User Account

All Pages

What portion of the total contract price would be recognized

Assignment Help Accounting Basics
Reference no: EM132990263

Question- ?Hamilton Construction Company uses the percentage-of-completion method of accounting. In 2017, Hamilton began work under contract A01, which provided for a contract price of $2,000,000. Other details follow:

 

2017

2018

Costs incurred during the year

$600,000

?$1,000,000

Estimated costs to complete, as of December 31

960,000

-0-

Billings to date

? ???? 900,000

2,000,000

Collections during the year????

750,000

1,250,000

Required -

(a) What portion of the total contract price would be recognized as revenue in 2017? In 2018?

(b) Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price would be recognized as revenue in 2017?

Reference no: EM132990263

Questions Cloud

How much more tax will logan pay currently : How much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?
Expression of bacterial proteins in plant species : Expression of bacterial proteins in plant species for resistance to lepidopteran insect pest.
Prepare the journal entries to record : These 100,000 shares were forfeited by the management on 20 November 2020. Prepare the journal entries to record the above
What is the overall tax rate on crocker and company pre-tax : At the end of the year, CC distributed all its after-tax earnings to Jimmy, What is the overall tax rate on Crocker and Company's pre-tax income?
What portion of the total contract price would be recognized : Assuming the same facts as those above except that Hamilton uses the completed-contract method of accounting, what portion of the total contract price
Explain the data plaao operation of the network layer. : Describe Internet Protocol and Explain the data plane operation of the Network layer - Build a simple network in Cisco Packet Tracer and simulate the network
How much income will be allocated to reagan : How much income will be allocated to Reagan? Roberto and Reagan are both 25 percent owner/managers for Bright Light Enterprises.
Heuristics affects managers escalation of commitment : Describe how framing heuristics affects a managers' escalation of commitment.
Explain how albany corp can reduce ita economic exposure : All other expenses are in U.S. dollars. Explain how Albany Corp. can reduce ita economic exposure to exchange rate fluctuations

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