User Account

All Pages

Recognition of profit on long-term contracts

Assignment Help Accounting Basics
Reference no: EM131592006

Question: (Recognition of Profit on Long-Term Contracts) During 2014, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2016. The following information is available.

682_4.png

(a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

(b) Prepare all necessary journal entries for 2015.

(c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

Reference no: EM131592006

Questions Cloud

Calculate interest application : Create the Scanner object - Calculate the interest amount by using the BigDecimal class to make sure that all calculations are accurate
Discuss how influence how the public views jails in the u.s : Using the material from the course, discuss how shows like this one and this episode can influence how the public views jails in the U.S
Colleagues on a revision of institution : You are working with two colleagues on a revision of your institution's introductory psychology sequence. The courses in question are two 16-week
Health information management functions : Select one of the health information management functions or tasks (previously studied in HIT141 and Chapter 7 of Sayles: "Health Information Functions").
Recognition of profit on long-term contracts : During 2014, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2016.
Discussions question-case study-work sampling : Last week was the end of the Discussions on research methodology and parameters. Beginning this week case studies explore management issues and research.
Drivers of international marketing : Using the drivers of international marketing from Topic 01 (Ch1, p.8-9), explain for the management of this organisation
Show supporting computations in good form : (Gross Profit on Uncompleted Contract) On April 1, 2014, Dougherty Inc. entered into a costplus-fixed-fee contract to construct an electric generator.
Table of contents and references : single-spaced paper with table of contents and references, if any, excluding tables charts, exhibits and graphs. Please do this in 8 pages so I can redo myself.

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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  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!

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