Homework Answers
Add Answer to:
show working and steps
prepare journal entries
for
-when recognizing revenue under completed contract.
-when recognizing...
show working and steps to complete Example 6-4: Costs incurred during the year Estimated future costs...
show working and steps to complete
Example 6-4: Costs incurred during the year Estimated future costs Customer billings during the year Collections during the year 1998 1999 2000 560,000 840,000 720.000 1,040,000 700.000 300,000 500,000 1.200,000 *240.000 500,000 1,240,000 The contract price is $2 million Prepare journal entries 1. when recognizing revenue under completed contract li. when recognizing revenue over time according to percentage-of-completion Percentage completed: Is there an expected overall loss at the end of any year?
At the beginning of 2017, Culver Construction Company changed from the completed-contract method to recognizing revenue...
At the beginning of 2017, Culver Construction Company changed
from the completed-contract method to recognizing revenue over time
(percentage-of-completion) for financial reporting purposes. The
company will continue to use the completed-contract method for tax
purposes. For years prior to 2017, pretax income under the two
methods was as follows: percentage-of-completion $110,500, and
completed-contract $72,300. The tax rate is 30%.
Prepare Culver’s 2017 journal entry to record the change in
accounting principle. (Credit account titles are
automatically indented when amount is...
At the beginning of 2017, Stellar Construction Company changed from the completed-contract method to recognizing revenue...
At the beginning of 2017, Stellar Construction Company changed
from the completed-contract method to recognizing revenue over time
(percentage-of-completion) for financial reporting purposes. The
company will continue to use the completed-contract method for tax
purposes. For years prior to 2017, pretax income under the two
methods was as follows: percentage-of-completion $114,200, and
completed-contract $79,400. The tax rate is 40%.
Prepare Stellar’s 2017 journal entry to record the change in
accounting principle. (Credit account titles are
automatically indented when amount is...
McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun...
McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: 2024 $1,300 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2023 $1,500 1,200 1,200 1,000 1,300 1,500 1. Compute the amount of revenue and gross profit recognized during 2023 and 2024. 2. Assume that McCombs recognizes revenue on this contract over...
Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of$ 1,950,000....
Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of$ 1,950,000. The contract is to start in July 2020, and the bridge is to be completed in September 2022. The following data pertain to the construction period. Assume that progress billings are 4. non-refundable. 2020 2021 2022 Costs to date $360,000 $900,000 $390,000 Estimated costs to complete 1,260,000 380,000 Progress billings during the 305,000 765,000 1,200,000 year Cash collected during the year 280,000 760,000 2,000,000...
question 1 4. Coquel Company has a non-cancellable contract to construct a bridge for an estimated...
question 1
4. Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of $ 1,950,000. The contract is to start in July 2020, and the bridge is to be completed in September 2022. The following data pertain to the construction period. Assume that progress billings are non-refundable. 2022 2021 2020 $390,000 $ 900,000 $360,000 Costs to date 380,000 1,260,000 Estimated costs to complete 420 Doo -1,200,000 765,000 305,000 Progress billings during the year 2,000,000 760,000...
Question Three: In 2016, the Westgate Construction Company entered into a contract to construct a road...
Question Three: In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara Countyfor $10,000,000. The road was completed in 201 contract is as follows: 8. Information related to the 2018 2016 2,400,000 3,600,000 2,200,00 5,600,000 2,000,000 4,000,000 4,000,000 ,800,000 3,600,000 4,600,000 2017 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,000,000 Westgate recognizes revenue over time according to percentage of...
Fix Problem 5-12 Long-term contract; revenue recognized over time; loss projected on entire project [LO5-9] Curtiss Cons...
Fix
Problem 5-12 Long-term contract; revenue recognized over time;
loss projected on entire project [LO5-9]
Curtiss Construction Company, Inc., entered into a fixed-price
contract with Axelrod Associates on July 1, 2018, to construct a
four-story office building. At that time, Curtiss estimated that it
would take between two and three years to complete the project. The
total contract price for construction of the building is
$4,000,000. Curtiss concludes that the contract does not qualify
for revenue recognition over time. The...
During 2020, Sunland Company started a construction job with a contract price of $1,408,000. The job was completed in 20...
During 2020, Sunland Company started a construction job with a contract price of $1,408,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 Costs incurred to date $352,000 $726,000 $941,600 Estimated costs to complete 528,000 242,000 0 Billings to date (non-refundable) 264,000 792,000 1,408,000 Collections to date 237,600 712,800 1,254,000 QUESTION: A) Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. B) Prepare...
Percentage of Completion and Completed Contact Supplement 01- Overall Profit Year 6,000,000 Costs to Date Estimated...
Percentage of Completion and Completed Contact Supplement 01- Overall Profit Year 6,000,000 Costs to Date Estimated Costs Remaining Total Estimated Costs Year 1 1,650,000 3,850,000 5,500,000 Year 2 4,130,000 1,770,000 5,900,000 6,000,000 6,600,000 6,600,000 6,600,000 Sales Price (Total Revenue) Billings to Date Collections to Date 1,320,000 1,210,000 3,300,000 3,135,000 6,600,000 6,325,000 Percentage of Completion: Completed Contract Revenue and Income Entries:
show working and steps to complete
Example 6-4: Costs incurred during the year Estimated future costs Customer billings during the year Collections during the year 1998 1999 2000 560,000 840,000 720.000 1,040,000 700.000 300,000 500,000 1.200,000 *240.000 500,000 1,240,000 The contract price is $2 million Prepare journal entries 1. when recognizing revenue under completed contract li. when recognizing revenue over time according to percentage-of-completion Percentage completed: Is there an expected overall loss at the end of any year?
At the beginning of 2017, Culver Construction Company changed
from the completed-contract method to recognizing revenue over time
(percentage-of-completion) for financial reporting purposes. The
company will continue to use the completed-contract method for tax
purposes. For years prior to 2017, pretax income under the two
methods was as follows: percentage-of-completion $110,500, and
completed-contract $72,300. The tax rate is 30%.
Prepare Culver’s 2017 journal entry to record the change in
accounting principle. (Credit account titles are
automatically indented when amount is...
At the beginning of 2017, Stellar Construction Company changed
from the completed-contract method to recognizing revenue over time
(percentage-of-completion) for financial reporting purposes. The
company will continue to use the completed-contract method for tax
purposes. For years prior to 2017, pretax income under the two
methods was as follows: percentage-of-completion $114,200, and
completed-contract $79,400. The tax rate is 40%.
Prepare Stellar’s 2017 journal entry to record the change in
accounting principle. (Credit account titles are
automatically indented when amount is...
McCombs Contractors received a contract to construct a mental health facility for $2,500. Construction was begun in 2023 and completed in 2024. Cost and other data are presented below: 2024 $1,300 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year 2023 $1,500 1,200 1,200 1,000 1,300 1,500 1. Compute the amount of revenue and gross profit recognized during 2023 and 2024. 2. Assume that McCombs recognizes revenue on this contract over...
Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of$ 1,950,000. The contract is to start in July 2020, and the bridge is to be completed in September 2022. The following data pertain to the construction period. Assume that progress billings are 4. non-refundable. 2020 2021 2022 Costs to date $360,000 $900,000 $390,000 Estimated costs to complete 1,260,000 380,000 Progress billings during the 305,000 765,000 1,200,000 year Cash collected during the year 280,000 760,000 2,000,000...
question 1
4. Coquel Company has a non-cancellable contract to construct a bridge for an estimated cost of $ 1,950,000. The contract is to start in July 2020, and the bridge is to be completed in September 2022. The following data pertain to the construction period. Assume that progress billings are non-refundable. 2022 2021 2020 $390,000 $ 900,000 $360,000 Costs to date 380,000 1,260,000 Estimated costs to complete 420 Doo -1,200,000 765,000 305,000 Progress billings during the year 2,000,000 760,000...
Question Three: In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara Countyfor $10,000,000. The road was completed in 201 contract is as follows: 8. Information related to the 2018 2016 2,400,000 3,600,000 2,200,00 5,600,000 2,000,000 4,000,000 4,000,000 ,800,000 3,600,000 4,600,000 2017 Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2,000,000 Westgate recognizes revenue over time according to percentage of...
Fix
Problem 5-12 Long-term contract; revenue recognized over time;
loss projected on entire project [LO5-9]
Curtiss Construction Company, Inc., entered into a fixed-price
contract with Axelrod Associates on July 1, 2018, to construct a
four-story office building. At that time, Curtiss estimated that it
would take between two and three years to complete the project. The
total contract price for construction of the building is
$4,000,000. Curtiss concludes that the contract does not qualify
for revenue recognition over time. The...
Percentage of Completion and Completed Contact Supplement 01- Overall Profit Year 6,000,000 Costs to Date Estimated Costs Remaining Total Estimated Costs Year 1 1,650,000 3,850,000 5,500,000 Year 2 4,130,000 1,770,000 5,900,000 6,000,000 6,600,000 6,600,000 6,600,000 Sales Price (Total Revenue) Billings to Date Collections to Date 1,320,000 1,210,000 3,300,000 3,135,000 6,600,000 6,325,000 Percentage of Completion: Completed Contract Revenue and Income Entries:
Most questions answered within 3 hours.
-
In Python rOverlap (x1, y1, w1, h1, x2, y2, w2, h2) A rectangle
is axis-aligned if...
asked 1 minute from now -
If we observe in a protein solution that DNA is causing a
mixture 260/280 ratio ~0.9,...
asked 8 minutes ago -
Explain the steps involved in making cDNA from mRNA, and how you
would create a cDNA...
asked 9 minutes ago -
A beta (β) particle is described by which of the following?
Select the correct answer below:...
asked 12 minutes ago -
A new machine costs $150,000, lasts 10 years, has an annual
O&M cost of $50,000, and...
asked 15 minutes ago -
A newspaper in a large Midwestern city reported that the
National Association of Realtors said that...
asked 16 minutes ago -
1. Develop a use case diagram for the bank case study described
in Chapter 1. 2....
asked 26 minutes ago -
The phylum Protista has often been referred to as a junk drawer
of classification. Explain what...
asked 33 minutes ago -
The average amount of money spent for lunch per person in the
college cafeteria is $7.09...
asked 35 minutes ago -
You follow the lab procedure and at the end of Part 4C, you used
an average...
asked 54 minutes ago -
Write 250-450 words, about the following: • Analyze how a
servant leader in your organization or...
asked 57 minutes ago -
3. American and Japanese workers can each produce 4 cars a
year. An American worker can...
asked 1 hour ago