In 2013 tarlo company agrees to construct a highway for

Reference no: EM13572461

In 2013 Tarlo Company agrees to construct a highway for Brice County over a three-year period. The contract price is $1,200,000 and the construction costs total $705,000 for the three years. The percentage completed at the end of each year is as follows: 2013, 20%; 2014, 75%; 2015, 100%.
Required
1. Prepare a schedule showing the amount of gross profit that Tarlo Company recognizes each year using the percentage-of completion method.
2. Prepare a schedule showing the amount of gross profit that Tarlo Company recognizes each year using the completed contract method.

Reference no: EM13572461

Questions Cloud

Krauss leasing company signs a lease agreement on january 1 : krauss leasing company signs a lease agreement on january 1 2013 to lease electronic equipment to stewart company. the

The following information in millions of dollars is : the following information in millions of dollars is available for limited brands for 2008 sales revenue 9043 net income

Dons copy shop bought equipment for 90000 on january 1 2009 : dons copy shop bought equipment for 90000 on january 1 2009. don estimated the useful life to be 3 years with no

Machine a will save 5000 per year for 6 years machine b : machine a will save 5000 per year for 6 years machine b will save 6000 per year for 5 years. if the interest rate is

In 2013 tarlo company agrees to construct a highway for : in 2013 tarlo company agrees to construct a highway for brice county over a three-year period. the contract price is

Dividends on common stock during year 2 totaled 60 thousand : hartzog corporations most recent balance sheet and income statement appear belowstatement of financial position

Present the income statement in common-size format down : you have just been hired as a loan officer at fairfield state bank. your supervisor has given you a file containing a

Explain a stock dividend and further explain if you would : compare a regular cash dividend with a periodic share repurchase. which has greater appeal to you? explain. explain a

On january 2011 intech co pays 1350000 for a tract of land : on january 2011 intech co. pays 1350000 for a tract of land with two buildings. it plans to demolish building a and

User Account

All Pages