User Account

All Pages

How much revenue should be reported

Assignment Help Accounting Basics
Reference no: EM131753014

Question - Percentage-of-completion method.

Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to the construction are:

2010 2011

Costs incurred $1,650,000 $1,375,000

Estimated costs to complete 1,350,000 -

Dalton uses the percentage-of-completion method.

Instructions

(a) How much revenue should be reported for 2010? Show your computation.

(b) Make the entry to record progress billings of $1,650,000 during 2010.

(c) Make the entry to record the revenue and gross profit for 2010.

(d) How much gross profit should be reported for 2011? Show your computation.

Reference no: EM131753014

Questions Cloud

Mean amount of protein in shelf safe milk is less : Is there any evidence to suggest that the population mean amount of protein in Shelf Safe Milk is less than the population mean amount of protein in regular.
What is portfolio return : The monthly returns for General Dynamics, Starbucks, and Nike were 6.10 percent, -1.38 percent, and -0.55 percent. What is your portfolio return?
Analyze how consumers make economic decisions : Analyze how consumers make economic decisions. The Condorcet Paradox and Arrow's Impossibility Theorem in the political economy.
Provide a hybrid manufacturing cost statement : Provide a hybrid manufacturing cost statement, containing combined activity based costing and process costing.
How much revenue should be reported : Dalton Construction Co. contracted to build a bridge for $5,000,000. How much revenue should be reported for 2010? Show your computation
Concerning the difference between two population means : You are going to test a hypothesis concerning the difference between two population means.
Population mean sagittal diameter of women biceps tendons : Is there any evidence to suggest that the population mean sagittal diameter of women's biceps tendons is different from that of men's biceps tendons?
What is the average monthly return : The past five monthly returns for Kohls are 3.80 percent, 4.27 percent, -1.94 percent, 9.38 percent, and -2.82 percent. What is the average monthly return?
Discuss later in engagements for timing issues : There are many schools of thought about interview questions for fraud including things like timing and tone

Reviews

Write a Review

Accounting Basics Questions & Answers

  Beginning the audit report

Apollo Shoes is satisfied with the services your firm offers and wants to continue with the audit. Apollo Shoes would like you to prepare a letter explaining how you plan to begin the audit process.

  Specific identification for specific identification the

warnerwoods company uses a perpetual inventory system. it entered into the following purchases and sales transactions

  Compute the net present value

"Do we have everything we need on sales and costs?" you ask. "It must be time to compute the net present value (NPV) and internal rate of return (IRR) of the Apix expansion project

  Manager performance report for the recent monthly period

Home Station is a national home improvement chain with more than 100 stores throughout the country. The manager of each store receives a salary plus a bonus equal to a percent of the store's net income for the reporting period. The following net i..

  Describe the major points of the given article

The summary should describe the major points of the article, and the reaction should demonstrate your interpretation of the article.

  Debited cash and credited unearned rental income

Stan received $12,000 from a tenant on December 1 for four months' rent of an office. This rent was for December, January, February, and March. If Stan debited Cash and credited Unearned Rental Income for $12,000 on December 1, what necessary adju..

  Prepare the income statement for the year ended june

The June 30, 2016, credit balance of the owner's capital account was $53,660, Prepare the income statement for the year ended June

  Darcelle enterprises purchased a delivery van for 30000 on

darcelle enterprises purchased a delivery van for 30000 on january 1 2007. the van was estimated to have a service life

  The general fund collected 825000 in accrued taxes which

the general fund collected 825000 in accrued taxes which was transferred to the debt service fund 600000 of this amount

  What do you believe to be key differences in cpccs results

What do you believe to be the key differences in CPCC's results between: PRC GAAP and IFRS? IFRS and U.S. GAAP? How about readers from the United States? Explain why or why not.

  Compute the ending inventories under the dollar value

Internal Indexes-Dollar-Value LIFO Presented below is information related to Kaisson Corporation for the last 3 years.

  What is the departments contributory income

A food department reported sales revenue of $128,800 and direct costs of $68,200 during March. Determine the following.

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