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G.C Company was awarded a contract to construct an interchange at the junction of U.S. 94 and highway 30 at a total contract price of $4000000. the estimated total costs to complete the project were 3000000.
a) Record construction costs of 1800000 on construction in process to date.
b) Record progress billings of $ 1000000
c) Record the recognition of profit that can be recognized to date, on a percentage of completion basis.
The average number of days to collect receivables during 2001 was
What would be the effect of the project on 2009 operating income under the percentage-of-completion method and the completed contract method?
Assume that total sales for January are budgeted to be $50,000. What are the expected cash receipts for January from the current and past sales?
A manufacturer is developing a new board game geared towards children. To be competitive with other board games, the company has set a target price of $25 for the game. The company likes to maintain a target profit equal to 35 percent of the produ..
What is an agency relationship, and what are agency costs? How do these concepts apply to your investment in the oil and gas partnership?
Prepare the necessary December 31 adjusting journal entry to record depreciation for the current year assuming the company uses:
At normal capacity of 8,000 units, budgeted manufacturing overhead is: $48,000 variable and $135,000 fixed. If Wayman had actual overhead costs of $187,500 for 9,000 units produced, what is the difference between actual and budgeted costs
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?
Julie owns 100% and is an active participant in the rental real estate activity. What is Julies taxable income in 2010?
It did not pay any dividends during the year. By what amount would Athlon's investment in Opteron Corporation increase for the year, if Athlon used the equity method.
On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plu..
Prepare the stockholders' equity section of the balance sheet at December 31, 2009. Amounts in parentheses do not require a minus sign in front of them.
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