Can you help me with accounting questions Summit Technologies Corporation (STC) has 85 employees, 45 of whomare assigned to Division X and 40 to Division Y. STC incurred $425,000 offringe benefits cost during 2023. Required: Determine the amount of thefringe benefits cost to be allocated to Division X and to Division Y.

Given:Total employees = 85Employees in division X = 45Employees in division Y = 40Fringe benefits =…

Answered: Summit Technologies Corporation (STC)…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 26E

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Kiner, Inc. began work in 2024 on a contract for $21,000,000. Other data are as follows: Cost incurred to date $9,000,000 14,000,000 Estimated costs to complete $6,000,000 - Billings to date $7,000,000 $21,000,000 Collections to date $5,000,000 $18,000,000 If Kiner uses the cost -recovery method, the gross profit to be recognized in 2025 is A) $14,000,000 B) $7,000,000 c) 3,500,000 D) 3,400,000
Given the following information for current fiscal year
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29) Horner Construction uses the method. In percentage-of-completion 2024, Honer began work on a contract for $22,000,000; it was completed in 2025. The following cost data pertain to this contract: December 31 2025 2024 Cost Incurred during the year $5,600,000 Estimated costs to complete at the end of year $5,200,000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is Year Ended A)$8,600,000 INCORRECT B)$3,440,000 C)$3,200,000 D)$3,600,000 $7,800,000
11).

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Summit Technologies Corporation (STC) has 85 employees, 45 of whom are assigned to Division X and 40 to Division Y. STC incurred $425,000 of fringe benefits cost during 2023. Required: Determine the amount of the fringe benefits cost to be allocated to Division X and to Division Y.