On april 1 2010 dougherty inc entered into a

Assignment Help Accounting Basics
Reference no: EM13598012

On April 1, 2010, Dougherty Inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for Altom Corporation. At the contract date, Dougherty estimated that it would take 2 years to complete the project at a cost of $2,300,000. The fixed fee stipulated in the contract is $517,500. Dougherty appropriately accounts for this contract under the percentage-of-completion method. During 2010 Dougherty incurred costs of $920,000 related to the project. The estimated cost at December 31, 2010, to complete the contract is $1,380,000. Dolan was billed $690,000 under the contract.

Complete the schedule below to compute the amount of gross profit to be recognized by Dougherty under the contract for the year ended December 31, 2010.

Reference no: EM13598012

Questions Cloud

Prairie dunes company issues bonds dated january 1 2011 : prairie dunes company issues bonds dated january 1 2011 with a par value of 800000. the annual contract rate is 13 and
Nasson corporation manufactures and sells a single product : nasson corporation manufactures and sells a single product. the company uses units as the measure of activity in
Compare and contrast the computational rules for deducting : compare and contrast the computational rules for deducting casualty losses on personal-use property with casualty
On april 1 2010 dougherty inc entered into a : on april 1 2010 dougherty inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for altom
On april 1 2010 dougherty inc entered into a : on april 1 2010 dougherty inc. entered into a cost-plus-fixed-fee contract to construct an electric generator for altom
Placek hospital bases its budgets on patientvisits the : placek hospital bases its budgets on patient?visits. the hospitals static budget for october appears belownbsp nbsp
Raman and sons a cpa firm established the following : exercise 22-14a calculating and explaining labor price and usage variancesraman and sons a cpa firm established the
Installed security systems on four of the new : connect lines co. incurred the following costs related to trucks and vans used in operating its delivery service1.
Bargain rental car offers rental cars in an off-airport : bargain rental car offers rental cars in an off-airport location near a major tourist destination in california.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Johannes corporation uses a budgeted factory overhead rate

nbspjohannes corporation uses a budgeted factory overhead rate to apply overhead to production. direct labor costs are

  Write a 2-3 page paper that addresses the followingdiscuss

write a 2-3 page paper that addresses the followingbull identify the purpose of the statement of cash flows.bull

  Income from continuing operations net of tax

The effect of these events and transactions on 2010 income from continuing operations net of tax would be:

  Soper corporation issued 100000 shares of its 1 par value

p corporation paid 2000000 for all 200000 shares outstanding of s corporation. the transaction is recorded as a merger.

  Managements policy is to maintain ending finished goods

rolen inc. is in the process of preparing the fourth quarter budget for 2010 and the following data have been

  Cost-volume-profit analysis is based on three basic

cost-volume-profit analysis is based on three basic assumptions. which of the following is not one of these

  Cost-volume-profit analysis

Is Cost-Volume-Profit Analysis still relevant in the 21st Century business organization? Support your answer with reasoned arguments and references as appropriate.

  How much should ted include in gross income

After he had paid for the computer, he discovered a rebate coupon inside the packaging. He filled out the required form and sent it to the manufacturer. The next week he received a $100 check from the manufacturer. How much should Ted include in g..

  The lease contract calls for annual prepaid rental payments

on july 1 2008 falk company signed a contract to lease space in a building for 15 years. the lease contract calls for

  Gatlin company issued 300000 8 15-year bonds on december 31

gatlin company issued 300000 8 15-year bonds on december 31 2011 for 288000. interest is payable annually on december

  An aging of a companys accounts receivable indicates that

an aging of a companys accounts receivable indicates that 4500 are estimated to be uncollectible. if allowance for

  What circumstances led to the passage of sarbannes-oxley

what circumstances led to the passage of sarbannes-oxley? do you think this act has been successful? why or why not?

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd