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Question - Recognition of Profit and Entries on Long-Term Contract
On March 1, 2010, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,000,000 and will take 3 years to complete. The contract price was $3,000,000. The following information pertains to the construction period.
2010
2011
2012
Cost to date
$600,000
$1,560,000
$2,100,000
Estimated cost to complete
$1,400,000
$520,000
$0
Progress billings to date
$1,050,000
$2,000,000
$3,000,000
Cash collected to date
$950,000
$1,950,000
$2,850,000
Instructions:
a) Compute the amount of gross profit to be recognized each year assuming the percentage-of-completion method is used.
b) Prepare all necessary journal entries for 2012.
c) Prepare a partial balance sheet for December 31, 2011, showing the balances in the receivables and inventory accounts.
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: - Explain the goals and uses of special journals.
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.
Term Structure of Interest Rates
Write a report on Internal Controls
Prepare the bank reconciliation for company.
Create a cost-benefit analysis to evaluate the project
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Distinguish between liquidity and profitability.
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, Compound interest, discount rate, force of interest, AV, PV
CAPM and Venture Capital
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