User Account

All Pages

Make the entry to record progress billings

Assignment Help Accounting Basics
Reference no: EM133004612

Problem - Journal entries for percentage-of-completion method Dixon Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $15,000,000. The estimated total costs to complete the project were $12,000,000.

(a) Make the entry to record construction costs of $7,200,000, on construction in process to date.

(b) Make the entry to record progress billings of $4,000,000.

(c) Make the entry to recognize the pro?t that can be recognized to date, on a percentage-of- completion basis.

Reference no: EM133004612

Questions Cloud

What is barton taxable income based on these figures : A long-term capital gain of $5,000 and a short-term capital loss of $10,000. What is Barton's taxable income based on these figures
Distinguish between a positive and a negative confirmation : Why do CPA firms frequently use a combination of positive and negative confirmations on the same audit? Distinguish between positive and a negative confirmation
Compute the current value of the stock : 1-Suppose ABC's expected dividend next year (i.e., Period 1) is $4.1. If its dividend is likely to grow at a constant rate of 6.8% forever, compute its stock va
Define lapping : Define lapping. Although the primary objective of an independent audit is not the discovery of fraud, the auditors in their work.
Make the entry to record progress billings : The estimated total costs to complete the project were $12,000,000. Make the entry to record progress billings of $4,000,000
Will the year-end audit probably lead to the discovery : Will the year-end audit probably lead to the discovery of herp lapping activities? G. Cole, the cashier in a small company, was engaged in lapping operations.
Explain margin lending : Explain margin lending, including the lender's contractual rights.
List several specific factors that support the view : List several specific factors that support this view. Many auditors consider the substantiation of the figure for inventory to be a more difficult
What will the dividend be 5 years from now : ABC Inc. just announced it is increasing its annual dividend to $2.00 next year and establishing a policy whereby the dividend will increase by 3 percent annual

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