User Account

All Pages

Calculate the gross profit to be recognized each year

Assignment Help Accounting Basics
Reference no: EM133150233

Question - Wildhorse Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.8 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:

 

2019

2020

2021

Costs incurred during the year

$647,000

$818,000

$725,900

Estimated costs to complete

1,493,000

721,000

0

Required - Calculate the gross profit to be recognized each year using the completed-contract method.

Reference no: EM133150233

Questions Cloud

Prepare audrey statement of cash flows for the fiscal year : Prepare Audrey's Statement of Cash Flows for the fiscal year ended September 30, 2001 assuming the call took place
By how much would gross profit for the period be greater : The company decided to use LIFO and sold two shredders in January. If company had used FIFO, by how much would gross profit for the period be greater or less
What is the peg ratio : PEGCOR has a? P/E ratio of 18.2. Earnings per share are $1.95?, and the expected EPS 5 years from today are $2.83. What is the PEG ratio
How much must she deposit now in a savings account : Cheryl wants to have ?$4,000 in spending money to take on a trip to Disney World in three years. How much must she deposit now in a savings account
Calculate the gross profit to be recognized each year : Wildhorse Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.8 million. Calculate the gross profit
How many months will it take to completely pay off : If only the minimum monthly payment is made, how many months will it take to completely pay off this credit card balance (assuming no new charges)
To what amount will the investment grow in two years : Chris Spear invested $14,000 today in a fund that earns 8% compounded annually. To what amount will the investment grow in two years
Prepare the journal entries for the transactions : On May 24, 2016, the bookkeeper for Anne Company discovered an error in the journal entries. Prepare the journal entries for the transactions
What are the tax effects of each method : Dell Computer uses FIFO for inventory costing. Its costs are relatively steady from year-to-year. General Electric (GE), What are the tax effects of each method

Reviews

Write a Review

Accounting Basics Questions & Answers

  ?calculate diluted earnings per share

Question - On December 31, 2021, Sheridan Co. had 165,000 common shares outstanding. ?Calculate diluted earnings per share

  Are the implications of the two theories

Are the implications of the two theories different in the short run? Are the long-run implications different? Explain.

  Randomness and representativeness of sample

If the line is busy or if there is no answer, she uses the next number on her list as a replacement. Comment on both the randomness and the representativeness of the sample of persons who end up being interviewed.

  Typically with companies

Typically with companies

  Which of the following principles require the application

which of the following principles require the application of the lower-of-cost-or-market rule? answer accounting

  Calculate the annual depreciation expense

Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hou..

  What is the MRP

The yield on a 10-year Treasury bond is 4.3 percent. Although no liquidity premium is associated with Treasury securities, What is the MRP

  What amount should be recorded in sandy s capital account

Brain and sandy forming partnership. Brian will invest a truck with a book value of $10,000, What amount should be recorded in sandy s capital account

  Prepare statement of cash flows using the indirect method

Profit was $32,262. Dividends declared and paid were $30,096. Prepare a statement of cash flows for 2021 using the indirect method

  Which items are taxable as income

Vera receives the following income. Which items are taxable as income? Interest income from Hong Kong bonds $1000 Interest income from Philadelphia Bonds $2000

  Compute the net income for the year

Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $201,000, expenses of $111,700, Compute the Net Income for the year

  Write up a summary of the article and bring your summary

Find an article that identifies early warning signs of personal debt trouble. Write up a summary of the article and bring your summary and the article to class to share

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