User Account

All Pages

What amount of construction revenue should be recognized

Assignment Help Accounting Basics
Reference no: EM133075685

Question - On May 1, 2021, Honesty Company entered into a fixed price contract to construct a building for P6,000,000. Honesty Company appropriately accounts for this contract under the percentage of completion method. Honesty uses the cost-to-cost method to measure its progress in the contract. Information relating to the contract is as follows: estimated cost at completion is P4,500,000 and P4,800,000 for 2021 and 2022, respectively. The company recognized profit of P300,000 and P420,000 for 2021 and 2022, respectively. What amount of Construction Revenue should be recognized for 2022?

Reference no: EM133075685

Questions Cloud

Expected return and standard deviation of portfolio : What will be the expected return and standard deviation of this portfolio. Round your answers to 2 decimal places.
What amount should be charged to work in process : The minimum guaranteed daily wage is 420. Any employee who produces more than 10 shirts receives a bonus. What amount should be charged to work in process
Determining the 90-day forward exchange rate : 1. Assume that 90-day U.S. securities have a 5.0% annualized interest rate, whereas 90-day Canadian securities have a 5.5% annualized interest rate. In the spot
Company stock buyback program : How would a company's stock buyback program affect its Earnings per Share?
What amount of construction revenue should be recognized : The company recognized profit of P300,000 and P420,000 for 2021 and 2022, respectively. What amount of Construction Revenue should be recognized for 2022
Why is the cost of equity higher for the levered firm : You are considering two identical firms, one levered and the other unlevered. Both firms have expected EBIT of $33,000. The value of the unlevered firm (VU) is
Draw the payoff from a strategy : a. Draw the payoff from a strategy where you write a put combined with a short position in the underlying stock.
Concepts of strategies for organizational change : How do innovation, technology, and the concept of "going green" all pertain to the concepts of strategies for organizational change?
By how much will profit increase : The depreciation rates for accounting and taxation are 15% and 25% respectively. Will increase (decrease) profit by how much

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