User Account

All Pages

How the contract accounts will appear in the balance sheet

Assignment Help Accounting Basics
Reference no: EM131588351

Question - Chicago contractors got $7,000,000 contract to construct a school building for the City of Chicago. Work on this contract began in 2016 and the financial data pertaining to this contract is available here.

Cost incurred till Dec.31, 2016$1,400,000Billings made to City$2,000,000Amount collected from City$1,500,000The estimated future cost to complete this contract is $4,200,000.

1. Prepare Chicago contractors 2016 journal entries using percentage of completion method.

2. Show how the contract accounts will appear in the Balance Sheet of Chicago Contractors on 12/31/2016.

Reference no: EM131588351

Questions Cloud

Determine the total estimated uncollectibles : Question - Enge Company has accounts receivable of $108,000 at March 31. Determine the total estimated uncollectibles
Discuss elements of performance management : The purpose of this assignment is to simulate the thought process that managers use when evaluating the various elements of performance management
What does mill identify as the good : What does Mill identify as the good, and does it have these characteristics? What good does he seem to be referring to and does it have these characteristics?
What are the challenges of agile methodologies : What are the challenges of Agile methodologies when compared to the traditional SDLC?
How the contract accounts will appear in the balance sheet : Chicago contractors got $7,000,000 contract to construct a school building for the City of Chicago
Discuss purpose of types of leaves-of-absence : Discuss the components and purpose of types of leaves-of-absence, including FMLA, military, personal, and sabbaticals.
Combat opioid misuse in americas high schools : An Educational Campaign to Combat Opioid Misuse in Americas High Schools - develop campaign addressing opioid misuse in americas high schools.
Reveal about the writer of a document : What do written communication skills (proper grammar or correct spelling) reveal about the writer of a document?
What are water-soluble vitamins : What are the functions, benefits, deficiency risks, and toxicity risks of water-soluble vitamins?

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