User Account

All Pages

Make the entry to record construction costs

Assignment Help Accounting Basics
Reference no: EM131800463

Question - Sherman Construction Company was awarded a contract to construct an interchange at the junction of U.S. 66 and Highway 40 at a total contract price of $8,000,000. The estimated total costs to complete the project were $6,000,000.

Instructions

a. Make the entry to record construction costs of $3,600,000, on construction in process to date.

b. Make the entry to record progress billings of $2,000,000.

c. Make the entry to recognize the profit that can be recognized to date, on a percentage-of-completion basis.

Reference no: EM131800463

Questions Cloud

Reaction speeds of people : A researcher wants to determine if the reaction speeds of people are different based on whether they are athletic, moderately athletic, or not athletic.
Assignment-discussion-visions of god : Christianity and Islam are more recent religions, both appearing within the past 2,000 years. Both claim to offer the ultimate revelation of God to humanity.
Calculate the issue price of the bonds : On January 1, 2008, Langly Co. issued ten-year bonds with a face value of $1,000,000. Calculate the issue price of the bonds
Personal perspectives on philosophy of religion : We have covered a large amount of territory in this first module on the topics of philosophy and religion. It is time for a bit of personal reflection.
Make the entry to record construction costs : Make the entry to record construction costs of $3,600,000, on construction in process to date. Make the entry to record progress billings of $2,000,000
Relationship between faith and doubt : The words faith and doubt are easy to define, but they are much more difficult to live with. Faith is the belief in what is unseen or unsubstantiated
What amount should greyson corporation report : how much would Marna Company record as sales revenue - What amount should Greyson Corporation report as inventory
What is the inventory balance using dollar-value lifo : Opera Corp. uses dollar-value LIFO method of computing its inventory cost. What is the 2017 inventory balance using dollar-value LIFO?
Prepare journal entries to record retirement of old issue : Prepare journal entries to record the retirement of the old issue and the sale of the new issue on June 30, 2011

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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