Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - In 2020, Swifty Construction Corp. began construction work under a 3-year contract. The contract price was $1,090,000. Swifty uses the percentage-of-completion method for financial accounting purposes. The income to be recognized each year is based on the proportion of cost incurred to total estimated costs for completing the contract. The financial statement presentations relating to this contract at December 31, 2020, are shown below.
Balance Sheet
Accounts receivable
$16,600
Construction in process
$62,600
Less: Billings
58,000
Costs and recognized profit in excess of billings
4,600
Income Statement
Income (before tax) on the contract recognized in 2020 $20,032
Required -
(a) How much cash was collected in 2020 on this contract?
(b) What was the initial estimated total income before tax on this contract?
Merchandise purchases for September: $480,000, 30% paid in month of purchase, 70% paid in next month. What the major components of a management control system
Calculate the growth, price-recovery, and productivity components that explain the change in operating income from 2016 to 2017.
compare and contrast the analytic tree approach with the fault tree analysis approach. consider the pros and cons of
pauls medical equipment company manufactures hospital beds. its most popular model deluxe sells for 5000. it has
There are 60 units of the item in the physical inventory at December 31. Determine the inventory cost and the cost of merchandise sold by three methods
Accrued electricity expenses as at 31 December 2013 amounted to Sh. 548,000. Prepare the income statement for the year ended
Refund on litigation with government, related to the year 2009 (net of tax) 21,600. Prepare a corrected retained earnings statement
thornton manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs
strand company is planning to sell 400 buckets and produce 380 buckets during march. each bucket requires 500 grams of
Identify 3 types of taxes and explain how they are levied and which level of government utilizes this approach. Provide the example and discuss in detail.
What information is or is not required to be reported in the RSI for pension plans under GASB 67? What are 2 similarities or differences between accounting for colleges verses government funds?
The factor will also generate an admin saving for the company of $15,000. Should Coral limited accept the factors offer
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd