User Account

All Pages

Compute the amount of gross profit recognized

Assignment Help Accounting Basics
Reference no: EM132107536

Question - Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2012 and completed in 2013. Cost and other data are presented below: Cost incurred during the year 2012 - $450,000Cost incurred during the year 2013 - $1,100,000Estimated cost to comple 2012 - $1,050,000 Estimated cost to comple 2013 - $0Billing during the year 2012 - $400,000 Billing during the year 2013 - $1,400,000 Cash collected during the year 2012 - $300,000 Cash collected during the year 2013 - $1,500,000. Assume that Beavis uses the percentage-of-completion method for revenue recognition.

Required: Compute the amount of gross profit recognized during 2012 and 2013.

Reference no: EM132107536

Questions Cloud

Exploring the value of project management : Discuss with colleagues the value of researching these topics and concepts in a specific scenario, which could relate to your current management role
What amount is the total direct labor price variance : Actual per hour labor rate $23.50 standard per hour labor rate 24.00. What amount is the total direct labor price variance
Should southwest become an international airline : How easy would it be to imitate this strategy? Is the strategy sustainable? Should Southwest become an international airline?
Did you use third person pronouns : ENG 115: Write an informative essay on the topic you have previously chosen. You will need to identify a problem, need, or process related to your topic.
Compute the amount of gross profit recognized : Assume that Beavis uses the percentage-of-completion method for revenue recognition. Compute the amount of gross profit recognized during 2012 and 2013
Discussion about the importance of business ethics : You are expected to demonstrate an analytical knowledge and critical understanding of different ethical perspectives, including ethical business objectives
Estimate for the time per customer? served : what do you estimate for the time per customer? served, based on this preliminary ?sample? ?(Round all intermediate calculations to two decimal? places.)
How can sensitivity analysis be incorporated in DCF analysis : When making long-term decisions, we need to apply the concept of discounted cash flows. How can sensitivity analysis be incorporated in DCF analysis
Set of observations : What is the standard? time, given a performance rating of 94 percent and an allowance of 19 percent of the total normal? time?

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