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1. A construction company entered into a fixed-price contract to build an office building for $44 million. Construction costs incurred during the first year were $14 million and estimated costs to complete at the end of the year were $21 million. The building was completed during the second year. Construction costs incurred during the second year were $22 million.
How much gross profit will the company recognize in the first year and in the second year applying the completed contract method? (Enter your answers in whole dollars.)
2. On July 1, 2013, Apache Company sold a parcel of undeveloped land to a construction company for $4,900,000. The book value of the land on Apache's books was $1,960,000. Terms of the sale required a down payment of $245,000 and 19 annual payments of $245,000 plus interest at an appropriate interest rate due on each July 1 beginning in 2014. Apache has no significant obligations to perform services after the sale.
What should be the balance in the deferred gross profit account at the end of 2014 applying the installment sales method?
1. A company's 7% coupon rate, semiannual payment, $1,000 par value bond that matures in 30 years sells at a price of $648.62. The company's federal-plus-state tax rate is 30%. What is the firm's after-tax component cost of debt for purposes o..
mountain states cable co. provides cable tv and internet service to the local community.the activities and activity
The net present value of the investment, excluding the intangible benefits, is -$326,237. To the nearest whole dollar how large would the annual intangible benefit have to be to make the investment in the aircraft financially attractive?
In November 2006 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Pre..
A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land wo..
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The accountant preparing the income statement for Bakersfield, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December 31, 2010. Assume a tax rate of 40 percent.
Determine the prorated amount of the over-applied factory overhead that is chargeable to each of the accounts and prepare the journal entry to close the credit balance in Under- and Over-applied Factory Overhead.
If Edsel uses the sales revenue approach for estimating bad debt expense, the income statement should show an expense of??
How much do external failure costs change if all changes are as anticipated with the new prevention procedures? Assume all units produced are sold and there are no ending inventories.
jacks lumber yard receives 8000 large trees each period that it subsequently processes into rough logs by stripping off
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