+1-415-670-9189
info@expertsmind.com
Record the recognition of profit
Course:- Accounting Basics
Reference No.:- EM13155481




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

G.C Company was awarded a contract to construct an interchange at the junction of U.S. 94 and highway 30 at a total contract price of $4000000. the estimated total costs to complete the project were 3000000.

a) Record construction costs of 1800000 on construction in process to date.

b) Record progress billings of $ 1000000

c) Record the recognition of profit that can be recognized to date, on a percentage of completion basis.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
How would I figure the monthly quality costs when I use overhead through the basis of direct labor costs? Then what would I do to figure out the quality costs though an ABC sy
Compute depletion and depreciation of the mine and the mining facilities and equipment for 2011 and 2012. Marion uses the units-of-production method to determine depreciation
On January 15, 2013, Leno, Inc., which has a March 31, year-end, entered into a transaction to sell the land and building that contained its manufacturing operations for a
Given the above information, determine Rupina's gross margin for the year. Note that since this was the company's first year of operations, beginning inventory was zero.
At the end of the current year, Accounts Receivable has a balanced of $800,000; Allowance for Doubtful accounts has a debit balance if $2000; and Net Sales for the year tota
Could we use managerial accounting "tools" to assess the profitability of an organization other than a manufacturing business, or are the topics we are learning only related
On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending, December 31, McGuire earned income of $48,000 and pa
Analyze the accounting equation effects of the transactions in M2- 19 using the format shown in the chapter and compute total assets, total liabilities, and total stockholders