User Account

All Pages

Prepare the journal entries

Assignment Help Financial Accounting
Reference no: EM132353

Question:

The Daytona Company is involved in a 3-year long-term contract. The subsequent data relate to this contract:

2010       2011       2012       Total

Contract price    $160,000

Cost incurred each year           $24,000 $24,000 $ 56,000                104,000

Cost incurred to date                  24,000   48,000   104,000

Estimated cost to complete            96,000   48,000   0             

Partial billings each year                12,000   48,000   100,000

Cash collected from billings             8,000     52,000   100,000

Write the journal entries to reflect the percentage-of-completion method for 2011: 18 points

a. Construction costs for the year.

b. Partial billings.

c. Cash collections.

Reference no: EM132353

Questions Cloud

What is the air concentration relative to the osha pel : What is the requirement before the use of the sampling pump, Give three ways how it can be achieved What is the air concentration relative to the OSHA PEL, Express your answer in ppm List down five requirements of a sample train check list
How would the selling price of the bonds be evaluated : How would the selling price of the bonds be evaluated
Evaluate the basic eps and the diluted eps : Evaluate the basic EPS and the diluted EPS for Peak Performance
Write a statement of cash flows : Write a statement of cash flows for 2011 for Farmer Company
Prepare the journal entries : Write the journal entries to reflect the percentage-of-completion method
Write the lower portion of corpus income statement : Write the lower portion of Corpus Christi's 2010 income statement
The ways to depict constraint graph : The ways to depict constraint graph? illustrate how splitting a domain can be used to solve this problem.
Prepare a compelling argument to convince companys partner : Prepare a compelling argument to convince a company's partners
How to classify emerging technologies : How to classify emerging technologies Inscribe obviously and succinctly about information management systems using proper writing mechanics.

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