 Cost of goods sold 1,084,000 Rent revenue 24,000 Depreciation expense 124,000 Retained earnings 534,000 Dividends 149,000 Salaries and wages expense 674,000 Freight-out 24,000 Sales discounts 8,600 Income tax expense 69,000 Sales returns and allowances 43,000 Insurance expense 15,000 Sales revenue 2,399,000 Interest expense 69,000Required:Prepare a multiple-step income statement.
Marin Company produces two software products (Cloud-X and Cloud-Y) in two separate departments (A and B). These products are highly regarded network maintenance programs. Cloud-X is used for small networks and Cloud-Y is used for large networks. Marin is known for the quality of its products and its ability to meet dates promised for software upgrades. Department A produces Cloud-X, and department B produces Cloud-Y. The production departments are supported by two support departments, systems design and programming services. The sources and uses of the support department time are summarized as follows:_______. To Total Department Department Labor From Design Programming A B Hours Design - 5,000 1,000 9,000 15,000 Programming 400 - 600 1,000 2,000 The costs in the two service departments are as follows:_______. Design Programming Labor and materials (all variable) $ 50,000 $ 36,000 Depreciation and other fixed costs 40,000 4,000 Total $ 90,000 $ 40,000Required:1. Determine the total support costs allocated to each of the producing departments using (a) the direct method, (b) the step method (design department goes first), and (c) the reciprocal method? (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)2. The company is considering outsourcing programming services to DDB Services Inc. for $52.00 per hour. Should Marin do this?Note: there's 2 requirements , please make sure you do both with explaination :)
On December 31, 2019, Mass Construction Inc. signs a contract with the state of Massachusetts Department of Transportation to manufacture a bridge over the Merrimack. Mass Construction anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project: Contract price $520 million Estimated construction costs $300 million Estimated total profit $220 million During the three-year construction period, Tri-State incurred costs as follows: 2020 $60 million 2021 $150 million 2022 $90 million Tri-State uses the percentage of completion method to recognize revenue. Which of the following represent the profits recognized in 2020, 2021, and 2022?a. $52 million, $312 million, $156 millionb. $12 million, $72 million, $36 millionc. $140 million, $140 million, $140 milliond. $30 million, $180 million, $90 millione. None of the above
The following transactions occurred during a recent year:a. Paid wages of $1,600 for the current period (example).b. Borrowed $8,000 cash from local bank using a short-term note.c. Purchased $3,200 of equipment on credit.d. Earned $640 of sales revenue; collected cash.e. Received $1,280 of utilities services, on credit.f. Earned $2,700 of service revenue, on credit.g. Paid $480 cash on account to a supplier.h. Incurred $110 of travel expenses; paid cash.i. Earned $640 of service revenue; collected half in cash, with balance on credit.j. Collected $180 cash from customers on account.k. Incurred $460 of advertising costs; paid half in cash, with balance on credit.Required:1. For each of the transactions, complete the table below, indicating the account, amount, and direction of the effect (+ for increase and - for decrease) of each transaction under the accrual basis. Include revenues and expenses as subcategories of stockholders' equity, as shown for the first transaction, which is provided as an example.Assets = Liabilities + Stockholders' Equitya Cash (1,600) Salaries & wages expense (1,600)b Cash 8,000 Notes Payable (short-term) 8,000 c Equipment 3,200 Accounts Payable 3,200 d Cash 640 Sales revenue 640e Accounts Payable 1,280 Utilities expense (1,280)f Accounts Receivable 2,700 Service revenue 2,700g Cash (480) Accounts Payable (480) h Cash (110) Travel expense (110)i Cash 320 Accounts Receivable 320 Service revenue 640j Cash 180 Accounts Receivable (180) k Cash (230) Accounts Payable 230 Advertising expense (460)2. Determine the company's preliminary net income.
During the month of September, the Texas Go-Kart Company had the following business activities: a- On September 1, paid rent on the track facility for six months at a total cost of $13,800. b. On September 1, received $58,800 for season tickets for 12-month admission to the race track. c. On September 1, booked the race track for a private organization that will use the track one day per month for $2,500 each time, to be paid in the following month. The organization uses the track on September 30. d. On September 1, hired a new manager at a monthly salary of $3,400, to be paid the first Monday following the end of the month. Required: 1. Prepare the journal entry, if any, required to record each of the initial business activities on September 1. (If no entry is required for a transaction/event, select ''No Journal Entry Required'' in the first account field.) Journal Entry Worksheet Record the payment of rent on the track facility for six months at a total cost of $13,800. Transaction General Journal Debit Credit 2. Prepare the adjusting journal entries, if any, required on September 30. (if no entry is required for a transaction/event, select ''No Journal Entry Required'' In the first account field.) Journal Entry Worksheet Record the payment of rent on the track facility for six months at a total cost of $13,800. Record the adjusting entry for the payment of rent on the track facility for six months at a total cost of $13,800.