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At December 31, 2015, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $14,400,000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2015 for Seasons as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit a. $3,380,000 Credit b. $1,240,000 Debit c. $880,000 Debit d. $1,240,000 Credit Please show how are you getting your answer.
Determine whether the bonds sold at face value, a premium, or at a discount, and whether interest expense recognized each year for the bonds
Franklin Co. borrowed $40,000 from a bank on September 30, 2007 and agreed to pay it back in eight months at an interest rate of 15% per year. Calculate the amount of interest expense related to this loan reported in Franklin Co.'s 2008 income statem..
firm a has 10000 in assets entirely financed with equity. firm b also has 10000 in assets but these assets are financed
The trainer has covered the difference between manual accounting and computerized accounting. What questions do you have regarding the differences? Illustrate what are the advantages of computerized accounting versus manual accounting?
question describe what ratio analysis is to your classmates.what do you discover most difficult about ratio
Suppose your company sells services of $150 in exchange for $120 cash and $30 on account. Depreciation of $50 also is recorded. Prepare the journal entries to record these transactions. Calculate the amount that should be reported as net cash flow fr..
Prepare the journal entries necessary to close the temporary accounts on December 31, 2013, for Walker Spa. What is the balance in the Retained Earnings account after the closing entries are posted?
Given the information in 21 above, and with an additional investment in the partnership by Ray Davies of $20,000, and a withdrawal by Dave Davies of $5,000 please prepares a statement of Partner’s Equity.
The auto repair shop of Empire Motor Sales uses standards to control labor time and labor cost in the shop. The standard time for a motor tune-up is 4 hours. The record showing time spent in the shop last week on tune-ups has been misplaced; The actu..
Summarize IBM's common size income statement, based on IBMs Income statement data of its 2013 annual report, page 78. discuss the numbers and balance sheet ratios, and specify trends that identify areas of strength, stability and possible concern.
An investor currently has all of his wealth in Treasury bills. He is considering investing 80% of his funds in General Electric, whose beta is 4.50, with the remainder left in Treasury bills. GE has an expected return of 25% and Treasury bills have a..
Why is there a need to measure organizational performance and discuss the appropriateness of the use of ROI, RI, and EVA as performance measures.
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