Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
In 2019, Bridgeport Corp. was awarded a contract to build a bridge in a suburb of Montreal at a total contract price of $10,000,000. When the contract was signed, the estimated total costs to complete the project were $8,000,000 and this number has not changed. 20% of the revenue on the contract (or $2,000,000) was already recognized in 2019 based on the percent complete at December 31, 2019. The company follows IFRS and uses the percentage-of-completion method using the cost-to-cost basis for all such contracts.
The following information relates to the year ending December 31, 2020:
Required:
Problem 1: Prepare all journal entries required for Bridgeport Corp. for the year ending December 31, 2020 relating to this contract.
Journalise the adjustment transactions (adjustments sheet). What is the purpose of writing an adjusted Trial balance? What is trial balance, why do we create it
assume there is no beginning work in process inventory and the ending work in process inventory is 100 complete with
Sunland Inc. had beginning inventory of $11,700 at cost and $20,700 at retail. Compute ending inventory at cost using the conventional retail method
Prepare IBM's January 1, 2017, journal entries at the inception of the lease
The Bank of Fast Loans uses the rating, The bank offers an annual rate of 15.07% to a customer. What is the risk class of the customer?
various types of accounting changes can affect the financial statements of a business enterprise differently. assume
The property must be purchased for use in the taxpayer's active trade or business
Briefly discuss the impact of the changes in asset turnover and financial leverage on the change in ROE from 2010 to 2014.
Prepare the journal entries to record the sale, purchase, and adjusting entries related to the trading securities in the last quarter of 2010. How would the entries in part (a) change if the securities were classified as available-for-sale?
The controller of Greene Yard Company is applying the lower-of-cost-or-net realizable. Compute the value of the ending inventory
Briefly explain the meaning of decision-usefulness in the context of financial reporting. Briefly describe the two fundamental qualities of useful accounting
A company has assets of 560,000 and equity of 560,000, it buys equipment with a bank loan of 76,000. What effect does this transaction have on assets/ liabilities/ and equity?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd