Solution-What amount of Contract costs incurred

What amount of Contract costs incurred

Assignment Help Accounting Basics

Reference no: EM132440933

Question - Reith Riley Construction Company uses the input method based on costs incurred to recognize revenue from a performance obligation satisfied over time. During Year 1, Reith Riley entered into a fixed-price contract to construct a shopping mall for $20 million. Information relating to the contract is presented below

	December 31
	Year 1	Year 2
Percentage of completion	20%	60%
Estimated total costs at completion	$15,000,000	$16,000,000
Gross profit recognized (cumulative)	1,000,000	2,400,000

Required - What amount of Contract costs incurred during Year 2 should be reported?

Reference no: EM132440933

Questions Cloud

Discuss any visual art related event : Discuss Any visual art related Event/exhibition/venue Possible events may include exhibitions at museums, art galleries, art fairs, public/community art.

Discuss the barriers of cross-functional teams : Discuss the barriers of cross-functional teams in purchasing/supply management both internally and externally

Define evidence-based instructional strategies or models : How can you ensure you are staying current in evidence-based instructional strategies or models that support diverse learning needs of your students?

Speed on the acquisition process : You have an idea as to what is needed to acquire those resources, but you are not sure what the procedures are in your new firm.

What amount of Contract costs incurred : Reith Riley entered into a fixed-price contract to construct shopping mall for $20 million. What amount of Contract costs incurred during Year 2 reported

Lead employees to make certain choices : As a student of organization behavior, having an opportunity to investigate what factor's lead employees to make certain choices

Identify a fictional character that represents who you are : Your task is to identify a fictional character that represents who you are or how you see your life: someone you identify with. The character could be from.

Behavior stands to benefit by taking a global perspective : What would you say are the major challenges associated with such a perspective?

Discuss your goals for the remainder of your time : The purpose of this assignment is to reflect on your academic story to date, as well as discuss your goals for the remainder of your time at Kean University.

User Account

All Pages

What amount of Contract costs incurred

Reference no: EM132440933

Reference no: EM132440933

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT