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Balfour Beatty won the contract to build the Aquatics Centre for the 2020 Olympics. Assume the following about this long-term contract: The Olympic Development Authority agreed to pay Balfour Beatty £400 million for this construction, which is expected to be completed on Dec 31, 2019. Balfour Beatty estimates the total cost to be £240 million. The Olympic Development Authority will make the following cash payments to Balfour Beatty: £100 million in 2016, £100 million in 2017, £100 million in 2018, and £100 million in 2019. Balfour Beatty started to work on the contract on January 1, 2016 (first day of its 2016 fiscal year) and it incurred £80 million of actual costs in 2016 and £60 million of actual costs in 2017. Before Balfour Beatty recognized revenue for 2017, it revised its total cost estimate to £260 million, but the actual costs for 2018 and 2019 eventually amounted to £130 million. The contract was completed at the end of 2019 as scheduled. Balfour Beatty uses the percentage-of-completion method to recognize revenues from long-term contracts. Ignore taxes.
Problem 1: Had Balfour Beatty used the completed contract method (instead of the percentage-of-completion method as stated in the earlier instructions), how much more (or less) total net income (ignoring taxes) would it have reported over the whole contract period?
Horizon Corporation manufactures personal computers. The company began operations in 2011 and reported profits for the years 2011 through 2014. Due primarily to increased competition and price slashing in the industry, 2015's income statement reporte..
Which of the following should be deducted from net income in calculating net cash flow from operating activities using the indirect method?
ACCT 201 State the rule that indicates which adjusting entries for prepaid and unearned items should be reversed -
ohnson had purchased the stock in 2017 for $2,900. How would Johnson record the sale of the stock on its 2019 Statement of Cash Flows?
Complete the deferred tax worksheet and prepare the deferred tax journal entry for the year ended 30 June 2020 for Beauty Ltd.
The cost of goods sold reported on the income statement was $185,000. Compute the amount of cash paid for merchandise
evaluate the predetermined overhead ratelogan products computes its pre-evaluated overhead rate annually on the basis
Review the major US federal regulatory initiatives in/on the finance community of the last ~20 years. Why were these laws implemented and what has their impact
Events related to the acquisition, use and deposal of a tangible plant asset: straight-line depreciation Sam’s Subs purchased a delivery van on January 1,2013 for $35,000. In addition, Sam’s paid sales tax and title fees of $1500 for the van. The van..
A manufacturer reports the following costs to produce 13,000 units in its first year of operations: Direct materials, $13 per unit, Direct labor, $9 per unit.
What the return that you expect from the investment will be? You are looking to invest in Italian sculpture and have identified a valuable piece
On January 1, a company purchased 5%, 15-year corporate bonds for $59,249,660 as an investment. The bonds have a face amount of $80 million and are priced to yield 8%. Interest is paid semiannually. Prepare a partial amortization table at the effecti..
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