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Wileyplus brief exercise 4 6

04/01/2021 Client: saad24vbs Deadline: 10 Days

Brief Exercise 4-2

Blossom Corporation had net sales of $2,413,600 and interest revenue of $37,500 during 2017. Expenses for 2017 were cost of goods sold $1,469,200, administrative expenses $221,600, selling expenses $294,200, and interest expense $54,800. Blossom’s tax rate is 30%. The corporation had 107,700 shares of common stock authorized and 74,650 shares issued and outstanding during 2017. Prepare a single-step income statement for the year ended December 31, 2017. (Round earnings per share to 2 decimal places, e.g. 1.48.)

BLOSSOM CORPORATION Income Statement

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Brief Exercise 4-3

Whispering Corporation had net sales of $2,417,500 and interest revenue of $39,900 during 2017. Expenses for 2017 were cost of goods sold $1,462,200, administrative expenses $221,900, selling expenses $295,900, and interest expense $49,500. Whispering’s tax rate is 30%. The corporation had 104,500 shares of common stock authorized and 70,380 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Whispering Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)

WHISPERING CORPORATION Income Statement

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Brief Exercise 4-10

Concord Corporation has retained earnings of $715,500 at January 1, 2017. Net income during 2017 was $1,435,900, and cash dividends declared and paid during 2017 totaled $79,600. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $88,040 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)

CONCORD CORPORATION Retained Earnings Statement

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Exercise 4-5 (Part Level Submission)

Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 information related to Splish Company ($000 omitted).

Administrative expense

Officers' salaries

$4,972

Depreciation of office furniture and equipment

4,032

Cost of goods sold

60,642

Rent revenue

17,302

Selling expense

Delivery expense

2,762

Sales commissions

8,052

Depreciation of sales equipment

6,552

Sales revenue

96,572

Income tax

9,142

Interest expense

1,932

Common shares outstanding for 2017 total 40,550 (000 omitted).

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(a)

Prepare an income statement for the year 2017 using the multiple-step form. (Round earnings per share to 2 decimal places, e.g. 1.48.)

SPLISH COMPANY Income Statement

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(In thousands, except earnings per share)

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Exercise 18-3

On May 1, 2017, Crane Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $874 in advance on May 15, 2017. Kickapoo pays Crane on May 15, 2017, and Crane delivers the mower (with cost of $534) on May 31, 2017. (a) Prepare the journal entry on May 1, 2017, for Crane. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

May 1, 2017

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(b) Prepare the journal entry on May 15, 2017, for Crane. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

May 15, 2017

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(c) Prepare the journal entry on May 31, 2017, for Crane. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

May 31, 2017

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(To record sales)

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(To record cost of goods sold)

Exercise 18-7 (Part Level Submission)

Pronghorn Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Pronghorn will receive a payment of $12,600,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Pronghorn determines it is 75% likely that the drug will gain approval and a 25% chance of denial.

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(a)

Determine the transaction price of the arrangement for Pronghorn Biotech.

Transaction price

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Exercise 18-12

Carla Company sells goods that cost $308,000 to Ricard Company for $400,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone selling price of $38,000. The standalone selling price of the goods is $362,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entry (if any) to record the sale on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 2, 2017

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Jan. 2, 2017

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(b) Carla prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Carla recognize related to its sale to Ricard?

First Quarter

Sales Revenue

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Cost of Goods Sold

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Gross Profit

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