User Account

All Pages

How much gross profit should miller recognize

Assignment Help Accounting Basics
Reference no: EM132695296

In January, 2020 Miller Corp. was awarded a contract to build a bridge in Halifax at a total contract price of $12,000,000. The estimated total costs to complete the project were $8,400,000. Miller uses the percentage-of-completion method for all such contracts.

Construction started in early 2020 and was completed in 2021. The following additional information is available:

                                                                                                         2020          2021

Costs incurred to date............................................... $4,200,000   $3,900,500
Estimated costs to complete........................................ 3,800,000      0
Amount billed customer............................................. 5,100,000     4,900,000
Collections during the year......................................... 3,500,000     4,500,000

Instructions

Problem a) How much revenue should Miller report for 2020 and 2021?

Problem b) How much Gross Profit should Miller recognize in 2020 and 2021?

Problem c) Prepare the revenue and expense entries for 2020. Other entries are not required.

Reference no: EM132695296

Questions Cloud

Transfer electrons outside the cell membrane : Describe different approaches that cells use to transfer electrons outside the cell membrane (EET)
How xero software helps in maintaining cultural integrity : The integration of the Xero software tool helps in determining that the cafe can minimize its operational cost of the business along with the payroll management
BSBRKG601 Define recordkeeping framework Assignment : BSBRKG601 Define recordkeeping framework Assignment Help and Solution, Danford College - Assessment Writing Service
What are the products of photosynthesis : Why must oxic photosynthesis require a dark and a light cycle, and what are the products of photosynthesis?
How much gross profit should miller recognize : Prepare the revenue and expense entries for 2020. Other entries are not required. How much Gross Profit should Miller recognize in 2020 and 2021?
Would diversity management be a smart next move : Technically you women still don't have perfect legal equality. But let's say laws like affirmative action finally get everybody to the same equitable and equal.
Explain differences between the cases quill and wayfair : Compare and contrast the Due Process Clause nexus with the Commerce Clause nexus standards under the U.S. Supreme Court's decision in Quill
Defense system for prokaryotic cells : Most references to the CRISPR-Cas9 system refer to engineered gene modifications, but this system is naturally-occurring. Describe how this system
What is the purpose of doing a job analysist : What is the purpose of doing a Job Analysist, state the techniques for doing a Job Analysist or job analysis that you know, give examples of the implementation.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine financial statement effects of each type exposure

Specify accounting exposure and operating exposure. Determine the main financial statement effects of each type of exposure if XYZ, Inc. expands as proposed.

  Budgeted volume and standard volume

Printers Inc. manufactures and sells a mid-volume color printer (MC) and a high-volume color printer (HC). Each MC requires 100 direct labor hours to manufacture, and each HC requires 150 direct labor hours.

  Manual parts of business processes

List and describe different activities that are manual parts of business processes at a restaurant such as Wendy"s.

  How does the analysis of feasibilities in the systems

How does the analysis of feasibilities in the systems planning phase help to prioritize system changes?

  Describe one researched accounting position

Describe one (1) researched accounting position, and explain the essential skills that would make a candidate successful in the position

  What is excess advance premium tax credit repayment amount

Betty received 2000 as advance payment of her premium tax credit. If repayment limitation is 750.00, what is excess advance premium tax credit repayment amount

  Compute resulting increase or decrease in taxable income

The Omega Corporation sells property during the year that results in the following gains and losses: Compute the resulting increase or decrease in Omega's taxable income. Explain each step.

  What amount of gain or loss does Edie recognize

What amount of gain or loss does Edie recognize if the transaction is structured as a stock-for-stock Type B acquisition

  Compute the annual depreciation expense

Reno Company purchased equipment on January 1, 2010 for $82,000. Compute the annual depreciation expense for each of the remaining years

  Compute randolph company current income tax expense

Compute Randolph Company's current income tax expense. Compute Randolph Company's deferred income tax expense or benefit

  Analyzing capital expenditures

Assume that you have received a capital expenditure request for $52,000 for plant equipment and that you are required to do a justification analysis using capital budgeting techniques.

  Estimated fixed costs month

Estimated fixed costs / month = $350,000; variable cost / $ = $0.40; break even point / month = $583,333. What level of sales $ is needed for a monthly profit of $60,000?

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