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G.C Company was awarded a contract to construct an interchange at the junction of U.S. 94 and highway 30 at a total contract price of $4000000. the estimated total costs to complete the project were 3000000.
a) Record construction costs of 1800000 on construction in process to date.
b) Record progress billings of $ 1000000
c) Record the recognition of profit that can be recognized to date, on a percentage of completion basis.
What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?
Some of the business practices portrayed in the film Inside Job would be criticised by both John Rawls and Robert Nozick. Identify and describe some of these problematic practices in Inside Job and then.
Compute the company's total required production in units of finished product for the entire three month period ending September 30.
The 2008 annual report for Fortune Brands, the seller of Pinnacle golf balls and MasterLock padlocks,disclosed that 750 million shares of common stock have been authorized.
How exactly does international tax planning assist a US citizen avoid taxes? Discuss what you feel are the legal, ethical and fairness issues involved in doing this type of international tax planning.
The manufacturing costs for 40,000 units are: direct materials $900,000; direct labor $450,000; variable overhead $900,000; and fixed overhead $750,000. All costs except $500,000 in fixed overhead will be avoided if the parts are purchased.
A company declared a cash dividend on its common stock in December 2010, payable in January 2011.
Somerville Corp. purchases office supplies once a month and prepares monthly financial statements. The asset account Office Supplies on Hand has a balance of $1,450 on May 1. Purchases of supplies during May amount to $1,100. Supplies on hand at M..
What are retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?
Frogger Company uses a job order cost accounting system. On January 1, $15,000 of direct materials and $3,500 of indirect materials were requisitioned for production. Prepare the general journal entry to record this requisition.
A loss contingency that is remote and cannot be reasonably estimated: A) may be disclosed in a note to the financial statements. B) must be disclosed in a note to the financial statements. C) must be reported in the body of the financial statements. ..
Troy (single) purchased a home in Hopkinton, Massachusetts, on April 6, 2005, for $300,000. He sold the home on October 6, 2012, for $320,000.
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