Difference between the accounts debit and credit

Assignment Help Financial Accounting

Reference no: EM131286975

At December 31, 2015, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $14,400,000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2015 for Seasons as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit a. $3,380,000 Credit b. $1,240,000 Debit c. $880,000 Debit d. $1,240,000 Credit Please show how are you getting your answer.

Reference no: EM131286975

Questions Cloud

What is the amount of rick after-tax compensation : Rick, who is single, has been offered a position as a city landscape consultant. The position pays $87,500 in cash wages. Assume Rick files single and is entitled to one personal exemption. Rick deducts the standard deduction instead of itemized dedu..

Degree of operating leverage and margin of safety in units : RSE Corporation sells its product for $11 per unit. Its variable cost is $2 per unit, and total fixed costs are $600. Assuming next period’s estimated sales are 240 units and that 240 units is within the relevant range, calculate the following amount..

What is the margin of safety in number of units : Compute the contribution margin per unit and the number of units that must be sold to break even. Compute the contribution margin ratio and the breakeven point in total revenue (in $). What is the margin of safety in number of units? Assume a tax rat..

Disadvantages of placing the credit management function : Critically evaluate the advantages and disadvantages of placing the credit management function in the marketing department. How can a Supply Chain Management system and Customer Relationship Management system help a company?

Difference between the accounts debit and credit : At December 31, 2015, Seasons Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $14,400,000 due to unanticipated price increases. Difference between the accounts Debit/C..

Amount jimmy must include in gross income : Jimmy has fallen on hard times recently. Last year he borrowed $341,000 and added an additional $91,500 of his own funds to purchase $432,500 of undeveloped real estate. For each of the following independent situations, indicate the amount Jimmy must..

The gift cards were redeemed for products : GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2016, GoodBuy sold $1,120,000 of gift cards, and $1,010,000 of the gift cards were redeemed for products. How much gift card revenue should GoodBuy recognize i..

Temporary difference created on acquisition is guarantee : Gamison Ltd acquires the business of Deban Ltd by buying all of its assets and liabilities. GamisonLtd pays cash of $277113 for Deban’s business. The tax rate is 30% and the only temporary difference created on the acquisition is the guarantee. The t..

What is their marginal tax rate on this income : Scot and Vidia, married taxpayers, earn $62,500 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. If Scot and Vidia earn an additional $19,500 of taxable income, what is their marginal tax rate on this income? How wo..

User Account

All Pages