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Completed-contract method. Janis Company contracted with its 80%-owned subsidiary, Essuman Equipment Company, for the construction of two stamping machines. The ?rst machine was completed and put into operation on July 1, 20X1. It cost Essuman $60,000 and has a 5-year estimated life with no salvage value. The contract price was $75,000. The machine is being depreciated on a straight-line basis. The second machine, with an estimated total cost of $90,000 and a contract price of $120,000, was 80% complete on December 31, 20X1. To date, costs on the second contract total $72,000. By the statement date, Janis had completely paid for the ?rst machine and still owed $3,000 of the $60,000 billed to date on the second machine. Essuman uses the completed-contract method to account for its long-term construction contracts.
1. Prepare the necessary eliminations for the consolidated worksheet on December 31, 20X1.
2. What are the effects of these contracts on the income distribution schedules?
Illustrate what is the weakest point in this network on which forensic investigators should concentrate their efforts for determining whether money laundering is occurring?
Diston Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 23,000 units in its beginning work in process inventory that were 15% complete with respect..
Compute the fixed asset turnover for each company and which company uses its fixed assets more efficiently? Explain.
What is the Break- Even Point or How many cupcake must be sold to break even, given a time horizon of one year? What is the break-even point if the time horizon is changed to two years?
Which of the following is a problem resulting from the emphasis on earnings? A public traded firm must have. Who is responsible for selecting, hiring and compensating the external auditors?
The Cavy Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for..
Perform transaction analysis and indicate the account, amount, and direction of the effect on the account equation
customer profitability analysisomega printers ltd handles printing jobs. joe patterson finds that serving some clients
Determine the variance between the flexible budget and actual cost for each cost item.
Who are the users of ratio analysis and Describe what ratio analysis is to your classmates.
A recent annual report for Target contained the following information (dollars in thousands) at the end of its fiscal year: Determine the bad debt expense for year 2 based on the preceding facts
Assigning responsibilities in various responsibility centers and Advertising is handled by the corporate marketing departments, but the sales office controls a SMALL operating budget for entertainment expenses.
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