User Account

All Pages

How much income is recognized in year

Assignment Help Accounting Basics
Reference no: EM132071670

Question - Noah Construction Company is building a large complex for a contract price of $5,000,000. This is a three-year project estimated to cost $4,000,000 and the following information is available:

($ in thousands) Year 1 Year 2 Year 3

Cost incurred $1,000 $1,500 $1,250

Estimated completion costs $3,000 $1,500 $ 0

Billings $ 750 $1,750 $2,500

Cash collected $ 500 $1,500 $3,000

Using the percentage-of-completion method of revenue recognition, how much income is recognized in Year 2? Please show all work! I really want to understand how to do this.

Reference no: EM132071670

Questions Cloud

Identify and evaluate change management validity tools : Sociologists have found that we love certainty, even if it is counterproductive. Eliminating risk entirely means that there is no chance of harm being caused.
What is the nominal rate on a three year treasury bond : The maturity risk premium for three year bonds is 1.3%. Liquidity premium is 3%, What is the nominal rate on a three year Treasury Bond?
Prepare the entry to write off the account on august : Coca-Cola Company uses the direct write-off method of accounting for uncollectibles. Please prepare the entry to write off the account on August 31
How might even individual conflict affect a team performance : How might even individual conflict affect a team's performance? Is there a systemic component to this consideration, and if so, how?
How much income is recognized in year : Using the percentage-of-completion method of revenue recognition, how much income is recognized in Year 2? Please show all work
Additional research to gain a better understanding : The primary introduction for this topic is in Chapter 4 of the textbook Principles of Information Security 5th edition; Michael Whitman
What are the minimum and maximum full-time enrollments : What are the minimum and maximum full-time enrollments? Which schools have the minimum and maximum full-time enrollments?
Why are the data that jack has gathered qualitative : THE PREVALENCE OF ANGER IN SERVICE CONSUMPTION SETTINGS discussion Module ? 7: CASE STUDY QUESTIONS Why are the data that Jack has gathered qualitative
Explain the strengths-based and wellness approach : Post by Day 3 a description of a strengths-based and wellness approach you might use when working with a student on a particular issue.

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