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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.
For my accounting class, how would I journalize the adjusting entry for Annual depreciation is $3,480 on the building with the building amounting to $76,000 on the trial balance fo
HOME Finance Company Limited made an after-tax profit of $3.172 million for the year ended June 30, 2008. Chairman James Datta said this was a milestone for the company, with a
Compensation for the uncertainties inherent in supply and demand
Pattillo Industries makes a product that sells for $25 a unit. The product has a $5 per unit variable cost and total fixed costs of $9,000. At budgeted sales of 1,000 units, the
Q. Show depreciation formula with example? The depreciation formula (straight-line) to calculate straight-line depreciation for a one-year period is: Annual deprecation = (
contractee account is it an assets account or expenses Account
help above question
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General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i
The capital structure of Wild West Inc. is as follows: - Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -
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