User Account

All Pages

Compute the amount of gross profit recognized

Assignment Help Accounting Basics
Reference no: EM132058101

Question - McCombs Contractors received a contract to construct a building for a price of $ 700,000, 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

150,000

242,000

Estimated costs to complete

350,000

168,000

Billings during the year

120,000

250,000

Cash collections during the year

100,000

260,000

Required: Compute the amount of gross profit recognized during 2017 and 2018.

Reference no: EM132058101

Questions Cloud

Calculate the minimum concentration : Calculate the minimum concentration of 100.0 m L of sodium sulfate that is required to form a precipitate with 100.0 m L of 1.00 * 10^-2 M calcium nitrate.
Create a list of similarities and differences : Create a list of similarities and differences: See Unit III, Lesson 2, for more instruction about how to create a list.
Strategic plan for student career for five years : Develop an operational plan for getting a job or a strategic plan for their career for five years - An Executive Summary should be done for the paper
What is the resulting volume of octane : The pressure on 250 mL of octane gas is decreased from 103 kPa to 94.0 kPa, with temperature remaining constant. What is the resulting volume of octane?
Compute the amount of gross profit recognized : McCombs Contractors received a contract to construct a building for a price of $ 700,000, Compute the amount of gross profit recognized during 2017 and 2018
Employee leave under the family and medical leave act : During an employee’s leave under the Family and Medical Leave Act, an employer must guarantee employment when the employee returns to work.
Hydrogen gas is burned in a complete combustion reaction : Hydrogen gas is burned in a complete combustion reaction.
Sample of sulfur dioxide gas heated : To what temperature was a sample of sulfur dioxide gas heated to if a 500 mL sample initially at a temperature of - 15.0 degrees celsius
Discuss the importance of user technology security education : Discuss the importance of user technology security education within organizations. What topics should be included in security education and training?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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