User Account

All Pages

Percentage-of-completion process

Assignment Help Accounting Basics
Reference no: EM13131518

Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in 2013. During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.

Using the percentage-of-completion method, Indiana:

a. Recognized no gross profit or loss on the project in 2011.

b. Recognized $6 million loss on the project in 2011.

c. Recognized $9 gross profit on the project in 2011.

d. Recognized $36 million loss on the project in 2011.

Reference no: EM13131518

Questions Cloud

Describe the three broad types of irs audits : Describe the three broad types of IRS audits. Give an example of an issue that each type of audit might address, and indicate how frequently such audits are conducted by the IRS.
What is the cost to government for imposing the estate tax : What is the cost to government for imposing the estate tax and what is the cost to the taxpayer for imposing the estate tax on him?
How many grams of zn have been consumed : If 156 mL of wet H2 is collected over water at 24C and a barometric pressure of 736 torr, how many grams of Zn have been consumed?
How proposed survey addresses problem statement : Explain how the proposed survey addresses your problem statement. Determine if your survey questions are appropriate for researching your business problem, and explain why they are.
Percentage-of-completion process : Indiana Co. began a construction project in 2011 that will provide it $150 million when it is completed in 2013. During 2011, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.
How many grams of water should theoretically be produced : If 18.08 grams of ammonia (NH3) react, how many grams of water should theoretically be produced?
Description of pigeonhole principle : You pick cards one at a time without replacement from an ordinary deck of 52 playing cards. What is the minimum number of cards you must pick in order to guarantee that you get (a) a pair
Provide name the product of reaction : Name the product of reaction, Give and name the products when 3-t-butyl 2,4-dimethyl 1-hexene reacts iwth the following assume the proper catalysts are present
Estimating the bad debt expense : Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2010.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Average inventory for the year

Flagstaff Department Store had net credit sales of $13,000,000 and cost of goods sold of $10,000,000 for the year. The average inventory for the year amounted to $2,500,000.

  How much is the contribution margin ratio

Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?

  Income statements and financial performance of company

What 3 items of important information does the income statement reveal about the financial performance of the company over the last three years?

  What technique of accounting should web-browser use

What technique of accounting should Web-Browser use to account for its investment in Internet Access at 31 st December, 1998, and June 30, 1999 (i.e., cost or equity method)?

  Meaning of a favorable variance and an unfavorable variance

Prepare a memorandum - Does Cost of Goods Sold decrease or increase when concluding a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Cost of Goods Sold? Describe.

  International differences in accounting

Compare the accounting systems in 2 countries with differing legal systems. Explain why each country's system is the way it is.

  Total cash receipts of a sales company

The remainder is uncollectible. The following are budgeted sales data: January $60,000-February $70,000-March 50,000-April 30,000 - What would April's total cash receipts be ??

  Draw a cvp chart for the company

Seton Company manufactures a single product that sells for $360 per unit and whose total variable cost are $270 per unit. The company's annual fixed costs are $1,125,000. (1) Use this info to compute the company's (a) contribution margin, (b)contribu..

  Capital debt and interest expense

If 75% of a developer's capital is debt and his interest expense is 10% and 25% of his capital is equity at a 20% hurdle rate, what is his WACC?

  Capital stock of a danish subsidiary

Bowman Company reported translation adjustments in its stockholders' equity section of $2,000,000. Such adjustments were added to the other items disclosed in Bowman's stockholders' equity.

  What amount would appear in the july selling

What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?

  Activities accounts at the inception

Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at:

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd