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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.
what are the implications of applying accounting concepts wrongly
I just want part A and Part B including ppt slides to present.
A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region
Q. Explain about cost principle? As applied to largely assets this principle is often called the cost principle. It utter that purchased or self-constructed assets are initiall
A career in taxation is by no signifies limited to public accounting. for the reason that there are so many types of taxes impacting so many aspects of our lives tax specialists ac
Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.
Q. Example of supplies on hand? On 2010 December 4 Micro Train Company buy supplies for USD 1400 and recorded the transaction as follows Micro Train's two accounts reci
WHAT ARE THE CHARACTERISTICS OF ASSETS
Hi there, I was just wondering I''m not to sure how to describe my assignment, the subject is ACCOUNTING for university level... and it is 100 Level never don''t this paper in high
Billable expenses are those expenses incurred by you on behalf of your client in performing duties / supply and service. These expenses are recoverable from your customer by way of
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