30 May ACC 421 Week 2 Individual BE 4-2, BE 4-3, BE 4-10, Ex 18-3, Ex 18-7 NEW
Complete the following assignments in WileyPLUS:
- Brief Exercise 4-2
- Brief Exercise 4-3
- Brief Exercise 4-10
- Exercise 18-3
- Exercise 18-7 (Part Level Submission)
Brief Exercise 4-2
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Brief Exercise 4-3
Marigold Corporation had net sales of $2,401,300 and interest revenue of $36,200 during 2017. Expenses for 2017 were cost of goods sold $1,460,400, administrative expenses $214,900, selling expenses $287,300, and interest expense $50,800. Marigold’s tax rate is 30%. The corporation had 103,300 shares of common stock authorized and 73,710 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Marigold Corporation.
Exercise 4-10
Cheyenne Corporation has retained earnings of $715,700 at January 1, 2017. Net income during 2017 was $1,567,700 and cash dividends declared and paid during 2017 totaled $83,500. Prepare a retained earnings statement for the year ended December 31,2017. Assume an error was discovered and costing $88,840 (net of tax) was charged to maintenance and repairs expense in 2014
Exercise 18-3
On May 1, 2017, Monty 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 $890 in advance on May 15, 2017. Kickapoo pays Monty on May 15, 2017, and Monty delivers the mower (with cost of $532) on May 31, 2017.
Exercise 18-7
1. Blossom Biotech enters into a licensing agreement with Pang Pharmaceutical for a drug under development. Blossom will receive a payment of $7,900,000 if the drug receives regulatory approval. Based on prior experience in the drug-approval process, Blossom determines it is 70% likely that the drug will gain approval and a 30% chance of denial.
(a) Determine the transaction price of the arrangement for Blair Biotech
(b) Assuming that regulatory approval was granted on December 20, 2017, and that Blossom received the payment from Pang on January 15, 2018, prepare the journal entries for Blossom. The license meets the criteria for point-in-time revenue recognition.
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