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Question 1: Construction Co entered into a contract to build a small bridge in Bacolod. The contract price was 3,750,000 and Construction estimated a total cost of 3,450,000 in 2020. The company incurred 1,150,000 of cost by 2020. By the end of 2021 it was apparent that Construction had underestimated the real cost of the bridge. The estimated total cost of the project increased to 3,900,000. Construction cost incurred in 2021 totaled 2,000,000. The project was completed in 2022 at a final cost of 3,700,000. The amount of progress billings as of December 31, 2021 was 3,250,000 of which 75% was collected at the end of 2022. What is the realized gross profit (loss) in 2022?
What are the potential proprietary costs from expanded disclosures in each of these areas? If you conclude that proprietary costs are relatively low for either, what alternative explanations do you have for management's opposition?
Create an argument supporting that using the earnings-based valuation method yields the most accurate results
you are auditing the accounts receivable balance of a cable television provider. individual accounts receivables tend
Discuss the potential tax consequence that could result by deferring the sale of stock into a different tax year. Be specific with your recommendations
Big Blue University has a fiscal year that ends on June 30. How much revenue should be reflected in the fiscal year ended June 30, 2019
Develop the MACRS deductions (assuming 200% declining-balance rate), followed by switching to straight-line with the half-year convention.
The actual return on plan assets was $5 million although it was expected to be only $4 million. What was the pension expense for the year?
Superior Co., a furniture wholesaler, sells merchandise to Beta Co. on account, $11,500, terms 2/15, n/30. The cost of the merchandise sold is $6,900.
For 2014, Wiglaf Company reported its most significant decline in net income in years. At the end of the year, C.S. Lewis, the president, is presented with the following condensed comparative income statement: Prepare a comparative income statement w..
for each of the following cases indicate why management and the auditors determined that control
koko company uses the retail method of inventory costing. they started the year with an inventory that had a retail
Identify two accounts on Hershey's balance sheet that provide evidence that Hershey uses accrual accounting. In each case, identify the income statement account that would be affected by the adjustment process.
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