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Prksh answered the following question: In February 1, 2007, York Contractors agreed to construct a building at a contract price of $6,000,000.York estimated total construction costs would be $4,000,000 and the project would be finished...The answer to the first problem is totally wrong. First of all it as for the gross profit using the percentage of completion method, he stopped at creating a percentage. Secondly, on a completed contract, how is gross profit being shown in other years other than the last year?
Briefly describe three strategies for testing internal controls when information technology is used for significant accounting processing.
Apple Company sold goods on account for 50,000 (L) pounds on November 2, 2006. On that same date, the controller entered into a forward contract to sell the pounds for $1.5920 on March 1, 2007. Apple Company's fiscal year ends on December 31, 2006..
Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..
X company bought many equipment and sub-lease them with some margin to its customers. Customers will own after the lease payments. Question: Can X company claim depreciation of these equipments given of sublease? X company claims deductions of lea..
Which of the following best describes the deductions independent contractors may claim for valid business reasons?
Discuss the rationale underlying the design of the performance report you chose.
How has automation aided the preparation, accuracy, and use of the financial statement worksheet and completion of the financial statements? What automation tool has been most useful to you?
Prepare an appropriate journal entry to indicate the impact of the transactions on the state's fund financial statements for the year ending December 31, 2011.
Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:
In the diluted earnings per share computation, the treasury stock method is used for options and warrants to reflect assumed reacquisition of common stock at the average market price during the period. If the exercise price of the options or warra..
In addition, Anheuser-Busch sold 136 million barrels of beer during the year. Assume that variable costs were 70% of the cost of goods sold and 45% of marketing and distribution expenses.
Are inquiry and observation by the auditor valid types of evidence and are they better or worst than say documentation provided by the client?
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