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In 2012, Modern Construction Company entered into a contract to construct a building for $5,000,000. The estimated cost to complete the building is $4,000,000 and the project will be completed in 2013. Modern incurred actual construction costs of 1600000 and 1800000 in 2012 and 2013, respectively. How much gross profit is recognized using percentage of completion method in 2012 and 2013
Bob meets next month with a banker to secure a 60 day line of credit. He asks Mark which financial ratios will be of the most interest to the loan officer. How should Mark respond, any why?
The working capital would be released for use elsewhere when the project is completed. If the company's discount rate is 10%, the investment's net present value is:
Hammond Inc. had a credit balance of $1,800 in the unearned rent account on January 1, 2011. At the end of 2011, the credit balance in that account was $1,400. Hammond's income statement reported rent revenue in the amount of $32,500 for the..
Bart transfers land used in his business (held as an investment for 3 years) worth $165,000 (basis of $100,000) and performs managerial services worth $15,000, in return for 30 shares in AB Corp.
Compute equivalent units production for both materials and conversion costs.
R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Total overhead costs assigned to deluxe racquets, using a single overhead rate, are
1. in 2013 rocio invested 30000 in a cattle-feeding partnership that used nonrecourse notes to purchase 100000
Show how to report accounts receivable on the balance sheet at December 31, 2012. Use the long reporting format illustrated in the chapter.
many organizations have been in the news over the past few years due to accounting ethical breaches that have affected
On February 10, 2013, Rims Corporation purchased a parcel of land as a factory site for $250,000. An old building on the property was demolished, and construction began on a new building which was completed on September 30, 2013. Salvaged material..
How does the company compare in profitability with competitors?
Cruz Company uses LIFO for inventory costing and reports following financial data. It as well recomputed inventory and cost of goods sold using FIFO for comparison purposes.
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