Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Income recognition for a contractor - On October 15, 2010, Flanikin Construction Company contracted to build a shopping center at a contract price of $180 million. The schedule of expected and actual cash collections and contract costs is as follows:
Year
Cash Collections from Customers
Estimated and Actual Cost Incurred
2010
$36,000,000
$12,000,000
2011
$45,000,000
2012
$48,000,000
2013
$54,000,000
$24,000,000
TOTAL
$180,000,000
$120,000,000
Required -
a) Calculate the amount of revenue, expense, and net income for each of the four years under the following revenue recognition methods: (1) Percentage-of-completion method. (2) Completed contract method.
b) Show the journal entries Flanikin will make in 2010, 2011, 2012, and 2013 for this contract. Flanikin accumulates contract costs in a Contract in Process account. Although the costs involve a mixture of cash payments, credits to assets, and credits to liability accounts, assume for purposes of this problem that all costs are recorded as credits to Accounts Payable.
c) Which method do you believe provides the better measure of Flanikin Construction Company's performance under the contract? Why?
Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.
Prepare the journal entries to record the bond issue and interest expense.
Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.
Prepare Revenues budget and Production budget in units
Effect of exchange rate changes on cash and cash
You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.
A cost-benefit analysis of electronic medical records in primary care
Theory of Interest- Non-annual interest rates and annuities
How is job costing in service organizations different from job costing in manufacturing environments?
Accounting for bad debt expense
Accounting and Partnership problems
Development of relevant cash flows - Cost estimating and financial analysis
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd