Answer Happy

Question 8 (1 point)
Gray Construction enters into a contract with a customer to
build a warehouse for $950,000 on March 30, 2022 with a performance
bonus of $50,000 if the building is completed by July 31, 2022. The
bonus is reduced by $10,000 each week that completion is delayed.
Gray commonly includes these completion bonuses in its contracts
and, based on prior experience, estimates the following completion
outcomes:
The transaction price for this transaction is
Question 8 options:
a)
$685,000
b)
$950,000
c)
$995,000
d)
$652,500
Question 9 (1 point)
Baez Corp. began operations on Jan. 1, 2023. Baez Corp. is
authorized to issue 150,000 shares of it's 6%, $40 par value
preferred stock. The company is authorized to issue 650,000
shares of the common stock with a par value of $2 per share.
On January 5, 2023, the company issued 225,000 shares of common
stock for cash at $13 per share. What is the journal entry to
record the issuance of the common stock shares?
Question 9 options:
a)
b)
c)
d)
Question 10 (1 point)
On January 1, 2024, Alzolay Co. had 275,000 shares of common
stock oustanding. The following transactions took place
during 2024.
1. March 1, 2024, Alzolay Co. issued an 100,000 common stock
shares.
2. On May 1, 2024, the company purchased back 85,000 common
stock shares.
3. On August 1, 2024, the company issues 50,000 common stock
shares.
What are the weighted-average number of shares oustanding for
2024? (Round the calculations/weighted amounts to 2 decimal
places.)
Question 10 options:
a)
275,000
b)
322,500
c)
340,000
d)
The correct answer is not listed.
Question 11 (1 point)
Bryant Co. has 715,000 shares of common stock authorized to
issue and 218,000 shares of common stock issued and outstanding
during the year. On October 1, 2023, the company's board of
directors declared a cash dividend of $3.25 per share to common
stockholders on record as of October 15, 2023. The company
made the cash payment on October 31, 2023. On October 31,
2023 the company's journal entry should include a debit to
Question 11 options:
a)
Retained Earnings for $2,323,750
b)
Dividends Payable for $708,500
c)
Dividends Payable for $2,323,750
d)
Retained Earnings for $708,500
Question 12 (1 point)
Hendricks Inc. granted their executives incentive stock options
on January 1, 2023. On this date, 275,000 shares of the company's
$5 par value common stock were granted at an option price of $40
per share. On the grant date, the market price of the stock was $50
per share. Market prices of the stock were as follows:
$70 per share
$82 per share
The Black-Scholes option pricing model determines total
compensation expense to be $1,500,000. The service period for the
options is 2 years. The options were exercisable beginning on
January 1, 2025 for employees still working at Hendricks. The
options expire on December 31, 2029.
On June 1, 2025, 110,000 options were exercised and the market
price on this date was $75. What amount should be debited to
Paid-in Capital - Stock Options?
Question 12 options:
a)
$375,000
b)
$600,000
c)
$750,000
d)
$0.0
Question 13 (1 point)
Bryant Inc. purchased 10% of Rizzo Corp's 150,000 shares of
commonst stock at a cost of $8 per share. On June 30, Rizzo
Corp. declared and paid $62,000 cash dividend to all
stockholders. As of December 31, the company reported net
income of $215,000 for the year. At the end of the year on
December 31, the market value of Rizzo Corp's stock was $10 per
share.
What should be the entry on December 31 for Bryant Inc.?
Question 13 options:
a)
No entry needed.
b)
Debit to Fair Value Adjustment for $30,000.
c)
Debit to Equity Investments for $30,000.
d)
Debit to Unrealized Holding Gain or Loss - Income for
$30,000.
Question 14 (1 point)
Rizzo, Inc. is constructing a building for a client. The
company began work in 2023 on a contract for $24,350,000. Other
data are as follows:
Rizzo uses the percentage-of-completion method, what gross
profit should the company recognize in 2023?
Question 14 options:
a)
$1,233,333
b)
$0.00
c)
$1,850,000
d)
$9,350,000