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3 years ago

The following are selected 2015 transactions of Pedigo Corporation.

Business

1 answer:

emmainna [20.7K]3 years ago

5 0

Answer:

Explanation:

The necessary adjusting entries at December 31 to record amortization required by the events above has been prepared.

It should also be noted that due to the goodwill having an indefinite life, no entry was made to amortize the goodwill.

It should be noted that the amortization expense was gotten as:

Annual amortization = $75,000/5

= $15,000

2015 amortization= $15,000 × 8/12months

= $15,000 × 2/3

= $30,000/3

= $10,000

Kindly check the attached file forthe adjusting entries

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In Spring 2018, Parmac Engineering Company signed a $160 million contract with the city of Parkersburg, to construct a new city

marta [7]

Answer:

By using the percentage-of-completion method the $64 million revenue should Parmac recognize in 2018

Explanation:

Percentage-of-completion method : Under this method,

First we have to calculate the percentage which is based on current period cost to total period cost.

After that, multiply the percentage with the revenue so that we get to know how much revenue is being recognized during an particular year.

In mathematically,

Estimated Cost percentage = current period cost ÷ total period cost

= $48 million ÷ $120 million

= 40%

Now,

Revenue recognized = Estimated cost percentage × Revenue

= 40% × $160 million

= $64 million

Hence, by using the percentage-of-completion method the $64 million revenue should Parmac recognize in 2018

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3 years ago

A company has the following liabilities at year end: Mortgage note payable; $16,000 due within 12 months $355,000 Short-term deb

Grace [21]

Answer:

The amount that the company should include in the current liability section of the balance sheet is $16,000

Explanation:

The short-term debt that the company is refinancing with long-term debt is non-current and deferred tax liability arising from depreciation is also non-current and should be disclosed as such in the Balance sheet after the sub-heading long-term borrowings.

Therefore, The amount that the company should include in the current liability section of the balance sheet is $16,000

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3 years ago

What would you do if you were in the position of the business executives described in the “gift giving and the african elder” ca

lubasha [3.4K]

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3 years ago

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Iteru [2.4K]

Individuals who want to work, but have given up searching for a job because of limited prospects, are known as discouraged workers.

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Discouraged workers are not counted as part of the labour force and they are not considered to be unemployed.

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2 years ago

Variable Costing Income Statement for a Service Company The actual and planned data for Underwater University for the Fall term

Mkey [24]

Answer:

Underwater University Variable Costing Income Statement For the Fall Term:

Actual Planned Variance

Number of Enrollment 4,500 4,125 375

Credit hours 60,450 43,200 17,250

Revenue $7,254,000 $5,832,000 $1,422,000

Variable costs:

Registration, records,

& marketing costs $1, 237,500 $1,134,375 $103,125

Instructional costs 3,868,800 2,592,000 1,276,800

Total variable costs $5,106,300 $3,726,375 $1,379,925

Contribution margin $2,147,700 $2,105,625 $42,075

Depreciation on classrooms

& equipment $825,600 $825,600 $0

Operating income $1,322,100 $1,280,025 $42,075

Explanation:

Variable costing income statement is an income statement which shows the contribution that revenue makes in paying for the fixed costs, before arriving at the Operating Income. In variable costing, there is a separation of variable costs from periodic or fixed costs. All direct materials, labor, and variable overheads are charged to the variable costs, while fixed costs are expensed to the period for which they are incurred.

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3 years ago