+1-415-670-9189
info@expertsmind.com
Develop a reliable estimate of completion
Course:- Accounting Basics
Reference No.:- EM13767174




Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Nair Corp. enters into a contract with a customer to build an apartment building for $1,000,000. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $150,000 to be paid if the building is ready for rental beginning August 1, 2015. The bonus is reduced by $50,000 each week that completion is delayed, determine the transaction price for the contract, assuming (a) Nair is only able to estimate whether the building can be completed by August 1, 2015, or not (Nair estimates that there is a 70% chance that the building will be completed by August 1, 2015), and (b) Nair has limited information with which to develop a reliable estimate of completion by the August 1, 2015, deadline




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
If the emitter current source I is 200 μA, what is re of the half-circuit? For a load resistance of 10 kΩ n each collector, what is the half-circuit gain? What magnitude of
On February 2, 2011, it was determined that the patent's useful life would expire at the end of 2013. How much would Lexicon record as amortization expense for this patent f
The maximum entropy distribution for a random variable X for which G(X) and its expectation, E[G(X)], are speci?ed, was given in Eq (10.85) for discrete X, and Eq (10.89) fo
Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. Assume that no employee's cumulative wages ex
On the books of Martin Company prepare all journal entries in 2009, 2010, and 2011 that relate to its investment in Renner Corp., reflecting the data above and a change from t
The Polk stock was purchased for $5 per share. Market value was $10 per share on the declaration date and $11 per share on the distribution date. What is the amount of the d
Examine the reasons service companies are more sensitive to labor and price variances, as compared to material price variances, in the industrial sector and why managing the
Large organisation that are of a service nature such as banks and hospitals used to be noted for their lack of standard costing systems and their relatively unsophisticated