User Account

All Pages

What gross profit should record in period

Assignment Help Financial Accounting
Reference no: EM132503276

Kojak Construction manufactures beachfront homes in Florida, often for an average list price of $3 million. When it manufactures a home it typically exhibits the following cost and cash flow activity. Assume that all costs incurred were paid in the same period.

(in $ thousands)

PERIOD                             RECEIPTS                         COSTS INCURRED

1                                     1000                         600

2                                    600                               800

3                                  400                                 400

4                                       1000                         200

Quetsion 1: Assume that Kojak has signed a contract with a creditworthy customer to build a home and it can estimate its costs. What gross profit should it record in period 3 ?

Reference no: EM132503276

Questions Cloud

Journalize minnesota?s issuance of shares of common stock : Journalize Minnesota?'s issuance of 1,500 shares of common stock for $15 per share. 2. Journalize Minnesota?'s issuance of 1,500 shares of preferred stock
Calculate the wacc for a large corporation and wondering : Calculate the WACC for a large corporation and wondering which tax rate should use. Is the "income tax rate" the one should be using?
What is the revenue in period : Kojak Construction manufactures beachfront, If Kojak builds a home and then sells it upon completion to a new customer, what is its revenue in Period 4?
How much expense should record in period : Who will make payment in the next 4 periods. If it applies the installment method of revenue recognition, how much expense should it record in period 2
What gross profit should record in period : Assume that Kojak has signed a contract with a creditworthy customer to build a home and it can estimate its costs. What gross profit should it record in period
What are the main strategy development tools : Write an essay explaining what the main strategy development tools are and how they are your business Your essay must contain a comprehensive
What is the IRR of the new? drug : What is the IRR of the new? drug? XYZ Laboratories Ltd undertook an NPV analysis of a new therapeutic drug that it had recently developed.
What is the total market capitalization of the company : $10, and the company has a marginal tax rate of 40 percent and EBITDA of $215,500, what is the total market capitalization of the company?
Distinguish a change in quantity demanded of labor : Use graphs and clear words to distinguish a change in the quantity demanded of labor from a change in demand for labor.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Understand break-even analysis

Jordan and Taylor are beginning to understand break-even analysis. Selling price to Yumminess at $10 per tin. The cost is $8 per tin, which includes $6 of direct material and $1.50 of direct labor. Jordan and Taylor are considering an advertising cam..

  Calculate the cost per equivalent unit

Silver Company manufactures kites and has the following information available for the month of April: Work in process, April 1 (100% complete for materials, 40% for conversion) 32,000 units Direct materials $ 44,000 Conversion cost $ 64,000 Number of..

  Monetary and nonmonetary method

In the translated financial statements, which method of translation maintains the underlying valuation methods used in the foreign currency financial statements? Monetary/nonmonetary method. Current rate method; income statement translated at average..

  Compute daily returns on the two stocks

ompute the expected return and the standard deviation of returns on each of the two stocks using the AVERAGE and the STDEV function in MS Excel.

  What amount should the additional paid-in capital account

, the stock was trading on a public exchange at $140 per share. By what amount should the additional paid-in capital account increase as a result of transaction

  What is the expected rate of return of the fifteen year

What is the expected rate of return of the 15?-year, ?$1,000 par value bond paying 7 percent interest annually if its market price is ?$850??

  Calculate margin and net income and return on equity

For the year ended December 31, 2013, Ebanks, Inc., earned an ROI of 12%. Sales for the year were $150 million, and average asset turnover was 2.5. Average stockholders’ equity was $50 million. Calculate E banks, Inc.’s return on equity. Calculate E ..

  What are benefit from using a manufacturing cost hierarchy

Would your company be more likely to benefit from using a manufacturing cost hierarchy or a customer cost hierarchy for determining cost drivers

  First interest payment using the effective interest method

Issued $3,000,000 face value, 8% bond for $3,270,600. Interest is payable semiannually on December 1 and June 1 with the bonds maturing 10 years from this past December 1. The market effective interest rate is 6%. Prepare the journal entry for the in..

  How can sac avoid these behaviors

How can SAC avoid these behaviors? How should SAC tie performance measures to compensation.

  Journal entry to show the effect of sale of season tickets

The Defiance College sells season tickets for four home games at a price of $30. For the 2014 season, 5,000 season tickets were sold. Write the journal entry to show the effect of the sale of the season tickets. Write the journal entry to show the ef..

  Detrimental to the physical and mental health of residents

Describe the ways that nursing homes can be detrimental to the physical and mental health of residents

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