User Account

All Pages

How much is the company contract asset for the year

Assignment Help Financial Accounting
Reference no: EM132940676

Problem 1: Ayala Homes is a construction company who uses the percentage of completion method in accounting for its income. The company began constructing a building in the year 2019 for a contract price of P5,000,000. For the year ended 2019, the company billed its clients a total of 30% of the contract price. The books of the company show the following balances: Costs incurred to date P900,000; Construction income to date P300,000. How much is the company's contract asset (liability) for the year 2019?

Reference no: EM132940676

Questions Cloud

Calculate the conventional b-c ratio of the project : A public reforestation project is being considered. Assuming 10% cost of capital, calculate the CONVENTIONAL B-C ratio of the project.
What is the quick ratio rounded to one decimal point : What is the quick ratio, rounded to one decimal point? Long-term investments 83,000. Marketable securities 32,000. Long-term liabilities 102,000.
Compute the depreciation on the machine for year ended dec : Enix Company, Compute the depreciation on the machine for the year ended December 31, 2020 using the sum-of-the-years'-digits method.
What is the size of the monthly payment he will? receive : Aaron deposited? $900 every six months, If interest on the annuity is? 6% compounded? monthly, what is the size of the monthly payment he will? receive?
How much is the company contract asset for the year : Costs incurred to date P900,000; Construction income to date P300,000. How much is the company's contract asset (liability) for the year 2019?
What is the percentage of completion : What is the percentage of completion in 2019? SM Residences entered into a 3-year agreement in to construct a condominium project.
Discuss the accounting treatment in the financial statement : Discuss the accounting treatment in the financial statements of an involuntary change in accounting policy and of a voluntary change in accounting policy
How many performance obligations does the department store : How many performance obligations does the department store have? A department store sells a television set that was a one-year warranty.
Assignment on effective communication : Since 2020, most of our communication and interactions are by email and online; which can be detrimental to the clarity of our messages and intentions as we nav

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is simple rate of return on the new bottling machine

The machine would replace an old piece of equipment that costs $19,000 per year to operate. What is simple rate of return on the new bottling machine

  Evaluate what future value of the investment cash flows

If his investments typically earn 6.15 percent, Evaluate what is the future value of the investment's cash flows at the end of five years?

  Which dividends payable will be shown in the consolidated

If dividends are declared by a subsidiary and by a parent entity, which dividends payable will be shown in the consolidated balance sheet

  Compute the total relevant cost for the alternatives

Carvey Company manufactures a variety of ballpoint pens. The company has just received an offer from an outside supplier to provide the ink cartridge for the company’s pen line, at a price of $0.60 per dozen cartridges. The company is interested in t..

  What are the pros and cons of the methods of financing

What are the pros and cons of the methods of financing through debt and financing through equity? Which method would raise capital for a business?

  Difference between a flowchart and a data flow diagram

What is the difference between a flowchart and a data flow diagram?

  How do credit analysts determine the risk-free rate

How do credit analysts determine the risk-free rate? The weighted-average corporate yield based on the preceding four quarters

  Discuss valuation methods in general

Discuss first the use pros and cons PUT THEM IN TAPLES of valuation methods in general. You are to select two pairs of acquirer-target

  System of internal control

System of internal control, are Sally's actions a significant deficiency or a material weakness and explain your reasoning and rationale.

  Prepare a five year schedule showing cash flow to the firm

Prepare a 5 year schedule showing cash flow to the firm. Calculate NPV, IRR

  Stock option plan for key executives

On October 15, 2012, the board of directors of Ensor Materials Corporation approved a stock option plan for key executives. On January 1, 2013, 18 million stock options were granted, exercisable for 18 million shares of Ensor's $1 par common stock. W..

  Pro forma balance sheet and pro forma income statement

Prepare the pro forma Balance Sheet and pro forma Income Statement. The EFR will be a plug number that makes the balance sheet balance like in the class example.

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