User Account

All Pages

What amount of revenue should downtown recognize

Assignment Help Accounting Basics
Reference no: EM133078087

Question - Downtown Company has consistently used the percentage-of-completion method of recognizing income. In 2018, Downtown started on an $18,000,000 construction contract that was completed in 2020. The following information was taken from Downtown's 2018 accounting records:

Progress billing $6,600,000

Costs incurred $5,400,000

Collections $4,200,000

Estimated costs to complete $10,800,000

Required - What amount of revenue should Downtown recognize on the contract in 2018?

Reference no: EM133078087

Questions Cloud

Prepare operating activities section of Macrosoft statement : Macrosoft Company reports net income of $75,000. Prepare the operating activities section of Macrosoft's statement of cash flows using the indirect method
Foundations for project planning and control : How do you estimate project times and costs are the foundations for project planning and control?
Advanced Personal Taxation Assignment : BAF_6_APT Advanced Personal Taxation Assignment Help and Solution, London South Bank University - Assessment Writing Service
What is the roi for each year of the asset life : What is the ROI for each year of the asset's life if the division uses beginning-of-year asset balances and net book value for the computation
What amount of revenue should downtown recognize : In 2018, Downtown started on an $18,000,000 construction contract that was completed in 2020. What amount of revenue should Downtown recognize
Compute the variable overhead spending variance : The ee also determined that the variable cost per HOUR is $4.00 and the fixed overhead cost per HOUR is $2.00. Compute the variable overhead spending variance
Preparing leadership to manage emerging technologies : Describe the challenges of preparing leadership to manage emerging technologies. Analyze the impact of advanced technologies on the enterprise.
What are engineering wonders net cash flows : Engineering Wonders reports net income of $70 million. What are Engineering Wonders' net cash flows from operating activities
Ineffective communication affected your success at work : Think of a time when effective or ineffective communication affected your success at work.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What are the primary advantages of budgeting

Provide an example. When can the budgeting process be a hindrance to an organization? Explain by giving some examples.

  Prepare entries to record the restricted stock on January

Oriole Company issues 9,700 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2017. Prepare entries to record the restricted stock on January

  Describe the various corporate governance mechanisms

Question - Describe the various corporate governance mechanisms and how they may be utilized to pursuit shareholder interests

  Find total cost of the machinery and equipment account is

Find total cost of the machinery and equipment account is? A mixing machine by issuing to the seller a three-year, non-interest bearing note for P800,000.

  What document provides evidence that a liability exists

Assume the terms of trade between buyer and a seller are FOB destination. What document provides evidence that a liability exists and maybe unrecorded

  How much interest expense will be recognized in 2012

A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2012. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,109. Using effective-interest amortization, how much interest expense will be re..

  Prepare the journal entries to recognize the swap

Prepare the journal entries to recognize the swap, assuming the company follows hedge accounting under IFRS

  Compute the direct materials inventory

Flow of Inventoriable Costs. Renka's Heaters selected data for October 2017 are presented here (in millions).

  Describe an auditor audit documentation requirements

Describe an auditor's audit documentation requirements regarding the assessment of the risk of material misstatement due to fraud.

  Determine the pension asset-liability

At December 31, 2014, Besler Corporation had a projected benefit obligation of $560,000, plan assets of $322,000, and prior service cost of $127,000.

  Determine working capital and total liabilities

From the preceding list of accounts, determine working capital, total assets, total liabilities, and owners? equity per share of stock

  Question - Product Cost Markup Percentage

Question - Product Cost Markup Percentage. Determine the markup percentage on product cost. Round the answer to nearest whole number

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