Prepare necessary journal entries and partial balance sheet

Assignment Help Accounting Basics
Reference no: EM132654429

Question - On January 1, 2014, X signed contract to build a bridge at a price of Tk. 30,00,000. As the client was very happy to see the finished building, they have allowed Tk.50,000 as bonus, in addition to the settled contract price. The following information pertains to the construction period.

2014 2015

Costs incurred to date $8,88,000 $24.88,000

Estimated costs to complete $15,12,000 0

Progress billing to date $850,000 $30,50,000

Collections to date $800,000 $30,50,000

Instructions - Prepare all necessary journal entries and partial balance sheet for 2014 - 2015 in your script.

 

Reference no: EM132654429

Questions Cloud

What will H report as basic EPS for the year ended : As of 12-31-19, H had $75,000,000 of 8%, 15-year convertible bonds. What will H report as basic EPS for the year ended 12-31-19
What is the value of a derivative that pays off max : What is the value of a derivative that pays off max(ST(ST-S0),0) at this time? (Hint: risk neutral valuation formula is a general formula, not just for pricing
What is magnitude of road traffic accidents in ksa : What is magnitude of road traffic accidents in KSA? What is the role of road safety awareness campaigns in reducing road accidents?
Determine the income of each segment under abc : The business also has overhead costs as follows: Cost pool Cost in pool Cost driver Travel P36,000 miles driven. Determine the income of each segment under ABC
Prepare necessary journal entries and partial balance sheet : On January 1, 2014, X signed contract to build a bridge at a price of Tk. 30,00,000. Prepare necessary journal entries and partial balance sheet
What are some debates on what this aid should look like : What are some of the key arguments for increased aid funding to low-income countries? What are some debates on what this aid should look like?
Record the journal entries in the book of Y Ltd : On January 1, 2014, X Ltd. signed a 4 years non-cancellable contract to lease a computer from Y Ltd. Record the journal entries in the book of Y Ltd
Explain the purpose of an advance directive : Explain the purpose of an advance directive. As community health nurse what are 5 topics you would discuss with a senior, end of life, client who needs to.
Prepare entries to record one year depreciation expense : Prepare the entries to record one year's depreciation expense of $4,720 for the equipment and what depreciation adjustment

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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