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Question - Flounder, Inc. began work on a $6,466,000 contract in 2017 to construct an office building. During 2017, Flounder, Inc. incurred costs of $1,547,340, billed its customers for $1,085,000, and collected $1,013,000. At December 31, 2017, the estimated additional costs to complete the project total $3,003,660. Prepare Flounder's 2017 journal entries using the percentage-of-completion method.
if this budget is formally integrated into the accounting records, illustrate what journal entry is required at the beginning of the year? What later entry is required?
The manufacturing overhead budget at Latronica Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 7,800 direct labor-hours will be required in August. The variable overhead rate is $8.10 per direct labor-hour...
Dudas reports its financial results in accordance with IFRS. At what amount will Dudas report the bonds on its December 20X4 statement of financial position?
Calculate the Equivalent Units for the Period.The units in BWIP and EWIP are not 100% complete. This step allows BWIP and EWIP to be stated in terms of completed units, which are called equivalent units. This step must be completed before the cost pe..
Evaluate the financial opportunity presented by the companies. If the team was going to lend money to one of the companies reviewed, which one would it be?
Working capital is 15% of revenues in years 1-4, working capital is decreased to 0 in year 5. Now calculate the cash flows and NPV of the project
1.you are given the following information for Lorelei Motorwerke. Note: 300,000 means 300,000 euros.
Suppose a purchasing agent receives the goods that he purchases and also approves payment for the goods. How could a dishonest purchasing agent cheat his company? How do companies avoid this internal control weakness?
Increase in raw materials Decrease in accounts payable Decrease in accounts receivable Increase in finished goods Decrease in prepaid expenses Stock Dividend distribution to shareholders Increase in accrued expenses Increase in bank loans Purchase..
When a retailer receives a vendor allowance ( incentive payment) from a vendor they have an agreement with, how does GAAP require you to do the accounting and when do you recognize the allowance? Also what would a journal entry look like for this?
Discuss the transfer-pricing issues that both the Computer Equipment Division manager and the Consulting Division manager should consider
Show the present value of $10,000 received at the start of every year for 20 years if the interest rate is J1 = 12% p.a. and if the first payment.
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