Amount debited to construction expenditure

Assignment Help Accounting Basics
Reference no: EM13143070

In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should be debited to Construction Expenditure is ??

Reference no: EM13143070

Questions Cloud

Income taxes on disposal of stock : The carrying amount on Blue's books of Red's $1 par common stock was $2 per share. Immediately after the declaration, the market price of Red's stock was $2.50 per share. In its income statement for the year ended June 30, 2009, what amount should..
How many grams of water can be produced : Acetylene, C2H2, will burn in the presence of oxygen. 2C2H2(g)+ 5O2(g) -> 4CO2(g)+ 2H2O(g) how many grams of water can be produced by the reaction of 2.40 mol of C2H2 with 7.4 mol of O2?
How much overhead should dbc estimated for this job : In 2004, DBC will be submitting a bid for a job that is expected to require $810,000 in direct materials cost, $225,000 in direct labor costs, and 80,000 machine hours. How much overhead should DBC estimated for this job?
What will happen to the proportion of people with myopia : The incidence of myopia (nearsightedness) is increasing in humans. If enough people have lasik surgery to correct their eyesight, after many generations what will happen to the proportion of people with myopia? a. decrease b. remain approximately..
Amount debited to construction expenditure : In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should..
Probability that selected adult from population has high iq : In a large population of college-educated adults, the mean IQ is 118 with a standard deviation of 20. What is the probability that a randomly selected adult from this population has an IQ that is greater than 120?
What are tax implications of the alternatives : They can choose to get monthly checks for $325,000 each, or $250,000 per month with the extra $900,000 placed in escrow and paid to the employee, with interest, upon retirement at some future date (more than one year). What are tax implications o..
Explain lift charts in direct marketing : Lift Charts in direct marketing, The mass-mailing business is often used to illustrate the use of lift charts. Another real world application where the lift charts can be used
Which growth pattern best characterizes growth of the human : Which growth pattern best characterizes growth of the human population over the past 10,000 years? a. logistic growth b. exponential growth c. faster than exponential growth d. slower than logistic logistic growth e. dynamic fluctuations.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Materials and labour budget revisions

Discuss each request below for a budget revision, putting what you see as both sides of the argument and reach a conclusion as to whether a budget revision should be allowed.

  Effective interest method

If the effective interest method is used, by how much should the bond discount be reduced for the 6 months ended December 31, 2009?

  Why dividends are sometimes paid out

Identify and discuss the reasons why dividends are sometimes paid out even when the funds could be better reinvested in business or when firm has to tap outside sources to pay the dividends.

  Prepare a training program for new employees

Prepare a training program for new employees in the customer care call center.

  Double-declining balance method

A company bought a new machine for $27,000 on January 1. The Machine is expected to last 10 years and have a residual value of $4,000. If the company uses the double-declining balance method, accumulated depreciation at the end of year 2 will be:

  Statement concerning the impact of transaction

Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, but Sam is insolvent. Which of the following statements is correct concerning the impact of this transaction?

  Adjustments on the consolidated worksheet

When a parent uses the initial value method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is true before making adjustments on the consolidated worksheet?

  Antonella in today tax dollars

how much would this action save Antonella in today's tax dollars? If Antonella's tax rate increased to 32% next year, would receiving the bonus in January still be advantageous?

  What is the amount of interest expense recorded

what is the amount of interest expense recorded by Pirate, Inc. in the first year of the asset's life?

  Difference between tax refund and tax benefit

What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset on the balance for this long?

  What affect will foreign accounting standards

omparative analyses can only take place in an environment of stable, static and consistent rules. Your final project will be to synthesize the issues/data previously researched into a single paper.

  What is the target net income

A company requires $1,020,000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $180,000. What is the target net income.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd