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Assignment
Below is the accounting question scenario. It is due on the 24th. Even if I do not get the full answer, I will be extremely happy with just guidance in the right direction on how to tackle this question.
Scenario I
In January 2015, contractor Tom Tucker entered into a 2-year construction contract with New Era Developers to build forty 1-bedroom low cost housing units in the Bel Air District for $2.7m. The contract has a single performance obligation. In March 2016, when some twenty-five units were completed, New Era and Tucker agreed to make some modifications to the contract completing the remaining housing units as 2-bedroom dwellings. It was anticipated that transaction price and expected cost would increase by some $1.5m and $0.5m respectively as a result of the modification.
Scenario II
Acu-Rate Inc. manufacturer of medical equipment entered into a contract with City Diagnostic Laboratories in April 2016 to sell 10 pieces of equipment for $150,000. The equipment transfers after a 4-month period of testing and installation. In June 2016, the contract was modified when Acu-Rate sold 4 additional pieces of equipment for $10,000 each. This represented their standalone selling price at the modification date.
Questions
Advise Tom Tucker how to account for his contract modification, including the rationale for your position.
Advise Acu-Rate how to account for its contract modification including the rationale for your position.
Ted Thomas, single taxpayer with no dependents, has the following transactions in 2010: What is Ted's net capital gain or loss
Which of the following is a true statement about governmental units that issue tax-supported debt to finance capital projects?
stower research issues bonds dated january 1 2011 that pay interest semiannually on june 30 and december 31. the bonds
Stallman Company took a physical inventory on December 31 and determined that goods costing $200,000 were on hand.
calculate the value of direct material and variable overheads per unit from the details below assuming variable
x company has two production departmentsa and b.at the start of the yearthe following budgeted information is
Calculate the standard hours allowed for actual production, Calculate the total fixed overhead variance
What is meant by "tax allocation within a period"?
A recent article in Fortune magazine listed the following firms among the top ten most admired companies in the United States: Dell, Southwest Airlines, Microsoft, and Johnson & Johnson.
Alberto Company issues 8%, 10-year bonds with a par value of $350,000 and semiannual interest payments. On the issue date, the annual market rate.
If Fashions acquired the manufacturing facility, how many sweaters would it have to produce in order to break even
Compute the depreciation for each of the three years, assuming the use of units-of-production depreciation.
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