Prepare archer journal entry to record profit or loss

Assignment Help Accounting Basics
Reference no: EM131840061

Question - Archer Construction Company began work on a $417,000 construction contract in 2012. Archer incurred costs of $297,000, billed its customer for $260,000, and collected $190,000. At December 31, 2012, the estimated future costs to complete the project total $171,000.

Required: Prepare Archer's journal entry to record profit or loss using:

(a) The percentage of completion method and

(b) The completed contract method (if any).

Reference no: EM131840061

Questions Cloud

What is the best way to improve user experience : What is the best way to improve User Experience (UX) without changing the interface?
How variations in health scenarios affect decision making : Summarize what you think Mom should do- Include the major points made by each sibling, as well as how variations in health scenarios affect decision-making
Difference between web application : Difference between Web application, native mobile app design and responsive web design? Do we really need both?
Describe one of the benefits of xbrl : Describe one of the benefits of XBRL. Can you also name a disadvantage to the use of XBRL?
Prepare archer journal entry to record profit or loss : Prepare Archer's journal entry to record profit or loss using: The percentage of completion method and The completed contract method
Which stage of strategic management : Which stage of strategic management (1: strategy formulation 2: strategy implementation 3: strategy evaluation ) is most important?
What is bond current yield : What price would you expect to pay for the Kenny Corp. bond? What is the bond’s current yield?
Assess the impact of globalization on marketing activities : Assess the impact of globalization on marketing activities. Analyze the elements that can influence international promotional strategies.
Why are global health policies put in place : Why are global health policies put in place, when it comes to women and children?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Jason a single parent lives in an apartment with his three

1. jason a single parent lives in an apartment with his three minor children whom he supports. jason earned 27400

  Describe the descriptions of various cost behavior

Matching Cost Behavior Descriptions to Cost Behavior Graphs Select the graph (A through K) that best matches the numbered (1 through 6) descriptions of various.

  Ross company is a computer consulting firm the company also

what accounting method cash or accrual would you recommend for the following businesses?a. a gift shop with average

  On december 31 2010 lopez co lessee signed a 3-year

on december 31 2010 lopez co lessee signed a 3-year non-cancelable lease for the use of manufacturing equipment now

  Determine the average cost per serving

Determine the average cost per serving at each of the following monthly volumes: 100; 1,000; 5,000; and 10,000

  The investment account includes an investment in common

the following is a december 31 2013 post-closing trial balance for almway corporation. nbspnbspaccount

  Prepare pharoah company journal entries to record the sale

Prepare Pharoah Company's journal entries to record the sale of the equipment in these four independent situations

  What is the total amount owed to harry by natalie

Now suppose that Natalie illustrates her writing with many large colorful pie charts and pictures and that about 20 percent of her total printing is primarily color. Mary uses no color illustrations. What is the total amount owed to Harry by Natal..

  Compute cost of goods sold

Junky Auto Supplies began operations in 2012. Compute Cost of Goods Sold for 2014 and ending inventory as of Dec 31, 2014 (number of units and$)

  Rainbow cruises operates a week-long cruise tour through

rainbow cruises operates a week-long cruise tour through the hawaiian islands. passengers currently pay 1800 for a

  Why is it important for accounting information

Why is- it important for accounting information to have the quality of integrity?

  Revenue expenditures and capital expenditures

Write a 400 - 700-word summary explaining the differences between revenue expenditures and capital expenditures during a useful life and identifying any similarities. Briefly explain the entries of revenue expenditures and capital expenditures.

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