User Account

All Pages

Find how much of the contract was recognized last year

Assignment Help Financial Accounting
Reference no: EM132942837

Problem 1: Last year, 3K, Inc. started work on a $10,600,000 construction contract which was completed this year. It has consistently used the percentage of completion method of recognizing income. Accounting data provided last year were as follows: Debit: Progress Billings $4,300,000; Credits: Cost incurred $3,450,000 Collections $3,900,000 Estimated cost to complete $3,630,000. How much of this contract was recognized last year?

Reference no: EM132942837

Questions Cloud

What is the software development life cycle : What is the software development life cycle? Why is this life cycle important to the selection of an information system?
What amount of franchise fee did burger king earn : What amount of franchise fee did Burger King earn? Burger King granted a franchise to Shakers where Shakers will have to pay franchise.
What would be recorded as a gain : Sun Inc. also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables
What do you think of the application of ai : What do you think of the application of AI in the field of human resources
Find how much of the contract was recognized last year : Credits: Cost incurred $3,450,000 Collections $3,900,000 Estimated cost to complete $3,630,000. How much of this contract was recognized last year?
Explain traditional trade payment and financing systems : PAD runs a high-margin business positioned at the luxury end of the market and commands a significant premium for its items and the Palate-Able Delights experie
Estimate the price of an equity share of this company : Estimate the price of an equity share of this company using an appropriate dividend discount model and advise your client whether they should buy a share
What the progress billings on contract account is treated as : In accounting for a long-term construction contract using the percentage of completion method, the progress billings on contract account is treated
The cost of this alternative is what percentage : The controller of company has identified a number of sources. Assume a 360-day year in all of your calculations. The cost of this alternative is what percentage

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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