User Account

All Pages

Compute the amount of gross profit

Assignment Help Financial Accounting
Reference no: EM13513640

During 2012, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2014. The following information is available.

1207_Compute the amount of gross profit.PNG

Instructions

(a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of completion method is used.

(b) Prepare all necessary journal entries for 2013.

(c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method isused.

Reference no: EM13513640

Questions Cloud

Define a chemist creates a buffer using benzoic acid : A chemist creates a buffer using benzoic acid (Ka=6.30*10^-5) and sodium benzoate by mixing 50.00mL of 0.950M benzoic acid with 40.00mL of 0.850M sodium benzoate.
Determine the net force on the system : An electron and proton are separated by 2.0 nm. What is the net force on the system
Explain hcl was used to back titrate the solution : A 0.2570g of pure sulfamic acid, HSO3 . NH2, is neutralized by a KOH solution. A 25.70 mL of KOH was added to the solution and 3.40 mL of HCl was used to back titrate the solution.
What is the magnitude of the electric force between them : In a Certain Organic molecule, the nuclei of two carbon atoms are separated by a distance of 0.25 nm. What is the magnitude of the electric force between them
Compute the amount of gross profit : Compute the amount of gross profit to be recognized each year, assuming the percentage-of completion method is used and prepare all necessary journal entries for 2013.
Obtain the magnitude of the velocity of the rock : A rock is thrown from the roof of a building with a velocity v(0) at an angle alpha(0) of from the horizontal. Calculate the magnitude of the velocity of the rock just before it strikes the ground
Explain the delta h(rxn) was determined using hess''s law : Nitrogen gas when combined with hydrogen gas forms ammonia gas according to the following equation N2(g) + 3H2(g) = 2NH3(g). Delta H(rxn)=-56 kJ. The delta H(rxn) was determined using Hess's Law and the following three related reactions:
Determine how old is the material : Carbon-14 has an activity of 0.25 Bq per gram of carbon for living organisms. The half-life of Carbon-14 is 5730 years. how old is the material
State how you would prepare of a solution : Explain how you would prepare 500.0mL of a solution that is 0.100M H2SO4 from concentrated 18.0M H2SO4, which is a liquid density 1.82 g/mL.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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