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A construction company entered into a fixed-price contract to build an office building for $20 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. During the first year the company billed its customer $7 million, of which $5 million was collected before year-end.
What would appear in the year-end balance sheet related to this contract using the percentage-of-completion method?
How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion?
For each of the following fund types, indicate its fund category by placing either “GF” for governmental funds, “PF” for proprietary funds, or “FF” for fiduciary funds in the space provided before each item.
On the first day of the fiscal year, a company issues a $4,000,000, 6%, five-year bond that pays semi annual interest of $120,000 ($4,000,000 × 6% × ½), receiving cash of $4,175,041. Journalize the first interest payment and the amortization of the r..
Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2015 purchases and sales transactions. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific iden..
Pension Bene?ts Pension accounting has become more closely associated with the method of deter-mining pension bene?ts. Discuss the following methods of determining pension bene?ts: Discuss the following actuarial funding methods:
If you paid 1,518,675 for the horse 4 years ago, Find what was your annual return over therefore 4 year period?
Enter the transaction/adjustment letter in the first column and show the effect, if any, of each transaction/adjustment on the appropriate balance sheet category or on net income by entering for each category affected the account name and amount, and..
Depreciation expense is calculated using estimates of an asset's salvage value and useful life. Classify the below transactions as either revenue or capital expenditures. Land improvements are:
Evaluate any damaging financial and ethical repercussions of failure to include the inventory write-downs in the financial statements. Prepare a recommendation to the CFO.
(Learning Objective 4: Compute ratio data to evaluate operations) Cola Company made sales of $35,376 million during 2012. Cost of goods sold for the year totaled $15,437 million. At the end of 2011, Cola’s inventory stood at $1,672 million, and Cola ..
Financial analysis is a critical component to strategic planning and execution. We use both financial ratios and common-sized statements to find trends in financial performance. These trends can be found either across time (longitudinally) or in comp..
Byte computer company, a manufacturing organization, has just completed an order that Grater, Ltd., placed for 80 computers. Direct material, purchased parts and direct labor costs for the Grater order are as follows. Compute the total cost of the Gr..
analyze and describe how you think big banks are or are not ripping off pension funds. support your response with
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