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Binder Corporation agreed to build a warehouse for a client at an agreed contract price of $4,000,000. Expected (and actual) costs for the warehouse follow: 2014, $640,000; 2015, $1,600,000; and 2016, $800,000. The company completed the warehouse in 2016. Compute net income for each year 2014 through 2016 using the percentage-of-completion method.
How does the recognition of revenue on account (accounts receivable) affect the income statement compared to its effect on the statement of cash flows?
Ables Enterprises has an investment proposed by a division manager. Here are the estimates from the proposal: 1. The required investment for the project is $1,500. 2. The investment will result in two years of cash inflows of $1,000 each, assumed a..
Presentation of financial statements - Approaches to cost control: beyond budgeting
Tawstir Corporation has 500 obsolete personal computers that are carried in inventory at a total cost of $720,000. If these computers are upgraded at a total cost of $190,000, they can be sold for a total of $250,000. What is the net advantage or dis..
Vanproosdy Inc., which uses job-order costing, has provided the following data for February: Direct materials. $78,000 Direct labor cost $94,000 Manufacturing overhead cost incurred $54,000 Manufacturing overhead cost applied. $50,000 Inventories: Th..
What does th e term functional currency mean? Explain how is the functional currency determined under IFRS and under US GAAP?
Kiddo Company manufactures and ships children's stuffed animals across the nation
Purchased HTM investment on January 2, 2016, of $233,339 in Eiffel Corporation’s $240,000 face value, 3 percent bond, yielding 4 percent to maturity, interest paid annually on December 31. On December 31, 2017, the fair value of the bond is $180,000,..
The amount of the average investment for a proposed investment of $120,000 in a fixed asset with a useful life of 4 years, straight-line depreciation
During the current month, Reyes Corporation completed Job 310 and Job 312. Job 310 cost $59,990 and Job 312 cost $53,250. Job 312 was sold on account for $86,890. Journalize the entries for the completion of the two jobs and the sale of Job 312. (Cre..
garnishes, inc has sales for the year of $46,300 and cost of goods sold of $21,700. the firm carries an average inventory of $4,800 and has an average accounts payable balance of $4.400. what is the inventory period?
Street Factory provides a 3-year warranty with one of its products which was first sold in 2012. In that year, Street spent $80,000 servicing warranty claims. At year-end, Street estimates that an additional $300,000 will be spent in the future to se..
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