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Q. Example on completion method?
Assume that by the end of the first year (2010) the company had incurred actual construction costs of USD 30 million. These costs are 75 percent of the total approximate construction costs (USD 30 million/USD 40 million = 75 percent). In the percentage-of-completion method the firm would use the 75 percent figure to assign revenue to the first year. In 2011 it acquires another USD 6 million of construction costs. In 2012 it earns the final USD 4 million of construction costs. The amount of revenue to assign to every year is as follows
The sum of gross margin to recognize in each year is as follows
This company would subtract other costs incurred in the accounting period such as general and administrative expenses from gross margin to determine net income. For example assuming general and administrative expenses were USD 100000 in 2010 net income would be (USD 3000000 - USD 100000) = USD 2900000.
Prepare a trial balance All account names would be listed in left-hand column. Place the account balance in appropriate debit or credit column for those accounts which have
WHAT IS THE MEANING OF INVENTORY TURNOVER
COMMON ADJUSTMENTS AFFECTING THE PREPARATION OF BALANCE SHEET ARE: 1. Closing stock : Closing stock come into view on the credit side of trading account and assets side of
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what is the implication of applying accounting concept wrongly
Determining the physical quantity that should be contained in inventory normally is a simple matter because that amount have of items in the possession of the company. The cost of
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I AM HAVING DIFFICULTIES SOLVING ONE PARTICULAR ACCOUNTING PROBLEM
1. Carmen Santiago works for a number of businesses as a “consultant.” She has helped design accounting systems, provided accounting services, and analyzed the financial s
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by
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