Percentage-of-completion method

Assignment Help Accounting Basics
Reference no: EM13127012

During 2008, Tidal Wave Company began construction on a project scheduled for completion in 2011. At December 31, 2009, an overall loss was anticipated at contract completion. What would be the effect of the project on 2009 operating income under the percentage-of-completion method and the completed contract method?

Percentage of completion/Completed contract

a. No effect/No effect

b. No effect/Decrease

c. Decrease/No effect

d. Decrease/Decrease

Reference no: EM13127012

Job order cost accounting system

Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year.

Encompass the treatment in the balance sheet

Your explanation should encompass the treatment in the balance sheet and profit and loss account and any additional information which is required in the notes to the financi

Break even point for the company

Parker Company had $5000000 in sales and reported a $300000 loss in its annual report to stockholders.According to a CVP analysis prepared for managements use, $5000000 in s

Average costs and variable costs

What problems are associated with using the average cost per unit as a performance measure? What problems are associated with using the variable cost per unit as a performance

Problem regarding vertical analysis

Vertical analysis is used to compare a balance sheet number from a previous period with an income statement number for the current period.

Accountant in a regional accounting firm

You are working as an accountant in a regional accounting firm. One have been approached by the owner of a start-up business. They have chosen Saasu as their  accounting sys

Law of commercial association

On 1 February 2009, Ajax, Sandra and Tanya entered into a partnership agreement to operate a seafood restaurant situated in a very advantageous position in a large shopping

Activity cost pools to allocate overhead costs

If Granberry Enterprises uses the three activity cost pools to allocate overhead costs, what are the activity-cost driver rates for supervision of direct labor, machine main


Write a Review

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