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In 2012, Gurney Construction Company agreed to construct an apartment building at a price of $1,200,000. The information relating to the costs and billings for this contract is shown below. Balance Sheet Accounts receivable—construction contract billings $18,000 Construction in process $65,000 Less: Contract billings 61,500 Cost of uncompleted contract in excess of billings 3,500 Income Statement Income (before tax) on the contract recognized in 2012 $19,500 2012 2013 2014 Costs incurred to date $280,000 $600,000 $ 785,000 Estimated costs yet to be incurred 520,000 200,000 –0– Customer billings to date 150,000 500,000 1,200,000 Collection of billings to date 120,000 320,000 940,000Instructions (a) Assuming that the percentage-of-completion method is used, (1) compute the amount of gross profit to be recognized in 2012 and 2013, and (2) prepare journal entries for 2013. (b) For 2013, show how the details related to this construction contract would be disclosed on the balance sheet and on the income statement.
Investigate the approach that Cisco Systems has used in its many successful acquisitions. What are some of the human resource practices that have made its acquisitions successful?
The exercise price on one of Flanagan Company's options is $15, its exrcise value is $22, and its time value is $5. What are the option's market value and the price of the stock?
What is the present value of dividends over the next five-year period if the required rate of return is 10 percent?
You read in the Wall Street Journal that thirty day T-bills are currently yielding 5.55. your brother-in-law, a broker at Safe and Sound Securities, has given you following estimates of current interest rate premiums;
A firm produces $124million of net income on$1600million of assets.Through a six sigma project,the firm is able to decrease the assets employed to $1450million. Given a 5% cost of capital, what is the increase in the EVA?
When observing the electric utility industry, how is deregulation associated with divestitures?
Explain why sunk costs should not be included in a capital budgeting analysis, but opportunity cots and externalities should be included. Give an example of each.
Risk as well as return of a stock involves calculation of expected return, standard deviation and variation
Local Co. has sales of $10.4 million and cost of sales of $6.4 million. Its selling, general and administrative expenses are $510,000 and its research and development is $1.2 million. It has annual depreciation charges of $1.3 million and a tax ra..
The new bonds wold be issued 1 month before the old bonds are called, with the proceeds being invested in short term government secruities returning 6% annually during the interim period. Perfom a complete bond refunding analysis. what is the bond..
You estimate that you will owe $42,800 in student loans by the time you graduate. The interest rate is 4.25 percent. If you want to have this debt paid in full within six years, how much must you pay each month?
In the midst of the Asian financial crisis, Malaysia's Prime Minister Mahathir Mohamad accused an international cabal of Jewish financiers of deliberately provoking the crisis to wreck Malaysia's economy.
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