Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 12, Problem 28E
a.
To determine
Determine the revenue per employee for the year 2017 and 2016.
b.
To determine
Interpret the trend between the two years.
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Superior Cleaning Services, LLC, provides cleaning services for office buildings. The firm
has 10 members in the LLC, which did not change between 20Y8 and 20Y9. During 20Y9,
the business terminated two commercial contracts. The following revenue and employee
information is provided:
20Y9
20Υ8
Revenues (in thousands)
$16,200 $18,400
Number of employees (excluding members)
150
200
For 20Y9 and 20Y8, determine the revenue per employee (excluding members).
a.
b. Interpret the trend between the two years.
(Recognition of Revenue on Long-Term Contract and Entries) Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2017, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details follow:
2017
2018
Costs incurred during the year
$640,000
$1,425,000
Estimated costs to complete, as of December 31
960,000
–0–
Billings during the year
420,000
1,680,000
Collections during the year
350,000
1,500,000
Instructions(a) What portion of the total contract price would be recognized as revenue in 2017? In 2018?(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2018?(c) Prepare a complete set of journal entries for 2017 (using the percentage-of-completion method).
Chantelle Chance is a hair dresser who stated
in business on October 1, 2018 and has not
registered to collect the GST. Quarterly
revenues from her business for her first year
of operations were as follows:
October To December 2018 - $4000
January to March 2019 - $6500
April to June 2019 - $9000
July to September 2019- $9500
Total for year ending September 2019
-$29000
For the quarter ending December 31, 2019
business revenues were $11500.
Required: Advise Chantelle if registration for
the GST is required and include the reasons
for your answer. IF required state when GST
Collection should start and By what date
registration must be completed.
Chapter 12 Solutions
Financial Accounting
Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQCh. 12 - Prob. 6DQCh. 12 - Prob. 7DQCh. 12 - Prob. 8DQCh. 12 - Prob. 9DQCh. 12 - Prob. 10DQ
Ch. 12 - Prob. 1PEACh. 12 - Prob. 1PEBCh. 12 - Prob. 2PEACh. 12 - Prob. 2PEBCh. 12 - Prob. 3PEACh. 12 - Prob. 3PEBCh. 12 - Prob. 4PEACh. 12 - Prob. 4PEBCh. 12 - Prior to liquidating their partnership, Parker and...Ch. 12 - Liquidating partnerships Prior to liquidating...Ch. 12 - Prob. 6PEACh. 12 - Prob. 6PEBCh. 12 - Prob. 7PEACh. 12 - Eclipse Architects earned 1,800,000 during 2016...Ch. 12 - Prob. 1ECh. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - Prob. 7ECh. 12 - Marvel Media, LLC, has three members: WLKT...Ch. 12 - Prob. 9ECh. 12 - Prob. 10ECh. 12 - Prob. 11ECh. 12 - Prob. 12ECh. 12 - Prob. 13ECh. 12 - Prob. 14ECh. 12 - Prob. 15ECh. 12 - Prob. 16ECh. 12 - Prob. 17ECh. 12 - The statement of members equity for Bonanza, LLC,...Ch. 12 - Distribution of cash upon liquidation Hewitt and...Ch. 12 - Distribution of cash upon liquidation David Oliver...Ch. 12 - Liquidating partnershipscapital deficiency Lewis,...Ch. 12 - Prob. 22ECh. 12 - Prob. 23ECh. 12 - Statement of partnership liquidation After closing...Ch. 12 - Prob. 25ECh. 12 - Prob. 26ECh. 12 - The accounting firm of Deloitte Touche is the...Ch. 12 - Prob. 28ECh. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - Prob. 4PACh. 12 - Statement of partnership liquidation After the...Ch. 12 - Prob. 6PACh. 12 - Prob. 1PBCh. 12 - Prob. 2PBCh. 12 - Prob. 3PBCh. 12 - Prob. 4PBCh. 12 - Statement of partnership liquidation After the...Ch. 12 - On August 3, the firm of Chapelle, Rock, and Pryor...Ch. 12 - Prob. 1CPCh. 12 - Prob. 2CPCh. 12 - Prob. 3CPCh. 12 - Prob. 4CP
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