User Account

All Pages

Estimated costs to complete the contract

Assignment Help Accounting Basics
Reference no: EM131839192

Question - Long-Term Contract with an Overall Loss

On July 1, 2010, Torvill Construction Company Inc. contracted to build an office building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Torvill estimated that it would take between 2 and 3 years to complete the building. On December 31, 2012, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2010, 2011, and 2012.

 

At 12/31/10

At 12/31/11

At 12/31/12

Contract costs incurred to date

$  300,000

$1,200,000

$2,100,000

Estimated costs to complete the contract

1,200,000

800,000

-0-

Billings to Gumbel

300,000

1,100,000

1,850,000

Reference no: EM131839192

Questions Cloud

How many methods does the j progress bar component have : How many methods does the J Progress Bar component have? Be sure to count inherited methods. Look at the Java documentation.
Why information security training and awareness : Why Information Security Training and Awareness Are Important, kindly give me an elaborate answer.
What component would you use to show a set of choices : What component would you use to show a set of choices, as in a combo box, but so that several items are visible at the same time?
Mobile computing and wireless computing : Decide whether or not mobile computing and wireless computing are synonymous. Provide at least two (2) reasons to support your assertion
Estimated costs to complete the contract : Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2010, 2011, and 2012
What is the impact on physician recruitment : Lakeview provided a neutral letter regarding Dr. Berry which contained only factual information and did not attempt to recommend Berry for appointment.
What are the characteristics of the rise of the metropolis : The authors argue that "In the metropolitan period, it was becoming necessary to think about the urban phenomenon less in terms of the large city.
How do you construct a vertical slider : What is the difference between a menu bar, a menu, and a menu item? How do you construct a vertical slider? Consult the Swing documentation for an answer.
E-business and e-commerce across the business : Determine the fundamental business advantages and disadvantages of e-business and e-commerce across the business organization.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount should moon report as interest expense

Using the effective interest method, what amount should Moon report as interest expense for the six months ended June 30, 2001

  A b per unit of direct material cost 061 167 per unit of

a b per unit of direct material cost 0.61 1.67 per unit of direct labor cost 2.44 0.83 sales volume in units 82000

  Pauls medical equipment company manufactures hospital beds

pauls medical equipment company manufactures hospital beds. its most popular model deluxe sells for 5000. it has

  What is the purpose of the audit team brainstorming session

Assessing the risk of fraud in a financial statement audit is a difficult audit judgment. Auditing standards require the auditor to perform several.

  Prepare the stockholders equity section of the balance sheet

Prepare the Stockholders' equity section of the balance sheet for Yates Corporation at December 31, 2018. Assume net income was $110,000 for 2018

  Cost-volume-profit analysis

Kruez& Company produces valves for the widget industry.  Kruez's per unit sales price and variable costs are as shown.

  Non-blocking synchronization algorithms

What is an implicit ack, how is it used, and what benet does it provide? What is non-blocking synchronization? What is Type-Stable Memory Management (TSM),

  What factor do US taxing authorities consider

What factor(s) do U.S. taxing authorities consider to determine whether the interest is investment income not subject to U.S. taxation

  Ravenna manufacturing is preparing its master budget for

ravenna manufacturing is preparing its master budget for the first quarter of the upcoming year the following data

  Discuss company sells office supplies and office equipment

Mackalya is an office secretary at the "All American Office Products Company." This Company sells office supplies and office equipment

  Harwell uses the net method of accounting

The terms of the sale were 2/10, n/30. Harwell uses the net method of accounting for cash discounts.

  What carrybacks or carryovers are available to other tax

What carrybacks or carryovers are available to other tax years

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