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Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.
In 2007, Indiana incurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Using the percentage-of-completion method, Indiana:
a) Recognized $15 million gross profit on the project in 2007.
b) Recognized $13.5 million gross profit on the project in 2007.
c) Recognized $6 million gross profit on the project in 2007.
d) Recognized $1.5 million gross profit on the project in 2007.
The following journal entries are from the books of Kara Elizabeth Company: For each of the journal entries, prepare an explanation of the business event that is being represented.
The annual interest rate is 8%. What is the amount of taxable interest income that Karen should report for 2010, and the adjusted basis for the bonds at the end of 2010, assuming straight-line amortization is appropriate?
what are the main ideas expressed in the consensus perspective pluralist perspective and conflict perspective of social
Two years ago your corporate treasurer purchased for the firm a 20-year bond at its par value of $1,000. The coupon rate on this security is 8 percent. Interest payments are made to bondholders once a year. Currently, bonds of this particular risk..
Samantha's Design Studio showed office supplies available of $700. A count of the supplies left on hand as of June 30 was $400. The adjusting journal entry is:
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
What is an unasserted claim and why would an attorney and/or client be reluctant to disclose an unasserted claim in the financial statements.
Wages expense for a period was $69,000. Wages payable increased during the period by $10,500. How much cash was paid to employees during the period?
The authorized stock of a corporation
Precision Numbers, Inc., manufactures pocket calculators. Costs incurred in making 25,000 calculators in April included $85,000 of fixed manufacturing overhead. The total absorption cost per calculator was $12.50.
Dave Ganz started a sole proprietorship by depositing $30,000 cash in a business checking account. During the accounting period the business earned $6,000 of net income and Ganz withdrew $2,000 cash from the business.
A company purchased $1,500 of merchandise on credit with terms 3/15, n/30. How much will be debited to Accounts Payable if the company pays $485 cash on this account within ten days?
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