User Account

All Pages

Prepare journal entries for the year ended june

Assignment Help Financial Accounting
Reference no: EM132858928

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

                                  000
Costs for the year            10,000
Costs incurred to date         10,000
Estimated costs to complete  16,000
Progress billings for the year  8,000
Cash 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.

Reference no: EM132858928

Questions Cloud

Describe the common security risks : Describe the common security risks associated with the retail industry and the techniques used to identify and minimise these risks.
Provide an example of an advertisement : Advertisers are regularly criticized for their promotional methods because they create wants as opposed to helping satisfy needs for consumers.
Determine the direct materials price variance : The standard materials price is RM4.00 per pound. The standard direct labor rate is RM18.00 per hour. Determine the direct materials price variance
How contract should be accounting for by albert : Provide journal entries (if any) required on: 1 June 2021; 1 July 2021 and 30 June 2022. If you record no entry on these dates explain why.
Prepare journal entries for the year ended june : 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.
Discuss the appropriate accounting treatment : Discuss the appropriate accounting treatment. A publishing company commenced the internal development of a new magazine in 2018.
Provide all necessary entries to record the events : Provide all necessary entries to record the events during the 2021/22 financial year. Camenzuli and Family Ltd operates a rabbit farm on the outskirts.
Calculate the stock price of the company : Calculate the stock price of the company, if the variance of the market is 0.45. You found that the covariance of the market and the stock is 0.65
What value should place on opportunity today : If his opportunity cost is 7% compounded annually, what value should he place on this opportunity today? Jim Nance has been offered an investment that will pay

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd