How much is entity gross profit for the year ended December

Assignment Help Financial Accounting
Reference no: EM132968682

Question - On January 1, 20x1, an entity accepted a long-term construction project to build a condominium at a fixed contract price of 140 million. The outcome of performance obligation in connection with this contract cannot be measured reasonably as of year-end.

The following data are provided by the accountant and project manager:

Estimated cost to complete construction project as of January 1, 20x1, 90,000,000

Actual costs incurred as of December 31, 20x1, 45,000,000

How much is entity's gross profit for the year ended December 31, 20x1?

Reference no: EM132968682

Questions Cloud

Analyze the challenges that happened in organizational : In the post-pandemic world, society is changing and organizations are changing. According to this context, understanding how people behave in workplaces and how
How much qualifies as a medical expense on Joe : Room at Sleepy Hollow Assisted Living home for Walter $18,000 Doctor and hospital charges for Walter's arthritis 2,700. How much qualifies as a medical expense
Discuss the impact of sarbanes-oxley on a company internal : Discuss the impact of Sarbanes-Oxley on a company's internal controls. Be sure to define internal controls and discuss basic principles for assessing internal
Contrast the views of management and accountants : Contrast the views of management and accountants regarding the changes required by the Sarbanes-Oxley Act on internal controls
How much is entity gross profit for the year ended December : Estimated cost to complete construction project as of January 1, 20x1, 90,000,000. How much is entity's gross profit for the year ended December 31, 20x1
Prepare an income statement based on each of three method : Wired for Sound, a retailer and installer of car stereo systems, Prepare an Income Statement based on each of the three methods of inventory cost flow
Record the second interest payment on December : On December 31, 2021, the fair value of the bonds was $792,000,000, Record the second interest payment on December 31, 2021
Find what is per-share estimate of stock intrinsic value : What is the per-share estimate of the stock's intrinsic value? Hiers Industries just paid a dividend of D = $3.00. Analysts expect the company's dividend.
Compute the value of this stock : Question - A firm does not pay a dividend. It is expected to pay its first dividend of $0.28 per share in three years. Compute the value of this stock

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find what the corrected cash balance is

At the end of June, the general ledger checking account showed a balance of $2,000 and the bank statement showed. What the corrected cash balance is?

  Which deposit will earn more interest

Which deposit will earn more interest? The Continental Bank advertises capital savings at 7.6% compounded annually while TD Canada Trust offers.

  Analysis of the financial strengths and weaknesses

Analysis of the financial strengths and weaknesses revealed by the financial statements, and using appropriate ratio analysis

  Estimate the number of calories in one box of apples

A pound of apples has 84 calories, If 20 pounds of those apples are packed into 13 equal boxes, estimate the number of calories in one box of those apples.?

  What are the maximum capital allowances can claim

What are the maximum capital allowances she can claim? Jennifer runs a large business and has a single main pool for capital allowances of plant and machinery.

  How price radiation treatment in order to meet accounting

variable cost rate of $500, and an expected volume of 200 patients, how would you price radiation treatment in order to meet the accounting breakeven in Year

  Prepare the journal entries to record the cost incurred

Prepare the journal entries to recordThe cost incurred to maintain the biological assets and The sale of the agricultural produce.

  Compute the investor required rate of return by using capm

Compute the investor's required rate of return by using CAPM for Intel Ltd ordinary shares, which have a 1.2 beta. The risk free-rate is 6%

  Create a retirement forecast based on the information

Create a Retirement forecast based on the above information (NOTE: a separate forecast for each of the possible capital expenditure options).

  On january 1 a company issued 10 10 year bonds payable with

on january 1 a company issued 10 10 year bonds payable with a par value of 720000.the bonds pay interest on july 1 and

  Determine the effectiveness of the financial management

How can data collected help an organisation determine the effectiveness of their financial management processes. What are some factors that could affect

  Eminent domain action in order to add an new interchange

Samuel has some land near I 10 just a few miles from Slidell, LA where he has an excellent crawfish, shrimp and barbecue restaurant. He has heard that the state might take the property under an eminent domain action in order to add an new interchange..

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd