User Account

All Pages

Compute the estimated income

Assignment Help Financial Accounting
Reference no: EM133077055

Question - Orlie construction Company has constructed to build an office building. The construction is scheduled to begin on January, 2013, and the estimated time of completion is July 1, 2016. The building cost is estimated to be P50,000,000 and this will be billed at P55,000,000. The following data relate to the construction period.

 

2013

2014

2015

2016

Cost to date

15,000,000

25,000,000

35,000,000

50,000,000

Estimated cost to complete

35,000,000

25,000,000

15,000,000

-

Progress billing to date

7,000,000

20,000,000

35,000,000

55,000,000

Cash collected to date

7,000,000

18,000,000

30,000,000

55,000,000

Required -

1. Compute the estimated income for 2013, 2014, 2015 and 2016, assuming that the percentage of completion method is used.

2. Prepare the necessary journal entries for MYC Construction for the year 2015 and 2016.

Reference no: EM133077055

Questions Cloud

What was the operations meat cost percentage for the period : The operation spent $6,000 on meat in the period. What was the operation's meat cost percentage for the period
Explain how changes in customer demand have affected : What direction should Hewlett-Packard marketing strategy take in the future - How have changes in customer demand affected past marketing strategy
What is divisions A a segment margin : Division a has a contribution margin of $180,000. If division B has traceable fix expense of $80,000 than what is divisions A's a segment margin
Prepare the journal entry to record the issuance of the note : On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note. Prepare the journal entry to record the issuance of the note
Compute the estimated income : Compute the estimated income for 2013, 2014, 2015 and 2016, assuming that the percentage of completion method is used
Customer relations strategy : The company recently reviewed its customer relations strategy and suggested that the brand communication be consistent across all customer touch points
Principles of Secure Operating Systems : Write a report on its security features with respect to memory management. Focus especially on recent changes made to enhance security
What is the measurement of product x and y : The manufacture of items of inventory has been completed but no selling costs have yet been incurred. What is the measurement of PRODUCT X and Y
Pitching The Plan : Summarize the threats and challenges you have identified within the current strategic plan. Explain proposed process improvements.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare the adjusting entry for the accrual of interest

Jan. 1 Purchased 50, $1,000, 12% Clinton Company bonds for $50,000 plus broker's fees of $1,500. Interest is payable semiannually on January 1 and July.

  For what amount will software be capitalized

Development costs incurred prior to June 30, 2021, were $1,400,000. For what amount will software be capitalized in 2021

  Calculate tax credit on disposal

Reversing Rapids has a tax rate of 30%. The asset is sold at the end of four years for $11,743. Calculate tax credit on disposal

  How do prepare a variance report and balanced scorecard

How do prepare a variance report and balanced scorecard for the a company, comparative against the competitor company and industry averages for liquidity

  Prepare trial balance

Prepare a trial balance for the following. Analyze the account and their balances and prepare a list that describes each of the seven most likely tranactions and their answers. Prepare a report of cash received and cash paid showing how the seven tra..

  What should theodore report as total income tax expense

The income tax rate is 30% for all years and Theodore made estimated tax payment of P1,000,000. What should Theodore report as 2020 total income tax expense?

  On january 2 2010 kj corporation acquired equipment for

on january 2 2010 kj corporation acquired equipment for 260000. the estimated life of the equipment is 5 years or 40000

  What is the gain or reversal of impairment

On January 1, 2018, Gilgamesh Company purchased equipment with a cost of P11,000,000, What is the gain or reversal of impairment for 2019

  Contribute to debt retirement fund five equal amounts

Jesper Parnevik borrowed $91,230 on March 1, 2012. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2022. To retire this debt, Jesper Parnevik plans to contribute to a debt retirement fund five equal amounts s..

  Find which should be included as part of incremental earning

Home Builder Supply (HBS), Find Which should be included as part of the incremental earnings (or cash flow) for the proposed new retail store?

  Calculate the basis of the land

Calculate the basis of the land. Widget Company purchased land and an office building for $5,000,000. The real estate contract did not specify the amounts

  How do calculate tax to be paid by tom on dividend income

How do calculate the tax to be paid by Tom on dividend income? Tom owns 1,400 shares in BBPG Ltd. BBPG declares a $0.3 fully franked dividend per share on Nov.

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