Journal entries-percentage of completion method

Reference no: EM1356625

Record the journal entries for each year using the % of completion method.

Show the partial accounts on the December 31 balance sheet for each year.

Show the January 1 to Dec 31 Income statement for each year.

Details below:

Year..........Const. costs.........Invoiced.......Cash Collected......%complete
2010.........2,500,000.........2,000,000.......1,800,000.................40
2011.........3,000,000.........4,100,000.......4,000,000.................75
2012.........1,500,000.........3,900,000.......4,200,000................100

Reference no: EM1356625

Reviews

Write a Review

Message

Accounting Basics Questions & Answers

Budget for production period

Antawn expects to sell 42,000 units of finished goods this period-How many units must he budget for production this period

Iasb fasb convergence issues

Describe how influential you believe the IASB is over FASB. Describe whether or not you support the U.S. adopting International Financial Reporting Standards for publicly traded companies.

Compute depreciation and cash flow

Ohare Company's only asset as of January 1, 2007, was limousine. During 2007, only three transactions occurred:

Bond transaction journal entries

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year:

Corporate social responsibility

What role(s) does corporate social responsibility play in the development of a safety-first culture? What documents and strategies can management adopt to ensure that a corporate safety-first culture exists?

Sale of central corporation stock

Assuming Karen is single, what are the amount and character of the loss recognized on the sale of the Central Corporation stock?

Prepare a partial income statement

The company mostly sells on a retail basis to household consumers, but occasionally receives large orders for tables and chairs from schools and businesses.

Fund balance of capital projects fund

Supposing the county has incurred $800,000 of construction costs on the project by end of its fiscal year (June 30,20x5), the fund balance of capital projects fund employed to account for this project would be?

Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

Compute the inventory turnover ratio

Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.

Role of financial institutions or derivative

Provide an example of financial institutions, and state what role they play in securities markets.

Rules for marital status and community property income

Explain the rules for marital status and community property income. Her address is 500 Elizabeth Street, Brownsville, Texas 78520.

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

User Account

All Pages