User Account

All Pages

What portion of the total contract price

Assignment Help Accounting Basics
Reference no: EM131795298

Question - Meyer Corporation uses the percentage-of-completion method to account for work performed under long-term construction contracts. Meyer began work under contract #7031-21, which provided for a contract price of $3,645,000. Additional data is as follows:

2007 2008

Costs incurred during the year 563,000 1,764,000

Estimated costs to complete, as of Dec 31 1,500,000 -0-

Billings during the year 580,000 2,875,000

Collections during the year 525,000 2,670,000

Instructions:

(a) What portion of the total contract price would be recognized as revenue in 2007 and in 2008?

(b) Prepare a complete set of journal entries for 2008 under the percentage-of-completion method?

Reference no: EM131795298

Questions Cloud

What aspects of the situation are out of your control : What aspects of the situation are under your control? Explain. What aspects of the situation are out of your control?
Compute roe and a three-factor roe decomposition : Compute ROE and a three-factor ROE decomposition for the Company for the years ended 2014 and 2013
Accommodation includes-conducting a service audit : Conducting a service audit. The concept of continuous quality improvement. Accommodation includes:
Should the proponent use a hypothesis test : Should the proponent use a hypothesis test or a confidence interval to answer this question? Explain.
What portion of the total contract price : What portion of the total contract price would be recognized as revenue in 2007 and in 2008? Prepare a complete set of journal entries for 2008
Organize cooperation of labor in the economy : Explain the two theoretically possible ways to organize cooperation (division) of labor in the economy. Discuss evidence as to which method works best.
Which of the following is the best interpretation of p-value : The p-value is the probability of getting exactly the result obtained, assuming that incentives are effective in this context.
Average reasonably well educated person : Why the knowledge of economics has not spread from the economics profession to the average reasonably well educated person?
What is allens net investment income tax liability this year : What is Allen's net investment income tax liability this year. Round to the nearest whole dollar amount.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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