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1. Discuss the revenue principle and the matching principle as per the generally accepted accounting principles (GAAP).
2. Contrast the percentage-of-completion method of revenue recognition versus the completed contract method.
3. Solve this accounting problem for the ABC grocery company relating to revenue and expense recognition as per GAAP: ABC Corporation uses the percentage-of-completion method of accounting. In 2010, ABC entered into a contract for a contract price of $2,000,000. 2010 Costs incurred during the year 600,000 Estimated costs to complete as of Dec 31 900,000 Billings during the year 400,000 Collections during the year 300,000 1. What portion of the total contract price is recognized as revenue in 2010? 2. What is the profit recognized for 2010? 3. Prepare the journal entries for 2010 under the percentage completion method.
foggy mountain company manufactures several styles of banjos. management estimates that during the second quarter of
What is the bond interest expense for year 1?
a company has inventory of 17 units at a cost of 23 each on june 1. on june 3 it purchased 33 units at 25 each. 22
The company actually worked 6,480 machine-hours during the month. The standard hours allowed for the actual output of the month totaled 6,370 machine-hours. What was the overall fixed overhead budget variance for the month?
What is the materials price variance for the month and what is the materials quantity variance for the month
the varone company makes a single product called a hom. the company has the capacity to produce 40000 homs per year.
Water works Inc has a current ratio of 1.33, current liabilities of 540,000 and inventory of 400,000. What is water works quick ratio
Harrel Company acquired a patent on an oil extraction technique on January 1, 2010 for $5,000,000. It was expected to have a ten-year life and no residual value. Harrel uses straight-line amortization for patents. On December 31, 2011, the future ..
Prepare an analysis and determine which plan will result in the higher earnings per share of common stock. Recommend one plan to the board. Give reason
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what are erosion costs? provide one real-life example of an erosion cost for a project. should erosion costs be
in 1970 mr. and mrs. self purchased their first principal residence for 80000. in 1995 they sold the house for 300000
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