User Account

All Pages

Find what amount of contract was recognized last year

Assignment Help Financial Accounting
Reference no: EM132943671

Last year, Stone Builders, Inc. started work on a P10,600,000 construction contract which was completed this year. It has consistently used the percentage of completion method of recognizing income.

Debit: Progress Billings P4,300,000;

Credits: Cost incurred 3,450,000

Collections 3,900,000

Estimated cost to complete 3,630,000

Problem 1: What amount of this contract was recognized last year?

Reference no: EM132943671

Questions Cloud

Show calculation to get total of net sales to be recorded : Show the calculation to get the total of net sales to be recorded in the Statement of Profit or Loss for the year ended 31 December 2019.
What the lowe should record accrued interest payable : The first payment for interest and principal was made on September 1, 2011. At December 31, 2011, what the Lowe should record accrued interest payable
Describe fixed and flexible budgeting : Describe fixed and flexible budgeting. Provide an example of budgeting for three consecutive periods in which safety margin is included for flexibility
Create a balanced scorecard suitable for the use : Create a balanced scorecard suitable for the use by the directors and managers of Nestle Malaysia to align business activities to identified vision
Find what amount of contract was recognized last year : Stone Builders, Inc. It has consistently used the percentage of completion method of recognizing income. What amount of this contract was recognized last year?
How much will Dadulla contribute to the partnership : Dadulla, Aquino and Chua form a partnership on January 1, 2019 investing P15,250, P10,000 and P10,000. How much will Dadulla contribute to the partnership
How solve accounting break-even point for jackson beer co : The machine's per year fixed cost is $1,800, and its variable cost is $0.50 per unit. Calculate the accounting break-even point on the new machine.
What is the total cost of the by-product : Estimated sales price of by-product after further processing. Php 1.20/unit. What is the total cost of the by-product
What is the equation of Shakib Capital Allocation Line : What is the equation of Shakib's Capital Allocation Line? What are the proportions of Stocks A, B, and C, respectively in Shakib's complete portfolio

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