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"Unbilled" Receivables
Problem 1: An architectural firm has "time and materials" contracts that obligate its clients to pay for all time applied to the client's project. The balance sheet of the architectural firm shows a significant asset labeled Unbilled Receivables. The firm says this represents in-process projects, valued at the rates at which the customers will be charged for the architects' time. Why would a firm do this instead of valuing projects in process at their cost, the same as a manufacturing firm would value its in-process inventory? Does it make any difference in the reported owners' equity for the architectural firm to report such in-process work as receivables rather than as inventory? Why?
If beginning capital was $70,000, ending capital is $48,000, and the owner's withdrawals were $21,000, the amount of net income or net loss was:
Southern Rim Parts estimates its manufacturing overhead to be $360,500. What was the over- or underapplied manufacturing overhead for year 1?
in preparing a companys statement of cash flows for the most recent year the following information is availableloss on
During August, the company incurred $38,594 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances
The weighted-average amount of accumulated expenditures was $3,600,000. Compute the avoidable interest on this project
pong incorporateds income statement for the most recent month is given below. nbspnbsptotalnbspnbspstore
The company's beginning merchandise inventory was $15,000 and its ending merchandise inventory was $13,000. What was the company's cost of goods sold
Is it probable that the use of information technology will eventually eliminate the audit trail, making it impossible to trace individual transactions from their origin to the summary total on the financial statements?
Determine the double-declining-balance depreciation for the first year?A building acquired at the beginning of the year at a cost of $70,800
Discuss how the nature of the necessary internal control features is affected by switchingfrom a manual system to (1) a large-scalecomputer-based accounting.
Calculate the total number of hours for EACH type of professional staff in 2002. Calculate the total compensation for EACH type of professional staff for 2002.
Identify literature that addresses disclosure of accounting policies.. how are the accounting polocies defined.. what are the 3 scenarios that would result in detailed disclosure of accounting methods used.
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