What is the fixed contract price for cccs project

Assignment Help Cost Accounting

Reference no: EM13298666

In 2009, Cupid Construction Co. (CCC) began work on a two-year fixed price contract project. CCC uses the percentage-of-completion method to account for such projects and provides you with the following information (dollars in millions):
Acc Rec $37.5M
Actual Construction Cost incurred in 2009 $135M
Cash Collected on projected during 2009 $105M
Contruction in Progress $207M
Estimatd % of completion during 2009 60%

What is the fixed contract price for CCC's project?

Sahara Desert Homes (SDH) reports under IFRS, and constructed a new subdivision during 2008 and 2009 under contract with Cactus Development Co. Relevant data are summarized below:
Contract Amount $3,000,000
Cost 2008 1,200,000
2009 600,000
Gross Profit 2008 800,000
20009 400,000
Contract 2008 1,5000,000
Billing 2009 1,500,000

SDH uses the cost recovery method under IFRS to recognize revenue.

What would be the journal entry made in 2008 to record revenue?

Reference no: EM13298666

Questions Cloud

Explain the coefficient of h2o when the equation is balanced : Complete and balance the following redox equation. What is the coefficient of H2O when the equation is balanced using the set of smallest while-number coefficients. MnO4^- + SO3^2- ---> Mn^2+ + SO4^2- (acidic solution)

What is the velocity of the moving conducting rod : In a closed circuit (that consists of a electric heater, a metal conducting rod, and two rails), it must have an outside force applied to keep the rod moving at a constant speed. What is the velocity of the moving conducting rod

Calculate the price-weighted and value-weighted market : Stock A sells at $30 and has 40 million shares outstanding in the market. Stock B sells at $45 and has 20 million outstanding shares. Stock C sells $24 and 5 million shares out standing.

Explain the molar solubility of a compound ax2 : The molar solubility of a compound AX2 is 2.5 x 10-3 M. Calculate the value of Ksp for AX2. 1.5 x 10-3 6.3 x 10-8 1.4 x 10-8 3.4 x 10-9 none of these

What is the fixed contract price for cccs project : SDH uses the cost recovery method under IFRS to recognize revenue and what would be the journal entry made in 2008 to record revenue?

How much external financing will meltzer require : How much external financing will Meltzer require during the coming year to meet its total forecast financing needs?

At what fraction of the speed of light is lilac moving : The spaceship Lilac, based on the Purple Planet, is 755 m long, as measured at rest. At what fraction of the speed of light is Lilac moving

Prepare the journal entries to record the issuance : Prepare the journal entries to record the issuance of the bonds, all the interest payments, premium amortizations, bond issue cost amortizations, and the repayment of the bonds."

Can doug be convicted of murder-any lesser included offenses : Doug was watching television in his apartment. There was a loud party outside that was making it hard for Doug to watch television. Doug yelled out his window for them to quiet down, and Tom yelled back an obscenity to which Doug responded in kind..

User Account

All Pages