User Account

All Pages

How much gross profit should Warren have recognized

Assignment Help Accounting Basics
Reference no: EM132889954

Problem - Warren Construction Company has consistently recognized revenue from its long-term contracts as the performance obligations were met over time. In 2019, Warren started work on a $6,000,000 construction contract, which was completed in 2018. The accounting records disclosed the following data:

 

2019

2020

Progress billings

$2,200,000

$3,800,000

Costs incurred

1,800,000

3,600,000

Collections

1,400,000

4,600,000

Estimated cost to complete

3,600,000

---

Required - How much gross profit should Warren have recognized in 2020?

Reference no: EM132889954

Questions Cloud

Why flexibility is important for organizations : Why flexibility is important for organizations?
Explain human resource strategies and planning processes : Briefly explain how human resource strategies and planning processes link to business and operational plans.
Performance management process : What features or capabilities should a performance management process have if it is going to get the required support?
Examine the role of spirituality in health care : What impact do you see spirituality having on health care decisions and how does it potentially act as an impediment or benefit to the provision of nursing care
How much gross profit should Warren have recognized : In 2019, Warren started work on a $6,000,000 construction contract, which was completed in 2018. How much gross profit should Warren have recognized
What are performance appraisals : What are the three main reasons for conducting performance appraisals and why is it such an important tool for employers and employees?
Finding as an indication that the therapy has been effective : A nurse is providing teaching to the guardians of an infant who require a pavlik harness. Which instructions should the nurse include?
Meaning or definition of utilitarianism and deontology : What is the meaning or definition of utilitarianism and deontology?
Standards that guide people behavior : What embodies the values and standards that guide people's behavior? How does it work?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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