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Willingham Construction Company uses the percentage-of-completion method. During 2007, the company entered into a fixed-price contract to construct a building for Richman Company for $30,000,000. The following details pertain to the contract: Percentage of completion Estimated total cost of contract Gross profit recognized to date At December 31, 2007 25% $22,500,000 1,875,000 At December 31, 2008 60% $25,000,000 3,000,000 The amount of construction costs incurred during 2008 was
a. $15,000,000
b. $ 9,375,000
c. $ 5,625,000
d. $ 2,500,000
Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification.
Chris White was a forestry technician who had been searching for several years for a business opportunity to combine with his forestry career
During the current year, ALF Partnership reported the following items of receipts and expenditures: $200,000 sales, $10,000 utilities, $12,000 rent, $50,000 salaries to employees, $30,000 guaranteed payment to partner Lloyd, investment interest in..
what is the amount of interest expense recorded by Pirate, Inc. in the first year of the asset's life?
Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.
For the month of March, the company planned for activity of 5,700 units, but the actual level of activity was 5,660 units. The actual selling and administrative expense for the month was $522,860.
Stowers Research issues bonds dated Jan 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years.
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
Brill Company's July sales budget calls for sales of $800,000. The store expects to begin July with $30,000 of inventory and to end the month with $35,000 of inventory. Gross margin is typically 40% of sales. Determine the budgeted cost of merchan..
What amount of unrelaized gross profit must Panner defer in reporting this investment using the equity method?
Last year, Loon sold an appreciated asset for $600,000 (basis of $200,000). Payment for one half of the sale of the asset was made this year. How much of Wendy's distribution will be taxed as a dividend?
if a company liquidates, which investment has priority? what if you had preferred stock?
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