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Question - In 20x1, Johnny Co. enters into a contract to build a house for Bravo Co. for a fixed contract price of Php 4,500,000. At contract inception, Johnny Co. assesses its performance obligations in the contract and concludes that it has a single performance obligation that is satisfied over time. Johnny Co. determines that the measure of progress that best depicts its performance in the contract is the inputs method based on costs incurred. At the end of 20x1, Johnny Co.'s records show the following:
Progress billings 1,650,000
Costs incurred 1,350,000
Collections 1,050,000
Estimated costs to complete 2,700,000
Required - How much is the revenue and profit is recognized in 20x1 respectively?
Total quality management (TQM) has been shown to benefit a company beyond improving a product. Which of the following is not a benefit of TQM?
Determine the Comprehensive Income and Accumulated Other Comprehensive Income (as at the end of 2020) amounts for 2020
Provide the journal entries that would appear in Tea Tree Bay Ltd's books to account for the acquisition of the Gizmo Machine.Solve the acquisition cost
What is the additional Year-3 cash flow (i.e, the after-tax salvage and the return of working capital)? What are the net operating cash flows in Years 1, 2?
what will the monthly payment be? Assuming all loans are made on time, in full, how much of the 125th payment will go to paying down interest?
Canada Corporation announces a 2:1 share split effective December 31 of this year. What taxable capital gain or loss will you have to claim on next tax return
Advise management regarding how to focus on viable growth of profitability through long-term strategic goals. What are some potential organizational behaviors
What is the equity accounted interest in Wombat Ltd that will be reported in the consolidated financial statements of Wallaby Ltd Group?
The balck Knights Inc, a manufacturer of low-sugar, low sodium low cholesterol Tv dinners, would like to increase its market share in the Sunbelt. (investment Decision) Andrew Bogut just recieved a signing bonus of $1,000,000. His plan is to invest t..
Use the following company information to prepare a schedule of significant noncash investing and financing activities: Sold a building with a book value of $125,000 for $195,000 cash and land with a book value of $32,000 for $65,000 cash.
What is the amount of the firm's net working capital? Scare Train, Inc. has the balance sheet statement items current liabilities of $787,249
Determine the impact that a switch to IFRS would have on its financial statements and has engaged you to prepare a reconciliation of income and stockholders
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