U are a fresh accounting graduate you have landed a job

Assignment Help Accounting Basics

Reference no: EM13582537

u are a fresh accounting graduate. You have landed a job with a big 3 accounting firm. The first day at your job, your manager approaches you: "Hi Bill! Welcome aboard. Hope you like your new cubicle. Have you met everyone? By the way, you will be working with me from tomorrow on Long House Company. This is an important client.They have sent me some information on their projects. Can you provide a report that answers all of the questions listed below? By the way I need it by tomorrow morning at 8 a.m.!"

Project	Total Contract Price	Billings Through 12/31/12	Cash Collections Through 12/31/12	Contract Costs Incurred Through 12/31/12	Estimated Additional Costs to Complete
A	$200,000	$100,000	$80,000	$120,000	$90,000
B	250,000	50,000	45,000	40,000	180,000
C	180,000	180,000	150,000	120,000	0
D	100,000	10,000	5,000	80,000	20,000
E	140,000	120,000	110,000	100,000	10,000
	870,000	460,000	390,000	460,000	300,000

Prepare a schedule of gross profit (loss) to be reported.
Prepare the entries for projects A and B only.

Reference no: EM13582537

Questions Cloud

Ultimate butter popcorn issues 5 7-year bonds with a face : ultimate butter popcorn issues 5 7-year bonds with a face amount of 55000. the market interest rate for bonds of

A town plans to borrow about 10 million and is considering : accounting practices for interest expenditures may neither reflect actual economic cost nor mirror those for interest

During the last month of its fiscal year echo lake resort : during the last month of its fiscal year echo lake resort provided catering services for local business. echo lake

Show that the collection of radially open sets is a : show that the collection of radially open sets is a topology for r2.a subset of r2 is called radially open if it

U are a fresh accounting graduate you have landed a job : u are a fresh accounting graduate. you have landed a job with a big 3 accounting firm. the first day at your job your

John paul jones inc is a conservatively managed boat : john paul jones inc. is a conservatively managed boat company whose motto is the old ways are the good ways. management

What do using histogram bin values which are not uniformly : question what does a line plot do to the shape of the graph of time values which are not uniformly spaced? would an xy

An acquaintance with an interest in investing says i would : an acquaintance with an interest in investing says i would not invest in company a because their gross profit

The new helicopter will be depreciated using the 5-year : tabletop ranches inc. is considering the purchase of a new helicopter for 350000. the firms old helicopter has a book

User Account

All Pages