Pinewood Corporation manufactures furniture that it sells primarily to customers in the hotel industry. On January...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Pinewood Corporation manufactures furniture that it sells primarily to customers in the hotel industry. On January 1, 20x3, Pinewood began construction of a new manufacturing plant. The plant was finished and ready for use on August 31, 20x4. Expenditures on the project were as follows: January 1, 20x3 $215,000 September 1, 20x3 $318,000 December 31, 20x3 $318,000 March 31, 20x4 $318,000 August 31, 20x4 $215,000 On January 1, 20x3, Pinewood borrowed $756,000 on a construction loan at 9% interest. This loan was outstanding throughout the construction period. The company also had $4,530,000 in 9% bonds payable outstanding in 20x3 and 20x4. Pinewood's weighted-average accumulated expenditures for 20x3 were: Pinewood Corporation manufactures furniture that it sells primarily to customers in the hotel industry. On January 1, 20x3, Pinewood began construction of a new manufacturing plant. The plant was finished and ready for use on August 31, 20x4. Expenditures on the project were as follows: January 1, 20x3 $215,000 September 1, 20x3 $318,000 December 31, 20x3 $318,000 March 31, 20x4 $318,000 August 31, 20x4 $215,000 On January 1, 20x3, Pinewood borrowed $756,000 on a construction loan at 9% interest. This loan was outstanding throughout the construction period. The company also had $4,530,000 in 9% bonds payable outstanding in 20x3 and 20x4. Pinewood's weighted-average accumulated expenditures for 20x3 were:
Expert Answer:
Answer rating: 100% (QA)
Expenditures on the plant construction project Jan 1 20X3 318000 Sep 1 20X3 318000 Dec 31 20X3 31800... View the full answer
Posted Date:
Students also viewed these accounting questions
-
You purchased a 5,000 bond for 5,100.The bond pays 200/yr.It is redeemable for 5,050 after 10yrs.What is the rate of interest on your investment?
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2022. Expenditures on the project were as follows:...
-
A woman flies from Phoenix to Denver (a distance of 800 mi) at a rate 40 mph faster than on the return trip. If the total time of the trip is 9 hrs, what was her rate going to Denver, and what was...
-
Wyland Co. wants to issue new 25-year bonds for some much-needed expansion projects. The company currently has 8 percent coupon bonds on the market that sell for $1,063, make semiannual payments, and...
-
Find the equation of the circle x2 + y2 + Dx + Ey + F = 0 that passes through the points. To verify your result, use a graphing utility to plot the points and graph the circle. (2, 1) 1 2 3 4 (5, 2)...
-
Cyclic, Inc., has announced that they intend to pay future dividends in a way so as to let them deal with seasonal fluctuations in the need for funds. They intend to pay dividends of $1, $2, $1, and...
-
The balance sheet for Kamel Corporation follows. Required Compute the following. $ 240,000 760,000 $1,000,000 $ 150,000 450,000 Current assets Long-term assets (net) Total assets Current liabilities...
-
Analyze Tesla's manufacturing costs for its electric vehicles, including direct materials, direct labor, and manufacturing overhead. (Direct Materials: $20,000, Direct Labor: $10,000, Manufacturing...
-
4a. In the regression model presented does the relationship between satisfaction with work-life balance and personal burnout remain statistically significant, after controlling for other personal and...
-
A fishing boat has 1,000 fish on board, with an average weight of 120 pounds and a standard deviation of 6.0 pounds. If sample sizes of 50 fish are checked, what is the probability the fish in a...
-
You have prepared tax returns for the Hicks & Hocks Corporation for several years. Hicks called you and requested 50 additional copies of the return this year. You have never prepared audited or...
-
A company inspects products coming through its production process, and rejects detected products. One-tenth of the items are rejected. If samples of 50 items are taken, what is the standard deviation...
-
A college gives a placement test to 5,000 incoming students each year. On the average 1,213 place in one or more developmental courses. If a sample of 50 is taken from the 5,000, what is the...
-
You are in charge of the audit of the financial statements of the Tomed Corporation for the year ended December 31, 19X4. The corporation has had the policy of investing its surplus funds in...
-
On December 31, 2019, Sarasota Inc. borrowed $4,080,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this...
-
When the concentration of a strong acid is not substantially higher than 1.0 10-7 M, the ionization of water must be taken into account in the calculation of the solution's pH. (a) Derive an...
-
EEG Ince. is a decentralized organization with four autonomous divisions. The divisions are evaluated on the basis of the change in their return on invested assets. Operating results in the...
-
The Willowbrook Community Bank recently decided to adopt a balanced scorecard system of performance evaluation. Below is a list of primary performance goals for four major performance categories that...
-
Washington State Products has several manufacturing divisions. The Seattle Division produces a component part that is used in the manufacture of electronic equipment. The cost per part for July is as...
Study smarter with the SolutionInn App