Reference no: EM133042552
Question -
Q1. Sunny Corporation began constructing a building with a contract price of $43,800,000 in 2009. The ledgers of Sunny Corporation for 2010 shows the following accounts: Construction in Progress - $10,400,000 Accounts Receivable - $3,200,000 Gross Profit earned - $3,952,000 Progress billings to date - $6,500,000. How much was the amount of collection in 2009?
Q2. Wendy's granted a franchise to Mac where Mac will have to pay franchise fee of $5,000,000 payable in 4 equal annual installments with the first payment starting on the date of signing the contract. The franchisee was to pay 5% of gross sales of the preceding month. Should the operations of the outlet prove to be unprofitable, the franchise may be cancelled with whatever obligation owing Wendy's, in connection with the $5,000,000 franchise fee waived. If the first year of operations generated a gross sales of $1,340,000, how much franchise fee did Wendy's earn?
Q3. During 2009, Main Corporation, Inc. started work on a $5,200,000 fixed-price construction contract to be completed in 2 years. The accounting records disclosed the following data for the year ended December 31, 2009: Cost incurred $2,650,000 Estimated cost to complete $2,720,000 Progress billings $2,500,000 Collections $2,000,000. How much of net income or loss should have been recognized in 2009?
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