Assuming platypus building inc uses the completed contract

Assignment Help Accounting Basics
Reference no: EM13600703

Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:

  • Total Construction Fixed Price $7,000,000
  • Construction Start Date March 3, 2012
  • Construction Complete Date December 4, 2013

As of Dec 31... 2012 2013

  • Actual cost incurred $2,700,000 $3,050,000
  • Estimated remaining costs $2,700,000 $-
  • Billed to customer $2,400,000 $5,600,000
  • Received from customer $2,000,000 $4,800,000

Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?

Reference no: EM13600703

Questions Cloud

Innova corporation makes a commercial-grade cooking griddle : innova corporation makes a commercial-grade cooking griddle. the following information is available for innova
Before considering the casualty items pam reports business : casualty losses- during 2010 pam incurred the following casualty lossesasset fmv before fmv after basis
Identify whether each transaction results in adjusting a : x company completed its first year of operations on dec 31 2011. all of the 2011 entires have been recorded except for
How many observations would you expect in the favorite meal : how many observations would you expect in the favorite meal category being steak and the gender being male assuming
Assuming platypus building inc uses the completed contract : platypus building inc. won a bid for a new office building contract. below is info from the project accountant total
Table 12 the budget as a of gdp using the data in the : table 1.2 the budget as a of gdp. using the data in the third column. surplus of deficit determine how many years
Determine the total relevant cost if parts are purchased : for many years diehl company has produced a small electrical part that it uses in the production of its standard line
Determine the stakeholders impacted by audit reports : determine the stakeholders impacted by audit reports. analyze the impact of audit reports for each category of
Lone star sales amp service acquired a new machine that : lone star sales amp service acquired a new machine that cost 42000 in early 2008. the machine is expected to have a

Reviews

Write a Review

Accounting Basics Questions & Answers

  The syt corporation produces two consumer products and a

the syt corporation produces two consumer products and a by-product. zylon is ready for sale after split-off while

  The following transactions and adjusting entries were

the following transactions and adjusting entries were completed by a local delivery company called super swift. the

  During 20 2012 pam a single taxpayer reports the following

during 20 2012 pam a single taxpayer reports the following income and expense items relating to her interior design

  Compute the break-even point in dollars under each of the

denny manufacturing had a bad year in 2012. for the first time in its history it operated at a loss. the companys

  Listed below are the transactions of the wake up call

listed below are the transactions of the wake up call coffee inc. for the month of september2012. ??? sept 1 ? ?

  On january 1 2014 flip corporation had 560000 shares of 1

on january 1 2014 flip corporation had 560000 shares of 1 par value common stock issued and outstanding. there was a

  How much of the loss from the partnership

How much of the loss from the partnership can Jean deduct?

  Does the company have any other long term liabilities that

short summary about canon inc. and eastman kodak co. obtains any of its financing from long term liabilities for

  During the first year of operation 2012 martins appliance

determination of account balances-percent of receivables allowance method of accounting for uncollectible

  The executive sells for 200 expected sales for next year

problem letterman office service amp supply sells a variety of office equipment including the executive office chair.

  Indicate the generally accepted accounting principles

Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.

  Purple feet wine inc receives an average of 16000 in

purple feet wine inc. receives an average of 16000 in checks per day. the delay in clearing is typically three days.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd