On March 1. Bakken Co. began construction of a small building. If the Weighted Average Accumulated expenditure is $90,000, and costs were incurred evenly and monthly, then how much was paid monthly?

Q: work on a P10,600,000 construction contract which was completed this year. It has consistently used…

A: Formula: Percentage of work completed = Total cost incurred / ( Cost incurred + estimated costs )

Q: At year end,Elliott counted the office supplies on hand,which amounted to $1500.The firm had $900 of…

A: Supplies Expense - Supplies Expense is consider in the income statement only for the utilized…

Q: For more than a decade since its incorporation, Feb-Ibig Company had been renting its office space.…

A: Cost capitalization is an important aspect in ascertaining the cost of an asset. It provides a best…

Q: Consider each of the transactions below. All of the expenditures were made in cash. What are each of…

A: The financial transactions are initially recorded in the form of journal entry.

Q: Love Company entered into a contract to construct a 10-storey building for P8,000,000. The following…

A: Given: A calculation follows as, As per rule, allowed to answer three subparts and post the…

Q: Last year, Stone Builders, Inc. started work on a P10,600,000 construction contract which was…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Batman Company paid the annual fee of P30,000 for an equipment maintenance contract on July 1, the…

A: Annual Equipment Maintenance Contract is of P30,000 taken on 1-July(beginning of quarter). Expense…

Q: Compute the following:(a) Weighted-average accumulated expenditure.(b) Capitalization rate used for…

A: The interest rate used to determine the amount of interest capitalized should be equal to the rate…

Q: Devan Co. began the year with $500 in office supplies. During the year, Devan used $2,800 worth of…

A: Supplies purcahased can be calculated by adding up ending inventory in hand and deducting beginning…

Q: Maintenance costs of mechanical equipment for the last quarter of € 1,500 are due, which have not…

A: As per the marching principal, income and expense needs to record in the period in which it is…

Q: Marin Company is constructing a building. Construction began on February 1 and was completed on…

A: Weighted average accumulated expenditure is the product of expenditure and capitalization period

Q: Monroe Construction Company uses the percentage-of-completion method of accounting. In 20x4, Monroe…

A: Under construction contracts, revenue and gross profit will be recognised by percentage of…

Q: A company constructs a building for its own use. Construction began on January 1 and ended on…

A:

Q: The operations of Hempstead Realty consist of obtaining listings of houses being offered for sale by…

A: Solution: Adjusting Entries are the journal entries that are made at the end of a given accounting…

Q: For numbers 23 to 27: DJ Builders Construction Company has used the cost-to-cost percentage of…

A: REQUIREMENT A: =P300,000     REQUIREMENT B: =P680,000

Q: Bramble Company is constructing a building. Construction began on February 1 and was completed on…

A: As per the IAS 23, Borrowing cost, the general borrowing used for acquisition or construction of…

Q: Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning…

A: To Compute the net income, the revenues and expenses has to be taken on accrual basis i.e.…

Q: The company purchases $2,000,000 of equipment to be used in its manufacturing plant. The company…

A: Real accounts include Assets, liabilities and owner's equity. For real accounts, the accounting rule…

Q: Metlock Inc. is constructing a building. Construction began on March 1 and was completed on December…

A: Weighted average accumulated expenditure is based on the time duration of expenses and expenditure.

Q: On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing…

A: The journal entries are prepared to record day to day transactions of the business.

Q: W bought a new printing machine. The machine was purchased for $80,000. The installation costs were…

A: We have the following information: Machine Purchased for $80,000 Installation Costs: $5,000 Cost of…

Q: Which of the following transactions is capital expenditure and which revenue expenditure? Tick the…

A: Capital expenditure is amount incurred for purchase or upgradation of fixed assets having useful…

Q: The following are taken from the records of Peter Construction Company, which started a two-year…

A: As per IFRS 15 The input method uses the entity’s efforts or inputs to the satisfaction of a…

Q: During 2009, Mason Construction, Inc. started work on a P 5,200,000 fixed-price construction…

A: Solution: % completion during 2009 = Cost incurred / Total estimated costs = 2,650,000 / (2,650,000…

Q: Shamrock Company is constructing a building. Construction began on February 1 and was completed on…

A: Weighted average Interest Rate is calculated by aggregate of all interest payments in period divided…

Q: Illustration: Assume that on July 1, 2011, Wright Company sells office furniture for $16,000 cash.…

A: Depreciation for the first six months of 2011 = $8,000

Q: Choose the correct. Baton Company estimates that the amounts for total depreciation expense for the…

A: Total yearly expense = Depreciation + Bonuses to employee = $120,000 +$200,000 = $320,000

Q: A construction company entered into a fixed-price contract to build an office building for $20…

A: Contract: Contract is a written document that creates legal enforcement for buying and selling the…

Q: Hanson Company is constructing a building. Construction began on February 1 and was completed on…

A: Interest Capitalization:   Interest capitalization refers to the interest amount that is added to…

Q: Gem construction company was working on a contract and it uses the percentage-of- completion method…

A: As per percentage of completion method profits and revenues have to be reported on the basis of…

Q: Ayayai Company is constructing a building. Construction began on February 1 and was completed on…

A: Date Expenditure (A) Period (B) Weighted Average Expenditure (A x B) Mar 1 $1,956,000 1012…

Q: The following costs were incurred by Hugo Company during 2021: Property taxes 250,000 Freight-In…

A: Total administrative expenses include offices expense, office salaries, taxes, insurance, etc. While…

Q: On January 1, 2018, Sansa Construction entered into a contract amounting to P10,000,000 to construct…

A: Total cost of constructing the building = P10,000,000 Percentage of completion till December 31,…

Q: Ayayai Company is constructing a building. Construction began on February 1 and was completed on…

A: Expenditure on March 1 = $3,600,000 Expenditure on June 1 = $4,000,000 Expenditure on December 31 =…

Q: At the beginning of the year, a software developer quit his job and gave up a salary of $90,000 per…

A:

Q: On March 1, Morgan Co. began construction of a small building. Payments of $120,000 were made…

A: Solution : The weighted average accumulated expenditure are $60,000   Explanation:

Q: Michael Julius received an $18,000 payment in advance on a three-month contract to install a water…

A: The degree of Completion is to be calculated for determining the amount of revenue to be recognised.

Q: Ube Construction Company has consistently used the percentage of completion. On January 10, 2007,…

A: WORKING :  PARTICULARS  AMOUNT  CONTRACT PRICE P 6,000,000 LESS : TOTAL ESTIMATED COSTS :…

Q: Love Company entered into a contract to construct a 10-storey building for P8,000,000. The following…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: Blossom Company is constructing a building. Construction began on February 1 and was completed on…

A: Borrowing cost refers to the finance cost in the form of interest and other costs on the funds…

Q: Peyton Company started construction of a new office building on January 1, 20x1, and moved into the…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The XYZ Construction Company was awarded a contract for $3,150,000 to build a new building XYZ…

A: Compute percentage of completion for construction as shown below:

Q: MOC

A: Amount tobe shown in Current Assets means amount of…