Reference no: EM132490124
In 20X5, Build-It Corp. (BIC) was awarded a fixed-price contract of $9,400,000 to construct a warehouse for a client. Work began in 20X5 and was completed in 20X7. BIC originally estimated the project costs at $8,500,000. A schedule of actual costs and revised estimates, together with progress billings and collections, follows: (in 000s) 20X5 20X6* 20X7** Cumulative costs incurred 1,900 6,400 8,800 Estimated costs to complete 6,800 2,800 0 Progress billing during the year 2,200 6,800 400 Collections during the year 1,500 7,000 900 *
- This revised cost data was not known in 20X5. ** This revised cost data was not known in 20X6. BIC reports its financial results in accordance with IFRS. Its year end is December 31. It uses the cost-to-cost method to determine construction revenue. Project completion is considered a single performance obligation that will be satisfied over time. Intermediate Financial Reporting 1 Project 1 7 / 9
Required:
Question 1: Prepare required summary journal entries complete with explanations for each of the 20X5, 20X6, and 20X7 fiscal years. (Round the percentage of completion to one significant decimal place - for example, 16.4% - to determine the amount of revenue to be recognized in each year.)
|
Prepare the journal entry for samson wholesale beverage
: Prepare the journal entry for Samson Wholesale Beverage for the transfer of accounts receivable on April 30, assuming the sale criteria are met.
|
|
Write a mongodb query in r or python
: Write a MongoDB query in R or Python to display all the students having received a score higher than 60 in an exam - Write a MongoDB query in R or Python
|
|
What amount of accrued interest would jackson record
: What amount of accrued interest, rounded to the nearest dollar, would Jackson record on its December 31, 2018 Balance Sheet?
|
|
Highlight the positive characteristics of fungi
: It is not uncommon for fungi to get a bad reputation because of diseases like athlete's foot, ringworm, and yeast infections. You have been hired by AAFL
|
|
Prepare required summary journal entries complete
: Prepare required summary journal entries complete with explanations for each of the 20X5, 20X6, and 20X7 fiscal years. (Round the percentage)
|
|
Childhood illnesses and management
: knowledge and other resources to design, implement, and evaluate meaningful, challenging curriculum that promotes comprehensive developmental and learning
|
|
Make and allocate purchase price between two deliverables
: Prepare XYZ's journal entries for each of December 31, 20X4, January 1, 20X5, December 31, 20X5, January 1, 20X6, December 31, 20X6, and January 1, 20X7
|
|
Mixture of maternal and paternal inheritance
: DNA extracted from the nucleus is a mixture of maternal and paternal inheritance, while DNA removed from the mitochondria is exclusively inherited
|
|
Identifying the genetic parents of an offspring
: Explain why DNA fragmentation is so highly effective in accurately identifying the genetic parents of an offspring.
|