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Tunnels are Fun commences production of a new metro tunnel on 1 July 2021 for the NSW government for a fixed price of $35 million. The project is expected to be completed by June 2024. The expected total costs are $25 million. The following data relates to the project Year ended 30 June 2022
000Costs for the year 10,000Costs incurred to date 10,000Estimated costs to complete 16,000Progress billings for the year 8,000Cash collected for the year 7,000 Problem 1: Prepare journal entries for the year ended 30 June 2022 assuming that control for the tunnel transfers to the customer in line with the stage of completion.
Problem 2: Show the balance sheet presentation of the contract by Tunnels are Fun at 30 June 2022.
Problem 1: Likeline Inc., has sales $445,000, costs $173,000, depreciation expense of $72,000, interest expense of $36,000, and a tax rate of 35 percent. What is their net income?
Decision #1: Which set of Cash Flows is worth more now? Assme that your grandmother wants to give you generous gift. She wants you to choose which one of the following sets of cash flows you would like to receive:
Compute receivables turnover and days' sales uncollected for 2011 and 2010 for CVS and Walgreens. Accounts receivable in 2009 were $5,457 million for CVS and $2,496 million for Walgreens.
How Solve the amount of joint production cost that Petron would allocate to each of the three joint products by using physical unit method
Capital Asset Disclosures. Carmel County has prepared the following schedule related to its capital asset activity for the fiscal year 2017. Carmel County has governmental activites only, with no business-type activities.
Daan Corporation wholesales repair products to equipment manufacturers. On April 1, 2014, Daan Corporation issued $5,600,000 of 10-year, 11% bonds at a market (effective) interest rate of 10%, receiving cash of $5,948,940. Interest is payable semi an..
Apply the managerial perspective of Stakeholder Theory to explain whether bank management would care about the recommendation
An NFPO has control over an investment in another NFPO. How should this investment be reported by the NFPO? Consolidation or the equity method
Suppose that joint -product costs are allocated using the net realizable value method, what were the net costs of product Y?
Calculate the book value of the old kitchen. Calculate the initial investment associated with the replacement project. The after-tax proceeds of its sale
Trade receivables represent a stronger legal claim against the debtor than do non-trade receivables. true or false
If a company has taxable cash receipts of $800,000 and a 30% tax rate, the after-tax net cash inflow from these receipts equals:
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