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Q. Explain about Percentage of completion method?
The percentage-of-completion method makes out revenue based on the estimated stage of completion of a long-term project. To calculate the stage of completion firms compare actual costs incurred in a period with the total estimated costs to be incurred on the project. To exemplify assume that a company has a contract to build a dam for USD 44 million. The approximate construction cost is USD 40 million. You compute the estimated gross margin as follows
The firm distinguish the USD 4 million gross margins in the financial statements by recording the assigned revenue for the year and then deducting actual costs incurred that year. The formula to recognize revenue is as
(Real construction costs incurred during the period / Total estimated construction costs for the entire project for period) * Total sales price=Revenue recognized
Difference between Fica and federal income taxes Employers should file Form 940 with the IRS at the end of every calendar quarter. There are several rules about when to turn i
On october 31 A fund accrued 2000.00 for legal fees. In November 2000 the fund received an invoice. for October 2008 legal fees for an amount of $2500 and paid the invoice on Nov
Cross indexing is made up
Q. Show Effects of transaction? A prepaid insurance, asset, increases (debited) and cash, decreases (credited), asset by USD 2400. The debit is to Prepaid Insurance relatively
On December 31, 2013, a company issues bonds with a par value of $600,000. The bonds mature in 10 years, and pay 6% annual interest, payable each June 30 and December 31. The bon
ERS is a business process among trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN)
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
What are the accounting Principles?
At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl
How would I plot these problems in a T-account? d. received applications from three students for a 4-week secretarial program and 2-students for a ten day keyboarding course. The s
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