Compute the future value of the following invested amounts at the specified periods and interest rates. (FV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answer to the nearest whole dollar.) Invested Interest Number of Item Amount Rate Periods $ 20,000 8% 10 b $ 30,000 4% $ 10,000 12% 15 a 8 n Invested Amount Interest Number of Rate periods Future Value a. $ 8% 10 $ 14 b. $ 20,000 30,000 10,000 4% 8 C. $ 12% 15 Determine the present value of the following single amounts (EV of $1. PV of $1. EVA of $1. PVA $1. EVAD of $1 and PVAD $1) appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.): Present Value 1 2 Future Amount $ 35,000 $ 29,000 $ 40,000 $ 55,000 6% 7% 16 16 3 11% 16 4 4 10% 10 Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2021, Accorsi sold a premium home theater package that includes a projector, set of surround speakers, and high quality leather seats, along with complete installation service, for $33,000. If sold separately, each of these goods or services would have cost $19,000 (projector), $16,000 (speakers), $21,000 (seats), and $6,500 (installation), respectively. Required: How much of the transaction price would be allocated to the projector, the speakers, the leather seats, and the installation service, assuming that each of these four parts of the contract is a separate performance obligation? (Round the percentage values to 2 decimal places.) Transaction Price Projector Surround speakers Leather seats Installation service Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,870,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 2021 $ 429,000 $1,170,000 1,001,000 435,000 1,435,000 335,000 1,535,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Compute the amount of gross profit recognized during 2020 and 2021 Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021 Help Save & 4 During Burns Company's first year of operations, credit sales totaled $150,000 and collections on credit sales totaled $110.000 Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end, Burns had written off $350 of specific accounts as uncollectible. 9.09 paints Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense 2. Show the year end balance sheet presentation for accounts receivable. Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare all appropriate Journal entries relative to uncollectible accounts and bad debt expense. If no entry is required for transaction/event, select "No journal entry required" in the list account held.) View transaction ist Journal entry worksheet 1 Record the entry to write-off specific accounts. Note: Enter debts before credits Debi Credit Transaction General Journal Me Graw Seved Help Save & EX During Burns Company's first year of operations, credit sales totaled $150,000 and collections on credit sales totaled $110.000 Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end. Burns had written off $350 of specific accounts as uncollectible Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year end balance sheet presentation for accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Compute the future value of the following invested amounts at the specified periods and interest rates. (FV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answer to the nearest whole dollar.) Invested Interest Number of Item Amount Rate Periods $ 20,000 8% 10 b $ 30,000 4% $ 10,000 12% 15 a 8 n Invested Amount Interest Number of Rate periods Future Value a. $ 8% 10 $ 14 b. $ 20,000 30,000 10,000 4% 8 C. $ 12% 15 Determine the present value of the following single amounts (EV of $1. PV of $1. EVA of $1. PVA $1. EVAD of $1 and PVAD $1) appropriate factor(s) from the tables provided. Round your final answers to nearest whole dollar amount.): Present Value 1 2 Future Amount $ 35,000 $ 29,000 $ 40,000 $ 55,000 6% 7% 16 16 3 11% 16 4 4 10% 10 Accorsi & Sons specializes in selling and installing upscale home theater systems. On March 1, 2021, Accorsi sold a premium home theater package that includes a projector, set of surround speakers, and high quality leather seats, along with complete installation service, for $33,000. If sold separately, each of these goods or services would have cost $19,000 (projector), $16,000 (speakers), $21,000 (seats), and $6,500 (installation), respectively. Required: How much of the transaction price would be allocated to the projector, the speakers, the leather seats, and the installation service, assuming that each of these four parts of the contract is a separate performance obligation? (Round the percentage values to 2 decimal places.) Transaction Price Projector Surround speakers Leather seats Installation service Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,870,000. The project was begun in 2020 and completed in 2021. Cost and other data are presented below. Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2020 2021 $ 429,000 $1,170,000 1,001,000 435,000 1,435,000 335,000 1,535,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: Compute the amount of gross profit recognized during 2020 and 2021 Amount of gross profit recognized in 2020 Amount of gross profit recognized in 2021 Help Save & 4 During Burns Company's first year of operations, credit sales totaled $150,000 and collections on credit sales totaled $110.000 Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end, Burns had written off $350 of specific accounts as uncollectible. 9.09 paints Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense 2. Show the year end balance sheet presentation for accounts receivable. Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare all appropriate Journal entries relative to uncollectible accounts and bad debt expense. If no entry is required for transaction/event, select "No journal entry required" in the list account held.) View transaction ist Journal entry worksheet 1 Record the entry to write-off specific accounts. Note: Enter debts before credits Debi Credit Transaction General Journal Me Graw Seved Help Save & EX During Burns Company's first year of operations, credit sales totaled $150,000 and collections on credit sales totaled $110.000 Burns estimates that bad debt losses will be 1.0% of credit sales. By year-end. Burns had written off $350 of specific accounts as uncollectible Required: 1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year end balance sheet presentation for accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet
