User Account

All Pages

Calculate the estimated gross profit

Assignment Help Accounting Basics
Reference no: EM131822582

I'd like some help, and explanation on a homework question.

Daisy Construction Ltd. has entered into a contract beginning January 1, 2014, to build a parking complex. It has estimated that the complex will cost 8 million and will take 3 years to construct

The complex will be billed to the purchasing company at $11.0 million. Details are as follows:

2014    2015                    2016

Costs to date $3,060,000 $6,435,000 $8,450,000

Estimated costs to complete 4,595,400 1,879,565 -0

Progress billings to date 4,000,400 6,300,000 11,000,000

Cash collected to date 3,500,400 5,000,000 11,000,000

Under the earnings approach: using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Round percent complete to 2 decimal places)

Reference no: EM131822582

Questions Cloud

Discuss how you would measure this dependent variable : Discuss how you would measure this dependent variable (think in terms of one simple way). Identifying variables and creating a testable hypothesis.
Determining the sample standard deviation : The sample mean was 18.1 with a sample standard deviation of 1.3. Do the data support the claim at the 5% level?
The subsidiary plan defines the risk responses : Scope includes project requirements. Scope baseline utilizes three documents including all of the following except?
Define fair-market values of Alberta assets and liabilities : Determination of Goodwill Refer to the preceding problem, number 2. Suppose the investment in Alberta Development was $350,000 instead of the $300,000.
Calculate the estimated gross profit : calculate the estimated gross profit that would be recognized during each year of the construction period
Discuss signs and risk factors that indicate abuse : Discuss appropriate questions when screening for family violence and abuse. Review and discuss signs and risk factors that indicate abuse
Cost of a daily newspaper varies from city : The cost of a daily newspaper varies from city to city. However, the variation among prices remains steady with a standard deviation of 20¢.
Obtain a sample mean : You conduct a survey of 49 students and obtain a sample mean of 5.1 with a sample standard deviation of 1.2. Do the data support your claim at the 1% level?
Mean number of sick days an employee takes : The mean number of sick days an employee takes per year is believed to be about 10. Members of a personnel department do not believe this figure.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd