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Perfectionist Construction Company was the low bidder on an office building construction contract. The contract bid was$9,000,000, with an estimated cost to complete the project of$7,000,000. The contract period was 30 months starting May 1, 2014.Because of changes requested by the customer, the contract price was adjusted downward to$8,600,000 on May 1, 2015. A record of construction activities for the years2014-2017 is as follows:
Year
Actual Cost
Progress Billings
Cash Receipts
Remaining Cost
2014
$1,900,000
$2,500,000
$5,150,000
2015
3,600,000
3,400,000
3,100,000
1,600,000
2016
1,670,000
2,700,000
2,500,000
0
2017
1,100,000
Prepare all journal entries and the relevant balance sheet entries for 2014-2017under thepercentage-of-completion method of revenue recognition
The new machine will cut operating costs by $10,000 each year for the next five years. Taylor's cost of capital is 8 percent. Should the firm replace the asset? (Use NPV methodology to solve this problem)
The partnership made an ordinary cash distribution of $10,000 to Marcie, and paid guaranteed payments to partners Marcie, Alice, and Pat of $20,000 each ($60,000 total). How much will Marcie's adjusted gross income increase as a result of the abov..
evaluate the synergies gained for the company as a result of the business combination and how the combined business is better positioned to compete in the global marketplace.
Make an adjusting enrty for the following. This is unadjusted TB. The book keeper incorrectly credited sales for a recipt onaccount for 4000.This error had not been corrected on Dec 31
At the end of the year, Watkins still holds only $20,000 of mechandise. What ammount of unrealized gross profit must Panner defer in reporting this investment using the equity method?
werner chemical inc leased a protein analyzer on 30th september 2013. the five-year lease agreement calls for werner to
Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
All assets are valued fairly. Pam decides to retire from the partnership. Calculate the remaining partners' capital balances after the Pam withdrawal under the following situations:
at the time, russ has paid $14,000 in premiums, and he collcts the $100,000 face value. how much of the proceeds is taxable to Russ?
Given these exact figures above, the dollar value of Whitewater's "earnings before interest and taxes" would ____ if the Canadian dollar appreciates; the dollar value of Whitewater's cash flows would ____ if the Canadian dollar appreciates.
Calculate the distribution of partnership net income (loss) for each independent situation below (for each situation, assume the average capital balance of P is $140,000 and of Q is $240,000).
Amy works as an auditor for a large major CPA firm. During the months of September thru and November of each year, she is permanently assigned to the team auditing Garnet Corporation. As a result, every day she drives from her home to Garnet and r..
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