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Muscle Construction signs a contract to build a classroom addition for Smallville High School. The total price for the addition is $800,000, and the initial cost estimate was $650,000. The project is expected to take 18 months to complete. The project was begun in 2006 and finished in 2007. Muscle Construction uses a calendar year for reporting purposes. The following details are from 2006 and 2007: For 2006: Cost incurred: $350,000, Billings: $400,000, Collections: $390,000, Estimated cost to complete: $350,000.
For 2007: Cost incurred: $280,000, Billings: $400,000, Collections: $350,000. Calculate the amount of gross profit Muscle Construction should recognize in 2006, using the percentage-of-completion method.a) $85,000
b) $75,000
c) $50,000
d) $48,750
Explain what is meant by "Rate of Return." Why does a business owner need to understand rate of return. Your client has told you that he only cares about cash flow. As long as he can pay his bills and take out some capital form the business, he do..
Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can.
A department store has budgeted cost of sales of $36,000 for its men's suits in March. Management also wants to have $15,000 of men's suits in inventory at the end of March to prepare for the summer season.
Only executives are permitted to buy yogurt machines at a discount. What is Sarah's adjusted basis for the yogurt machine and how much must she include in her gross income?
Contract law is the basis for the legal liability at common law of an auditor to his/her client. From which of the following may the auditor's liability arise?
Assume Green Leaf Nursery anticipated sales of $500 in the first quarter. Accounts receivable at the beginning of the year was $300. Assuming a collection period of 30 days, which is the approximate beginning balance for the second quarter?
Complete the income statement through gross profit for the year ended December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Actual cost of direct materials purchased and used, $176,000 Unfavorable direct-material quantity variance, $9,400The direct-material price variance is:
Big Co. acquired 1,000 shares of voting stock in Little Co. for $100,000 cash. Little Co. currently has 10,000 shares of voting stock issued and outstanding. Little Co.'s shares are trading at $115 per share. Big Co. subsequently receives a divide..
Explain why it might make sense for this company to award bonuses based on sales growth. How might this approach encourage poor business decisions when compared to a bonus plan tied to earnings?
On January 2 of the current year, Gamma liquidates and distributes all property to Marsha except that Gamma retains cash to pay the accounts payable and any tax liability resulting from Gamma's liquidation. Assume that Gamma has no other taxable i..
In the current year, David and Debbie Wayland, both successful physicians, made cash investment for a limited partnership interest in a California berry farm. In addition to the cash obtained from the investors-Identify the tax issues facing the W..
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