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Question 1: ABC Corp. is a construction company that uses the percentage of completion method. They won a contract to build an apartment building in 2020 for $60,000,000. Record the journal entries relating to each of the events below. Assume that the company has a December 31 year-end and records adjusting entries only at year-end.
a) Actual costs incurred to the end of 2020 were $36,000,000 and all was paid with cash.
b) Billings made to the client amounted to $40,000,000 during the year and all of this was collected in cash.
c) By the end of 2019, it was estimated that remaining costs to complete the project were $18,000,000. Record the entry needed at year end.
Bega Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month.
describe the outside concept. This may involve posting a web link to an article or cartoon in addition to a DETAILED description of the item
All evidence indicates that this trademark product will generate cash flows for an indefinite period of time. How should this trademark be amortized?
If a firm has a total asset turnover of 8 times and a return on total assets of 15%, its net profit margin must be
Rosie Corporation has 70% of the outstanding voting stock of Smith Corporation and 10% of the voting stock of Tommy Corporation. Smith also just spent $10,000 to acquire 20% of Tommy’s voting stock. Smith has issued irrevocable letters of credit to g..
HA2032 - Corporate and Financial Accounting - The different sources a company can use to raise its funds and different classifications of entities for reporting
You purchased a zero coupon bond one year ago for $109.83. The market interest rate is now 9 percent. If the bond had 25 years to maturity when you originally purchased it, what was your total return for the past year?
Identify at least three ways to that one would use in assigning authority and responsibility within an organization and identify at least one challenge in maintaining proper internal controls.
On January 1, 2014, Crocker Company issued 10-year, $3,228,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 24 shares of Crocker common stock. Crocker’s net income in 2014 was $337,000, and its tax rate was 45%. Compute diluted ..
Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% × service years × final year's salary, payable at the end of each year. What is the company's projected benefit obligation at the beginning of 2016 (after ..
Prepare a page newsletter that identifies and summarises changes / developments and news in the financial reporting environment for the period
BSBFIA401 Prepare financial reports assignment help and solution - FNS40217 Certificate IV in Accounting and Bookkeeping, Monarch Institute, Australia
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