Prepare archers journal entry to record profit

Assignment Help Cost Accounting
Reference no: EM13553783

Archer Construction Company began work on a $420,000 construction contract in 2012. During 2012, Archer incurred costs of $278,000, billed its customer for $215,000, and collected $175,000. At December 31, 2012, the estimated future costs to complete the project total $162,000.

Prepare Archer's journal entry to record profit or loss using

(a) The percentage-of-completion method and

(b) The completed-contract method, if any.

Reference no: EM13553783

Questions Cloud

Open a t-account for each account : Open a T-account for each account and record the adjustments directly in the T-accounts, keying each adjustment by letter. Show each account's adjusted balance - Journal entries are not required.
Determine what is the lowest resonant frequency : Your tube is a half meter long, with both ends closed. The speed of sound under current conditions (maybe different from the last experiment) is 339 m/s. What is the lowest resonant frequency
Prepare summary entries on the books : Prepare summary entries on the books of the consignor for these consignment sales transactions and prepare summary entries on the books of the dealer consignee, assuming there is only one dealer involved.
What is velocity of the boat after batman lands on it : Batman, mass = 91kg, jumps straight down from a bridge into a boat, mass =510kg, in which a criminal is fleeing. The velocity of the boat is initially =11m/s. What is the velocity of the boat after batman lands on it?
Prepare archers journal entry to record profit : Prepare Archer's journal entry to record profit or loss using the percentage-of-completion method and the completed-contract method.
Determine the speed of the stone : A stone is tied to a string (length = 0.950m) and whirled in acircle at the same constant speed in two different ways. First, the circle is horizontal and the string is nearly parallelto the ground. Next, the circle is vertical.
Determine what is the objects volume : You are given the task to determine the volume of an irregular shaped object. You hang it on a scale and measure its weight to be 27 N. What is the object's volume
What is the velocity of the object with the largermass : A 17 kg object and a 23 kgobject are connected by a massless compressed spring and rest on a frictionless table.After the spring is released, the object with the smaller masshas a velocity of 3m/s to theleft.
With what speed does the bucket strike the water : A 13.0 kg bucket of water of is suspendedby a rope wrapped around a pulley, which is just a solid cylinder0.300 m in diameter with mass 17.0 kg. The cylinder is pivoted on a frictionlessaxle through its center.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Evaluate the maximum depreciation expense

Evaluate the maximum depreciation expense

  Companys production output capacity

Determine what Company Zs operating profit would have been if it had sold 2,100,000 units during the year, which is 100,000 more units than in the example shown in table.

  Prepare a bank reconciliation for bills lawn care

The bank statement and the general ledger, prepare a bank reconciliation for Bill's Lawn Care as of June 30, 2014. Record any necessary journal entries.

  Review the companys year-end listing of accounts balances

Review the companys year-end listing of accounts balances - How can you tell from this listing of accounts that the business has not recorded its following three expenses for the year?

  Compute the cost per equivalent unit for materials

Compute the cost per equivalent unit for materials using the FIFO method - compute Costs per Equivalent Unit: Weighted-Average Method

  Consider the following potential investment which has the

consider the following potential investment which has the same risk as the firms other projectstimecash

  Discuss accounting treatment of bulgaris museum pieces

Discuss the accounting treatment of Bulgari's museum pieces, its implication and the understandability of disclosure

  How might your company benefit from using abc

Why is overhead allocation required in most manufacturing environments?

  Total financing sources in the amount

When the bonds are issued, the Enterprise Fund will report total financing sources in the amount of

  Find comparative income statements for the company

Find comparative income statements for the company similar to Exhibit 6.8 for the three different inventory costing methods of FIFO, LIFO, and weighted average.

  Q the sunrise hotel has 200 rooms each room rents at 110

q the sunrise hotel has 200 rooms. each room rents at 110 per night and variable costs total 16 per room per night of

  How much revenue will stelle recognize

The company spent an accumulated total of €6 million. How much revenue will Stelle recognize in Year 3 - How much revenue will Stelle recognize in Year 2?

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!

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