User Account

All Pages

What amount of gross profit should Ivanhoe have

Assignment Help Accounting Basics
Reference no: EM132592394

Question - Ivanhoe Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2018, Ivanhoe started work on a $51000000 construction contract that was completed in 2019. The following information was taken from Ivanhoe's 2018 accounting records:

Progress billings $15500000

Costs incurred 14800000

Collections 9620000

Estimated costs to complete 29500000

Required - What amount of gross profit should Ivanhoe have recognized in 2018 on this contract?

a) $3350000

c) $6700000

c) $2238375

d) $4461625

Reference no: EM132592394

Questions Cloud

Determining the how many goods are traded : Now suppose competition among several market makers forces the spread down to $4. How many goods are traded?
Compute the Olds net tax payable : Compute the Olds's net tax payable (or refund due) for 2013. If you use tax forms for your solution, you will need Form 1040 and Schedules A and B
Supply-demand for computer monitors : With the coronavirus going on there has been a shift in supply/demand for computer monitors
Prepare a well-organized narrative addressing the standpipe : Prepare a well-organized narrative addressing the standpipe and hose systems and your recommendations after reviewing the background information
What amount of gross profit should Ivanhoe have : Ivanhoe started work on a $51000000 construction contract that was completed in 2019. What amount of gross profit should Ivanhoe have
Explain a stretching routine for work environment : Explain a stretching routine for your work environment. As you consider your routine, keep in mind the specific individuals within your work environment
Discuss a comparison of the short-run and long-run profits : Graph and discuss a comparison of the short-run and long-run profits, price, quantity, MR and MC of a Monopoly and a PC firm. Which type of firm is more efficie
Enjoin merger between worldcom and sprint corporation : Summarize Justice Department Seeks to Enjoin Merger Between WorldCom and Sprint Corporation
Type of time value of money calculation : You can afford to make monthly payments of a certain amount for three years, and you want to know how much you can borrow based on this payment amount.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Review the mega trends that were identified

Assurance Services. In 2008, the AICPA Assurance Services Executive Committee identified five global "mega trends" that can affect a CPA's business.

  Prepare the journal entry to record the reimbursement

(Petty Cash) The petty cash fund of Fonzarelli's Auto Repair Service, a sole proprietorship, contains the following.

  How much overhead was assigned to each of the three jobs

How much overhead was assigned to each of the three jobs, 301, 302, and 30? What was the over- or underapplied manufacturing overhead for year 1?

  Forecasting recurring revenue

I understand that non-recurring items such as adjustments for changes in accounting methods, extraordinary gains/losses, income from discontinued operations, etc. must not be included. However, what items should I address?

  Determining income statement for subscriptions revenue

In November and December 2007, ABC Company received $75,000 for 1,000 three-year subscriptions at $25 per year starting with the January 2008 issue. What amount should ABC report in its 2007 income statement for Subscriptions Revenue

  Determine the amount of joint cost allocated to each product

Chemical, Inc. produces three products: D, E, and F. Determine the amount of joint cost allocated to each product if the physical-measure method is used.

  What is the date on the balance sheet

1. What is the date on the balance sheet? 2. Are there large discrepancies in balances between the prior year and the current year? 3. Did total assets increase over the prior year?

  What is considered cash

What is considered "cash"? How does this differ from income? Is it possible for a company to have positive earnings and negative cash-flow

  The current asset section of stibbe pharmaceutical companys

the current asset section of stibbe pharmaceutical companys balance sheet included cash of 20100 and accounts

  Should you accept this project using the discounted payback

you are ceo of acme inc. located in the united states. you use the discounted payback period method and accept all

  What could have prevented the fraud

What elements of the fraud triangle showed up in this case? Identify and explain these elements. What could have prevented the fraud?

  A company purchased equipment for 100000 in 2012 the

a company purchased equipment for 100000 in 2012. the machine will be used for 10000 hours and will have a redidual

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