Solution-Accounting for construction costs

Accounting for construction costs

Assignment Help Accounting Basics

Reference no: EM13869140

Wells Corporation uses the percentage of completion method of accounting for construction costs. For Construction Project A, Wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project. During the current year, the company accumulated the following information about this project:

Construction costs incurred for the year, $92,000Construction costs incurred to date (including this year's costs),

$200,000Estimated costs to complete,

$300,000Based on the previous information, prepare a schedule to determine the amount of loss that Wells Corporation should recognize for the current year.

Reference no: EM13869140

Questions Cloud

What is the purpose of a cross join in mdx : What is the purpose of a cross join in MDX? Specifically, what gets returned as the result of a cross join.

Compute how much total expenditures the state : A state whose fiscal year ends June 30, 2013, had the following transactions and events. For each item, compute how much total expenditures the state will report in the General Fund Statement of revenues, expenditures and changes in fund balance f..

Calculate the maximum velocity it attains : The acceleration of a motorcycle is given by ax (t) = At - Bt2, where A = 1.50 m/s3 and B = 0.120 m/s'. The motor cycle is at rest at the origin at time t =0 a) Find its position and velocity as functions of time b) Calculate the maximum velocity it ..

Write a query to display the columns listed : Write a query to display the columns listed below. The query should list each customer once, whether they have rented a movie or not. Where the customer has rented a movie it should show only the first rental date. The output should be sorted by m..

Accounting for construction costs : Wells Corporation uses the percentage of completion method of accounting for construction costs. For Construction Project A, Wells had previously recognized revenue of $250,000 out of a total of $800,000 for the project.

How can i design a distributed shared memory over sockets : How can I design a distributed shared memory over sockets? Using two or more computers, i want project includedistributed system shared memory between to computer.

Inputs to maximize short-run profits : A price taking firm chooses its inputs to maximize short-run profits. Its Cobb-Douglass production function has the following form: q(L, K) = L ^(1/2)K^(1/3) . The output price is 1,000 per unit and the cost of each unit of input is 10. In the short-..

The angle between the direction of a and positive direction : The x and y components of a vector A are -25.0 m +40.0 m. respective y. What is the angle between the direction of A and positive direction of x?

Monopolist faces an inverse market demand : A monopolist faces an inverse market demand P(Q) = 200 − 1 2Q and a marginal cost of MC(Q) = 20 + Q. What is the unregulated monopolist’s optimal quantity? What would an appropriate regulatory instrument to bring this market back to efficiency? What ..

User Account

All Pages

Accounting for construction costs

Reference no: EM13869140

Reference no: EM13869140

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT