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The contract between Ajax Construction Co. and Mr. Jones specifies that the contractor will bill Mr. Jones at the end of each month for the amount of work finished that month. Mr. Jones will then pay Ajax a specified percentage of the bill the same day. The accumulated retainage is to be paid one month after project completion. The latest cumulative billing was 5 million, of which Ajax has actually received 4.5 million. The project is to be finished two months from now. Ajax estimated the bill for the remaining two months will be 100,000 and 50,000. Mr. Jones, being short of cash at present, proposed the following alternative: Rather than follow the contract and make the three payments required, he will make one final payment (for the two months' work plus the retainage) five months from now. Mr Jones will also pay a 4% monthly interest rate because of the delay in payment.
Find what could be the total final payment according to the actual contract and the new final payment according to the new proposal. Should the contractor accept the new proposal? Why?
What is the budgeted overhead rate for the company?
On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31,2009, was $2,100,000. The income tax rate is 40%.
suzaki manufacturing company is considering three new projectseach requiring an equipment investment of 22000.
cost of common stock equity ross textiles wishes to measure its cost of common stock equity. the firms stock is
On December 31, prior to adjustments, the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the e..
What potential conflicts can you see and how could Bill & Mary remedy the situation?
the transactions below relate to xyz delivery company. indicate the effect of each transaction on the accounting
Explain the various impacts of an import tariff in small nations vs. large nations. What are the three main reasons governments prefer using a tariff to restrict imports versus quotas?
1. a manufacturing company makes the products that it sells. briefly identify and define the cost elements that are
talboe company makes wheels which it uses in the production of childrens wagons. talboes costs to produce 230000 wheels
Orange Co. can estimate the amount of loss that will occur if a foreign government expropriates some of the company's asset in that country. If expropriation is reasonably possible, a loss contingency should be:
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
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