Stone Works is a paving stone installation business that operates from about April to October each year. The company has an outstanding reputation for the quality of its work and as a result pre-books customers a full year in advance. Customers must pay 40% at the time of booking and the balance on the completion date of the job. Stone Works records the 40% cash advance received from customers in the Unearned Revenues account. The December 31, 2023, balance sheet shows Unearned Revenues totalling $219,000. During 2024, $329,000 of cash was collected in total from customers: $231,000 regarding work completed during the year for customers who paid 40% down in 2023, and the balance representing the 40% prepayments for work to be done in 2025. Required: 1. Prepare the entry to record the collection of cash in 2024. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar amount.)

Whispering Corp. enters into a contract with a customer to build an apartment building for $1,300,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $195,000 to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by $65,000 each week that completion is delayed. Whispering commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes. August 1, 2026 August 8, 2026 August 15, 2026 After August 15, 2026 Transaction price LA 70% $ 20 Determine the transaction price for this contract. 5 5

Nova Corporation hired a new product manager and agreed to provide her a $31,000 relocation loan on a six-month, 6 percent note.   The company loans the money on January 1. The new employee pays Nova the interest owed on the maturity date. The new employee pays Nova the full principal owed on the maturity date.   Prepare journal entries to record the above transactions for Nova Corporation. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

Blossom Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2022, Blossom sells 5,100 subscriptions for cash, beginning with the December issue. Blossom prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.     Prepare the entry in November for the receipt of the subscriptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. enter an account title for the entry in November for the receipt of the subscriptions enter a debit amount enter a credit amount   enter an account title for the entry in November for the receipt of the subscriptions enter a debit amount enter a credit amount…

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Anderson Corp. enters into a contract with a customer to build an apartment building for $995,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $145,500 to be paid if the building is ready for rental beginning August 1, 2026. The bonus is reduced by $48,500 each week that completion is delayed. Anderson commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Completed by Probability August 1, 2026 70 % August 8, 2026 20 August 15, 2026 5 After August 15, 2026 5 Determine the transaction price for this contract. Transaction price

Velocity, a publicly traded corporation with a calendar fiscal year, entered into an agreement with Wedding Planners, Inc. a wedding event planning company on February 14, 2022. The contract specifies that the services will begin on March 1, 2022.  Velocity will design a marketing strategy to increase “hits” on Wedding Planners website by 40%.  The contract will last for 3 months (though May 31, 2022).    Wedding Planners promises to pay $25,000 at the beginning of each month for Velocity’s services with the first payment on March 1, 2022.    At the end of the contract, Velocity will be entitled to an additional $15,000 bonus, depending on whether traffic on Wedding Planners’ website has increased by the desired 40%.  At the inception of the contract, Velocity estimated there is an 85% chance that they will earn the $15,000 bonus and 15% likelihood they will not.   These probabilities are based on past experience with similar projects and the company has significant experience in these…

Swifty Hardware has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2022, are presented below. Employee   Hours Worked   Hourly Rate   Federal Income Tax Withholdings   United Fund Ben Abel   40   $14.00   $59.00     $5.00   Rita Hager   41   16.00   64.00     5.00   Jack Never   44   13.00   60.00     8.00   Sue Perez   46   13.00   62.00     5.00   Abel and Hager are married. They claim 0 and 4 withholding allowances, respectively. The following tax rates are applicable: FICA 7.65%, state income taxes 3%, state unemployment taxes 5.4%, and federal unemployment 0.6%. 1. Prepare a payroll register for the weekly payroll. No employee has reached the Social Security limit of $132,900 or the FUTA/SUTA limit of $7,000  2. Journalize the payroll on March 15, 2022, and the accrual of employer payroll taxes. 3. Journalize the payment of the payroll on March 16,…