Kaplan Services Company (KSC) has 62 employees, 33 of whom are assigned to Division A and 29 to Division B. KSC incurred $377,580 of fringe benefits cost during 2014. Required Determine the amount of the fringe benefits cost to be allocated to Division A and to Division B.
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- S Inc follows ASPE but is planning to switch to IFRS in 2022. Beginning defined benefit obligation (DBO) balance on January 1, 2021 is $1,136. The plan is underfunded by 60% of this amount and the regulatory agencies consider this to be quite heavily underfunded. Past service costs were recorded on January 1, 2021. (The amount is to be determined). The current service costs for 2021 amounted to $280. The plan uses an interest rate of 8%. We recorded an interest expense of $104.48 for 2021. Our investments of the plan assets did very poorly earning only $26.356 on our plan assets in 2021. The corporate pension committee overseeing the plan operations had decided to fund an amount of $70 in addition to our normal annual contributions which we make as per our corporate policy. The company normally contributes 5% of the plan obligations existing at the beginning of the year plus 50% of the current service costs and 60% of any past service costs recorded during the year. Benefit payments…Lark Corp. appropriately determined that each of its long-term projects represents a single performance obligation that is satisfied over time. At the end of the current year, Lark estimates that its costs to complete a project exceed the contract price, so that an overall loss on the contract is anticipated. Required: What journal entry will Lark record at the end of the current year, given the following information? • Revenue to date is $350,000 ($175,000 of which is to be recognized in the current year). • The expense recognized previously was $100,000. • An overall loss of $30,000 is anticipatedCrane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $24475000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 Cost incurred during the year $8350000 $6150000 Estimated costs to complete at the end of year 5739000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2021 and 2022 would be 2021 2022 $9975000. $(411000). $0. $10386000. $10386000. $0. $0. $9975000. O O
- At the beginning of current year, De Guzman Company reported the following information in relation to a defined benefit plan: Fair value of plan assets - 7,000,000 Projected benefit obligation - 7,500,000 During the current year, the entity determined that the current service cost was 1,400,000 and the discount rate is 10%. The actual return on plan assets during the year was 840,000. Other related information for the current year: Contribution to the plan - 1,200,000 Benefits paid to retirees - 1,500,000 Decrease in projected benefit obligation due to changes in actuarial assumptions - 200,000 Present value of defined benefit obligation settled - 500,000 Settlement price of defined benefit obligation- 400,000 1. What amount should be reported in the income statement for the current year as employee benefit expense? 2. What is the net amount of remeasurements on Dec 31? 3. What is the fair value of plan assets kn Dec 31? 4. What is the projected benefit obligation on Dec 31?…The board of directors of Oriole Construction Corp. is meeting to choose between the completed-contract method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Oriole's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information: 1. Oriole commenced doing business on January 1, 2023. 2. Construction activities for the year ended December 31, 2023, were as follows: Project Total Contract Price Billings through Cash collections 12/31/23 through 12/31/23 A $498,150 275,400 251,100 B 364,500 102,060 102,060 C 384,750 384,750 315,900 D 486,000 194,400 129,600 E 388,800 324,000 324,000 $2,122,200 $1,280,610 $1,122,660 Contract Costs Incurred Through Project 12/31/23 Estimated Additional Costs To Complete Contracts A $413,100 $97,200 B 94,770 221,130 C 283,500 -0- 299,700 234,900 E 259,200 64,800 $1,350,270…Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $23200000; it was completed in 2025. The following cost data pertain to this contract: Year Ended December 31 2024 2025 Cost incurred during the year $8736000 $5720000 Estimated costs to complete at the end of year 5824000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is ○ $3456000. ○ $8744000. $2920000. $3560000.
- A Company provided the following information for the current year: Current service cost 500,000 Interest on PBO 600,000 Interest income on plan asset 350,000 Loss on settlement 250,000 Past service cost during the year 300,000 Actual return on plan asset 850,000 Actuarial loss during the year 200,000 Contribution to the plan 1,500,000 What is the total defined benefit cost?The Naples Company uses the percentage-of-completion method and the cost-to-cost method for its long-te construction contracts. On one such contract, Naples expects total revenues of 260,000 and total costs of 200,000. During the first year, Naples incurred costs of 50,000 and billed the customer 30,000 under the contract. At what net amount should Naple's Construction in Progress for this contract be reported at the end of the first year?11).
- Carla Vista Construction Company uses the percentage-of-completion method of accounting. In 2025, Carla Vista began work under contract #E2-D2, which provided for a contract price of $2,219,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is correct. Revenue recognized in 2025 Revenue recognized in 2026 $ 2025 $620,490 970,510 $ 428,000 350,000 What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) 865,410 2026 1,353,590 $1,429,000 -0- 1,699,000 1,471,000P22,000,000. Dawn Co. incurred the following costs: from the contract. The estimated total contract costs were. 14. Dawn Co. was contracted to build a house for a customer. The contract price was P25,000,000. Dawn Co. uses the percentage antract price was P25,000,000, Dawn Co. uses the percentage of completion method, based on costs, in recognizing revenue from the contract. The estimated total contract costs were. P22,000,000. Dawn Co. incurred the following costs: 20x1 20x2 Costs incurred to date 3,960,000 18,400,000 In 20x2, the customer changed the specification of the window glasses to tempered glass and agreed to pay an additional 5% of the original contract price. The incremental cost was estimated to be P1,000,000. The performance obligation in the contract remains a single performance obligation. How much are the revenue and gross profit recognized in 20x2, respectively? a. 12,060,000; 2,068,000 c. 16,800,000; 2,068,000 d. 16,500,000; 2,060,000 b. 14,268,000; 2,060,000In 20x1, Silverchair Co., a construction company, enters into a contract with a customer for the construction of a building. The contract states a fixed fee of P8,700,000. Silverchair's performance obligation in the contract is satisfied over time. Silverchair uses the 'cost-to-cost method in measuring its progress in the contract. Information on the contract follows: 20x1 20x2 Estimated total costs at completion 6,525,000 6,960,000 Percentage of completion 15% 65% How much is the profit recognized in 20x2?
