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Point 1: Flounder Construction Company began work on a $417,400 construction contract in 2017. During 2017, Flounder incurred costs of 5280,300, billed its customer for $216,200, and collected $176,500. At December 31, 2017, the estimated additional costs to complete the project total 5162,000.Question 1: Prepare Flounder's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round percent value to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)
Cayuga Meadows purchased 42,000 shares of common stock of Long Corporation as a long-term investment for $1,000,000. During the year, Long Corporation reported net income of $500,000 and paid dividends of $200,000.Instructions:
Feb.1 Purchased 1,200 shares of BJ common stock (2% of outstanding shares) for $8,400. how dividend revenue and the gain (loss) on sale should be reported
journal entries should the firm make to recordissue?
cornucopia inc. is planning to invest in new manufacturing equipment to make a new garden tool. the new garden tool is
you are a member of a college organization that is about to put on a fundraiser involving selling beer at the state
Determine the compensation expense for the stock option plan in 2018. (Ignore taxes.)When is Ensor's stock option measurement date?
Prepare in journal form the entries necessary to record following stock transactions of 1. Alexander Inc. was organized and authorized to issue 5,000 shares.
Prepare a schedule of cash receipts for Jayson for January. February, and March. What is the balance in Accounts Receivable on March 31?
Does management's assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain your response. Support your answer using trend analysis, vertical analysis, or ratio analysis.
computer information services is a computer software consulting company. its three major functional areas are computer
werner chemical inc. leased a protein analyzer on september 30 2013. the five-year lease agreement calls for werner to
which statement is normally prepared first?income statementbalance sheetstatement of cash flowsretained earnings
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