Reference no: EM132937469
Angel Constructions, Inc. has the following data in its Jobs in Progress Account for the year just ended:
Project No. 103
Costs to Date 9,800,000
Estimated Total Cost at Completion 12,250,000
Contract Price 17,500,000
The company accounts for its large jobs by the percentage of completion method. Billings are done as follows:
a. 20% down payment upon contract signing as mobilization fee
b. Amount billed to client is according to percentage of completion, less portion of the down payment
c. 10% retention fee deductible at the last billing
Required:
Problem (1) Entries to record
a. Down payment
b. Costs of construction
c. Billing to clients
Problem (2) Determine the balances of the following accounts
a. Construction in progress
b. Progress Billings
|
How detweiler technologies should report current liabilities
: Suppose Detweiler Technologies borrowed $2,000,000 on December, How Detweiler Technologies should report its current and long-term liabilities for this debt.
|
|
What was the cpi to the nearest tenth
: If the price of a school bus increased at the same rate as the CPI from 1950 to 1984, what was the CPI to the nearest tenth in 1950?
|
|
Describes the type of pay johan received
: Johan is filling out a job application, Which of the following best describes the type of pay Johan received - piece rate, hourly wage, or annual salary?
|
|
Depicting the student experience
: A university has hired you as a consultant to better understand its student's enrolment experience, requesting for a student oriented service blueprint.
|
|
Determine the balances of construction in progress accounts
: Determine the balances of the Construction in progress accounts. Amount billed to client is according to percentage of completion, less portion of down payment.
|
|
Structure of the largest healthcare organization
: Healthcare organizations of different sizes operate in your community. These organizations vary by the number of units and departments.
|
|
Identify and discuss the employee relations
: Clearly identify and discuss the employee relations (ER) issues you see occurring at CBC, focusing mainly on the root causes of those issues (e.g. obviously pay
|
|
Research historical perspective of unions
: Research historical perspective of unions then evaluate the union's involvement at your current employer. Describe how a union program might increase worker att
|
|
How much amina should spend each month on rent
: What is the "rule of thumb" on how much Amina should spend each month on rent? Amina makes $48,000 per year before taxes and takes home around $3500.
|