How much profit should lebron recognize in year

Assignment Help Accounting Basics
Reference no: EM131813340

Question - The Company signed a fixed-price $6,500,000 contract to construct a building. At the end of Year 1, the company had incurred $1,000,000 in total costs, and expected to incur $3,500,000 in additional costs to complete the building. By the end of Year 2, they incurred total-costs-to-date of $3,000,000 and expected to incur $1,500,000 in cost to complete the building.

How much profit should LeBron recognize in Year 2 under the percentage of completion method?

a. $125,000

b. $250,000

c. $375,000

d. $500,000

e. None of the above

Reference no: EM131813340

Questions Cloud

How has unilever targeted the black population in brazil : How has Unilever targeted the black population in Brazil? How does the company's strategy in Brazil differ from its strategy in other countries?
How high could the initial investment cost be for investment : how high could the initial investment cost be for this investment to have an NPV > 0?
How strong is the evidence that the die is not fair : An ordinary die is "fair" or "balanced" if each face has an equal chance of landing on top when the die is rolled. Thus the proportion of times a three.
What are the types of risks to trusted networks : What role does monitoring the external borders or edges of the trusted network play in supporting the security of internal information assets?
How much profit should lebron recognize in year : The Company signed a fixed-price $6,500,000 contract to construct a building. How much profit should LeBron recognize in Year 2
Discuss a process costing system : costing systems would be more effective than a process costing system
Explain how the changes described in the mahaleymahe : Explain how the changes described in the "MahaleyMahe: New Student Overview" document might impact Mahaley's healthy development and learning.
Comment on why one interval is longer than the other : A random sample of size 256 is drawn from a population whose distribution, mean, and standard deviation are all unknown. The summary statistics are x¯ = 1011.
What is the significance of avi systems on airport operation : Discuss the impact of airside systems on aviation operations.What is the significance of AVI systems on airport operations?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Write a paper on the sarbanes oxley act

Write a paper on the Sarbanes Oxley Act of 2002. A formal introduction paragraph, including thesis. The circumstances leading up to the Act. A summary of the major provisions of the Act

  Review notes to both exxons and chevrons financial statement

Review notes to both Exxon's and Chevron's financial statements. Next, identify at least two notes pertaining to the income statement.

  Describe the components of the common body of tax law

Describe the components of the common body of tax law (CBOTL). Include in your response answers to the following questions: What role does the U.S. Congress play in creating the tax law? Briefly explain how a tax bill becomes a tax law.

  Prepare the entry to record the accrued interest

Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2010 using the straight-line method

  Estimate a cost formula for maintenance

Assume that total overhead costs above consist of utilities, supervisory salaries, and maintenance. Using high-low method, estimate cost formula for maintenance

  What is the actual direct material quantity used per batch

Dozen Bakery makes cupcakes and cookies. Dozen gathered the following information. What is the actual direct material quantity used per batch for Cupcakes.

  Complete a financial summary on excel spreadsheet

Before you begin, take this tutorial on financial statements. Complete a financial summary on Excel Spreadsheet financial reports.

  Explain to amaya the generally accepted accounting principle

Prepare a correct income statement for the quarter ended March 31, 2012. Explain to Amaya the generally accepted accounting principles that she did not recognize in preparing her income statement and their effect on her results.

  Preparing your adjusting and closing entries

Prepared a few of the regular monthly entries for Ed. Now, Big Ed's Motorcycle Shop is nearing the fiscal year-end

  Calculate breakeven in total sales dollars

A company sells three products ABC, DEF & XYZ in a 1:3:6 sales mix. Calculate breakeven in total sales dollars and in units of ABC, DEF& XYZ

  Calculate the amount of desired profit

Calculating a Target Cost Yuhu manufactures cell phones and is developing a new model with a feature (aptly named Don't Drink and Dial) that prevents the phone.

  Determine the markup percentage

Kinsey Company has determined the following per unit amounts: Use the variable-cost approach to determine the markup percentage

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