User Account

All Pages

What portion of the total contract price

Assignment Help Cost Accounting
Reference no: EM13543391

Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2012, Hamilton began work under contract #E2-D2, which provided for a contract price of $2,200,000. Other details are as follows.

1390_What portion of the total contract price.PNG

Instructions

(a) What portion of the total contract price would be recognized as revenue in 2012? In 2013 ?

(b) Assuming the same facts as those shown on page 1139 except that Hamilton uses the cost-recovery method of accounting, what portion of the total contract price would be recognized as revenue in2013?

 

Reference no: EM13543391

Questions Cloud

What was the investors actual real after tax rate of return : What was the investors actual real after tax rate of return and the firm may ask a bank for which of the following to allow it to obtain the permits?
Prepare a multiple-column cash receipts journal : Prepare a multiple-column cash receipts journal a multiple-column cash payments journal - record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.
Prepare adjusting entries required of financial statements : For each of the followig separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013.
Journalize the payment of bond interest on january : Journalize the payment of bond interest on January 1, 2013 - Prepare the entry to amortize bond premium and to pay the interest due on July 1, 2013, assuming no accrual of interest on June 30.
What portion of the total contract price : Same facts as those shown on page 1139 except that Hamilton uses the cost-recovery method of accounting, what portion of the total contract price would be recognized as revenue in2013?
What is the cost of the raw materials requisitioned : What is the cost of the raw materials requisitioned in June for each of the three jobs and how much direct labor cost is incurred during June for each of the three jobs?
Prepare an income statement for july : Prepare an income statement for July, a retained earnings statement for July, and a balance sheet as of July 31 - Determine the amount of retained earnings as of July 1 of the current year.
What is the dollar amount of income : London purchased a piece of real estate last year for $82,200. The real estate is now worth $103,400. If London needs to have a total return of0.20 during the year, then what is the dollar amount of income that she needed to have to reach her obje..
Prepare the liabilities section of pedricks balance sheet : Identify which of the above liabilities are likely current and which are likely longterm. Say if an item fits in neither category. Explain the reasoning for your selection.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Calculate the actual cost per pound of fiberglass

Calculate the actual cost per pound of fiberglass purchased during August and calculate the direct materials purchase price variance for August.

  What is the balance in accounts receivable on march 31

Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on Marc..

  How much will retained earnings be reduced

how much will retained earnings be reduced and what is the par value of the common stock to be issued? (c) What is the paid-in capital on common stock?

  How the selected system would work to track the costs

Describe how the selected system would work to track the costs of the product, identify the cost driver, and explain the process of tracking the costs and provide examples of products that EEC might offer for which a job-order costing system would be..

  Prepare the adjusting entries needed at july 31

Prepare the adjusting entries needed at July 31, 2012 - Contreras owed employees $1,100 in salaries that the company will pay in August.

  Compute the cost of goods sold for spargus manufacturing

Compute the cost of goods sold for Spargus manufacturing, selecting the appropriate items from the list provided.

  Questionon january 1 2002 platte company purchased 80

questionon january 1 2002 platte company purchased 80 percent of the common stock of river company.during 2002 river

  How merchandise will be treated on financial statements

Explain how the merchandise will be treated on any of the financial statements at year-end. In which year will revenue from the sale be recorded?

  Find the following statements is correct

Jay sold land (a capital asset) to an unrelated party for $20,000 cash and a 9% note for $100,000 due in two years. His basis in the land was $40,000. Which of the following statements is correct?

  Should he firm always place most emphasis on product

Suppose that a firm produces two products. Should the firm always place the most emphasis on the product with the largest contribution margin per unit? Explain.

  Construct a partial income statement

Construct a partial income statement beginning with income from continuing operations - Discontinued operations.

  Compare results for the cost flow assumptions

Morse Inc. is a retail company that uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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