Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

Question

On May 21, 2019, Christine worked 7 hours on Job A-1, and 3 hours on general "overhead activities." Christine is paid $18 per hour. Overhead is applied based on $20 per direct labor hour. Additionally, on May 21 Job A-1 requisitioned and entered into production $280 of direct material. On May 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded in the Work in Process for Job A-1 on May 21.

Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

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On May 21, 2019, Christine worked 7 hours on Job A-1, and 3 hours on general "overhead activities." Christine is paid $18 per hour. Overhead is applied based on $20 per direct labor hour. Additionally, on May 21 Job A-1 requisitioned and entered into production $280 of direct material. On May 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in the overhead application rate. Use this information to determine the total cost that should have been recorded in the Work in Process for Job A-1 on May 21.

Crane Construction Co. has consistently used the percentage-of- completion method of recognizing revenue. During 2018, Crane entered into a fixed-price contract to construct an office building for $27,000,000. Information relating to the contract is as follows: At December 31 2018 2019 Percentage of completion 10% 40% Estimated total cost at completion $ 2,00,00,000 $ 2,14,00,000 $ 33,10,000 Gross profit recognized (cumulative) $ 13,80,000 Contract costs incurred during 2019 were: a. $5,250,000. b. $6,560,000. c. $8,190,000. d. $8,560,000.

Solve this following requirements on these general accounting question

Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Expert Solution & Answer

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Answer 6

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

Answer 7

Chapter 4, Problem 4.9CP

1.

To determine

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

Answer 8

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

Answer 9

2.

To determine

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

Answer 10

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

Answer 11

3.

To determine

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

Answer 12

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

Answer 13

4.

To determine

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

Answer 14

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

Answer 15

5(a)

To determine

Evaluate the region’s performance by assuming revenue target is based on cash sales

Answer 16

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Answer 17

5(b)

To determine

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Answer 18

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Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

Solution Summary: The author identifies the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

Identify the amount that should be reported as cash from operations on the statement of cash flows for the year ended March 31, 2018.

Identify the amount that should be reported on the income statement for subscriptions revenue for the year ended March 31, 2018.

Identify the amount that should be reported on the March 31, 2018, balance sheet for unearned subscriptions revenue.

Prepare the adjusting entry at March 31, 2018 by assuming that the subscriptions received on September 1, 2017, were recorded for the full amount in unearned subscriptions revenue.

Evaluate the region’s performance by assuming revenue target is based on cash sales

Evaluate the region’s performance by assuming revenue target is based on accrual accounting.

Chapter 4 Solutions