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Long-term Contracts Koolman Construction Company began work on a contract in 2017. The contract price is $3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: 2017 2018 Costs incurred during the year $ 600,000 $ 700,000 Estimated costs to complete, December 31 1,400,000 1,200,000 Billings during the year 500,000 850,000 Collections during the year 400,000 800,000 Required: 1. Compute the gross profit or loss recognized in 2017 and 2018. KOOLMAN CONSTRUCTION COMPANY Gross Profit / Loss 2017 and 2018 2017 2018 Construction costs incurred to date $ $ Estimated costs to complete Total estimated costs $ $ Percentage completed % % Revenue to date $ $ Revenue recognized in current year $ $ Costs incurred in current year Profit (loss) recognized $ $ 2. Prepare the appropriate sections of the income statement for each year. KOOLMAN CONSTRUCTION COMPANY Partial Income Statement For the Years Ended December 31, 2017 and 2018 2017 2018 Construction revenue $ $ Construction expense Gross profit (loss) $ $ Prepare the appropriate sections of the ending balance sheet for the year 2017. KOOLMAN CONSTRUCTION COMPANY Partial Balance Sheet December 31, 2017 Current Assets: Accounts receivable $ Inventory: Construction in progress $ Less: Partial billings Costs and recognized profit not yet billed Prepare the appropriate sections of the ending balance sheet for 2018. KOOLMAN CONSTRUCTION COMPANY Partial Balance Sheet December 31, 2018 Current Assets: Accounts receivable $ Inventory: Construction in progress $ Less: Partial billings Costs and recognized profit not yet billed
wynn inc. has a agreement to construct a large hotel for 12000000. the contract was signed on 2nd january 2010 and it
Why it is it important to distinguish between expenses that need to be capitalized and expenses that need to be expensed.
(Learning Objective 2: Apply the average, FIFO, and LIFO methods) Jonah’s Copy Center uses laser printers. Assume Jonah started the year with 100 containers of ink (average cost of $9.50 each, FIFO cost of $8.40 each, LIFO cost of $8.10 each). During..
Moon Appliance manufactures a variety of appliances which all use Part B89. Currently, Moon Appliance manufactures Part B89 itself. It has been producing 9,000 units of Part B89 annually. Total cost $18.00 all of the fixed manufacturing overhead cost..
Blue Moon Incorporated is owned 100% by Maggie Hayes. The corporation redeemed 25% of her stock for $130,000 cash. The corporation’s E&P is $110,000. Her stock basis is $80,000. How much of the payment is a taxable dividend?
Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 appears to be driven in part by the Madoff Ponzi scheme. Indeed, af- ter the SEC’s investigations failed to detect the Madoff fraud (see Case 1.12), many sections of Ti..
Profit performance effects for Variable manufacturing cost variance and Identify the major cause of Markley Division's unfavorable profit performance
J.J. Heva Company is an American company that prepares its financial statements under US GAAP. In 2014, the company reported income of $5,000,000 wit stockholders’ equity of $40,000,000 on December 31, 2014. In anticipation of possible adoption of IF..
On January 1, 2013, Hi and Lois Company purchased 12% bonds having a maturity value of $343,000, for $369,004.48. The bonds provide the bondholders with a 10.00% yield. The bonds are classified in the held-to-maturity category. Prepare the journal en..
Discuss factors or conditions that contribute to such a possibility. How can additional information and supplementary data (beyond financial statements) help prevent this possibility?
Provide an analysis of the accounting for each fixed asset item using US GAAP and IFRS. Assume the Company uses straight-line depreciation for all its fixed assets and takes a full year of depreciation in the year of the addition.
ICANDO Pte Ltd is a medium size IT Company that was started in January 2011 by Dennis Tan. When the company was set up in 2011, Dennis did his own accounting but he later employed April, a fresh graduate, to help him in December 2011.
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