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Long-term Contracts Koolman Construction Company began work on a contract in 2017. The contract price is $3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: 2017 2018 Costs incurred during the year $ 600,000 $ 700,000 Estimated costs to complete, December 31 1,400,000 1,200,000 Billings during the year 500,000 850,000 Collections during the year 400,000 800,000 Required: 1. Compute the gross profit or loss recognized in 2017 and 2018. KOOLMAN CONSTRUCTION COMPANY Gross Profit / Loss 2017 and 2018 2017 2018 Construction costs incurred to date $ $ Estimated costs to complete Total estimated costs $ $ Percentage completed % % Revenue to date $ $ Revenue recognized in current year $ $ Costs incurred in current year Profit (loss) recognized $ $ 2. Prepare the appropriate sections of the income statement for each year. KOOLMAN CONSTRUCTION COMPANY Partial Income Statement For the Years Ended December 31, 2017 and 2018 2017 2018 Construction revenue $ $ Construction expense Gross profit (loss) $ $ Prepare the appropriate sections of the ending balance sheet for the year 2017. KOOLMAN CONSTRUCTION COMPANY Partial Balance Sheet December 31, 2017 Current Assets: Accounts receivable $ Inventory: Construction in progress $ Less: Partial billings Costs and recognized profit not yet billed Prepare the appropriate sections of the ending balance sheet for 2018. KOOLMAN CONSTRUCTION COMPANY Partial Balance Sheet December 31, 2018 Current Assets: Accounts receivable $ Inventory: Construction in progress $ Less: Partial billings Costs and recognized profit not yet billed
What creates the US federal government-wide financial statements? Who audits the statements? What is the audit opinion that the statements receive? What do most federal (and non-federal) entities receive?
case studyresearch question consists of a case study you are a graduate accountant working for white and associates a
Where do you see Excel being useful for anyone in the area of business when dealing with accounting, bookkeeping, and financial transactions? In your post, be sure to discuss accountants who are already using a computerized accounting system
An accountant of an audit client made the following statement: “It is important to read the notes to financial statements, even though they are presented in technical language and are incomprehensible. areas of misconception, incompleteness, or falla..
Suppose that management is considering preparing segmented information but is unsure on how to identify a segment and is unsure on why the information is important. Outline a brief memo to management explaining the importance of segmented information..
Rohr Training Services (RTS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients’ offices on the clients’ equipment. The only major expense RTS incurs is instructor salarie..
Assuming a 50% coverage C limit, calculate how much the Stillmans would receive if they filed a claim for the stolen items.
calculation of return on common stockholders equity.the following information is available for wenger
Hansen Construction, Inc., has consistently used the percentage-of-completion method of recognizing income. During 1997 Hansen started work on a $3,000,000 fixed-price construction contract. Explain how much loss should Hansen have recognized in ..
Explain how variable costing differs from absorption costing and compute unit product costs under each method, and Identify relevant and irrelevant costs and benefits in a decision situation.
Return on assets. Return on equity. Average stockholders' equity. Assuming that both Chase and Conor are in the same industry, which company appears to be the better investment and why?
The stockholders' equity section of the balance sheet for Pental, Inc., follows before the stock dividend. Common stock, $1 par, 100,000 shares issued and outstanding $100,000 Additional paid-in capital 50,000 Retained earnings 450,000 Total stockhol..
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