What amount is presented in ABC Co's. contract liability? o's statement of financial position as 1911
Q: Do the posting t-accounts
A: A ledger is a book that contains all the accounts such as Assets Accounts, Liabilities Accounts,…
Q: Current Attempt in Progress Sheffield Corp. has 11000 units in beginning finished goods. The sales…
A: The production budget is prepared to estimate the number of units to be produced during the period.…
Q: e Corporation has a single class of common stock outstanding. Joe owns 450 shares, which he…
A: Shares and Share Capital : Share is the part of capital, the company's capital divided into a number…
Q: A new punching machine will cost $4,246. At the end of its 10 years useful life, the machine can be…
A: Answer:- Present value meaning:- The current value of a future sum of money or cash flows at a…
Q: Jackson is the sole owner of JJJ Corporation (an S corporation). At the beginning of 2022, Jackson's…
A: Ordinary business loss refers to the loss which is realized through the taxpayer when the expenses…
Q: C Milan Sales and Service entered into a lease agreement to lease a fleet of six vehicles from FC…
A: A lease can be defined as financial if certain conditions are satisfied, if the conditions specified…
Q: BALANCE SHEET EXCEL ACTIVITY Directions: Create a Balance Sheet using Microsoft excel given the…
A: Balance sheet is a part of financial statement of a company. It is a summary of company's assets,…
Q: Which of the following statement is true? A. Lifetime learning tax credit is available for each…
A: Income Credit: The Earned Income Tax Credit, sometimes known as the EITC, is a kind of tax credit…
Q: Carmel Corporation is considering the purchase of a machine costing $54,000 with a 7-year useful…
A: Lets understand the basics. Accounting rate of return is a net profit generated using average…
Q: Chapter 8 Quiz i 1 Mike Smith is a college football coach making a base salary of $960,000 a year…
A: INTRODUCTION: Taxes are mandatory obligations collected by governments. The Internal Revenue Service…
Q: John and Bjorn are partners in a newly formed partnership. John is in a higher tax bracket than…
A: The economic effect of the allocation is substantial since it will be sold for atleast $1000 in next…
Q: Suppose you are being interviewed for a bookkeeping job for a retailer that uses a perpetual…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: scott withdrew from his ira 78,000 on nov 30 2019 which he inclided on 2019 tax teturn in 2921 he…
A: Here discuss the details of withdrawal of the fund from IRA account and redeposit and its tax…
Q: Smith, Jones and Green are to be equal general partners in the SJG partnership. Smith transferred…
A: Inside basis is the company's tax basis in individual assets When a partner contributes property to…
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…
A: Cost Driver: A cost driver is the factor that has the most significant influence on the overall…
Q: Currently the unit selling price of a product is $200, the unit variable cost is $110, and the total…
A: Break even point means a situation where the is neither profit nor loss. Sales revenue is sufficient…
Q: On January 1, a company agrees to pay $27,000 in six years. If the annual interest rate is 10%,…
A:
Q: LaLa Company has income from operations of $23,280, invested assets of $97,000, and sales of…
A: ROI measures the business income in respect to the investment in the business. Higher ROI is…
Q: A firm has two alternatives for the improvement of its current production system. The data are as…
A: Introduction:- The following formula used to calculate Present value as follows under:- Present…
Q: Required: 1. Present all journal entries to be prepared, in proper format, on July 1,…
A: SOLUTION IN THE BOOKS OF STEELIX CORPORATION
Q: 1. Pantok Manufacturing, most recent income statement follows: Total P208,000 144,000 Sales (8,000…
A: The contribution margin income statement indicates the excess of revenue over the variable expenses…
Q: Q3 (a) Jati Jentayu Sdn Bhd manufactures and sells furniture that has peak sales in the third month.…
A: Budgeting: Budgeting is a future plan of expected income, expenditure and cash for a particular…
Q: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year…
A: Weighted Average - Under the Weighted Average Method, the cost is considered to be average at the…
Q: Two different trusts have the same grantor and beneficiary. The income tax due of the first trust is…
A: Income tax refers to the tax which is levied on the income of the person or business entity through…
Q: Johnson and Gomez, Inc., is a small firm involved in the production and sale of electronic business…
A: In order to determine the contribution margin per unit, the variable cost per units are required to…
Q: Sandhu Travel Agency Ltd. has 400,000 common shares authorized and 126,000 shares issued on December…
A: Dividend income and Unrealized gain on long-term investments should be reported by MARX INC. in its…
Q: Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January…
A: Here discuss about the details of the calculation of LIFO Ending inventory Valuation for the retail…
Q: There are certain aspects of accounting and questions that an accountant may ask that the Conceptual…
A: Firstly let us understand what is the conceptual framework of financial accounting Conceptual…
Q: Which statement is false regarding the government-wide Statement of Net Position? O Noncurrent…
A: A comprehensive breakdown of all the major government funds, their expenditures, and remaining funds…
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z.…
A: Activity rate is the one which is computed using the relevant activity for the allocation of the…
Q: 8 Clothing Emporium was organized on January 1, 2021. The firm was authorized to issue 100,000…
A: Introduction: Paid-in capital is the total quantity of cash or other assets granted to a company by…
Q: Imagine that you have your own restaurant business, list down some of the stocks needed for it to…
A: Stock is the excess which is maintained by an organization so as to be used for future uses. All the…
Q: When using a standard cost system what term refers to the differences between actual and standard…
A: Difference of actual and standard cost is measured to calculate the variance. The variances of cost…
Q: DETAILS DR CR Management Fees 50,000 Wages and Salaries 124,000…
A: Statement of profit or loss is the statement which shows the revenue or expenditure, which exceeds…
Q: jordan purchased a $20,000 piece of office furniture during 2019. The balance in his UCC pool for…
A: Un-amortized Capital Cost:The entire amount of depreciation that has been recorded against a fixed…
Q: Required: 1. Compute the number and total cost of the units available for sale during the year. 2.…
A: Methods of Valuation of Closing Inventory 1. First In First Out (FIFO): Under this method, inventory…
Q: BALANCE SHEET EXCEL ACTIVITY Directions: Create a Balance Sheet using Microsoft excel given the…
A: The balance sheet is a statement that shows the financial position of the business entity during an…
Q: Happy Woolly Inc. provides the following information about its postretirement benefit plan for the…
A: Pension is a kind of income an employee starts receiving on monthly basis after his/her services…
Q: Inventory records for Dunbar Incorporated revealed the following: Date Transaction Apr. 1 Beginning…
A: Given that, Beginning inventory = 450 units @ $2.48 per unit Purchase = 350 units @ 2.76 per unit…
Q: Retained earnings $ tA
A: Retained Earnings Retained earnings are the profits that a company has earned to date, less any…
Q: The following data reports on the July production activities of the Molding department at Ash…
A: Given that, Cost added this period :- Direct materials = $358,450 Conversion = $182,850…
Q: Your company is considering the purchase of a machine at a cost of P1,261,652, with an estimated…
A: Introduction:- Depreciation is a non cash expenses. Depreciation is charged on fixed asset over a…
Q: 3,400 is sold on terms 3/10, n s net sales?
A: Net sales refer to the sum value of total sales made by the company after subtracting the sales…
Q: Jules company as we know produces two (2) products, GK320 and GK340. The following sales forecast…
A: Here discuss about the details of the duty of the Management Accountant to produce the information…
Q: Required information [The following information applies to the questions displayed below.] On…
A: Adjusting Entries - Adjusting Entries are the entries that differentiate current period and next…
Q: Question 1 Using the following data, prepare the operating activities section of a statement of cash…
A: Note: As per our guidelines, only the first question shall be answered. 1. Statement of Cash…
Q: Explain how the inventory valuation method (LIFO or FIFO) chosen by a company affects the cost of…
A: FIFO (first in first out) refers to the inventory method under which the inventory is valued on the…
Q: No 1 Name of the account Cash and the balances at the central bank Debit BD millions 343.7 Credit BD…
A: Financial Statements : These are the statement where all expenses, incomes, assets and liabilities…
Q: The SSC, a cash-method partnership, has a balance sheet that includes the following assets on…
A: Ordinary income refers to the kind of income which is earned through firm or person that is subject…
Q: A company reports the following for one of its products. Direct materials standard (4 pounds @ $3…
A: Lets understand the basics. Material price variance is a variance between the rate at which material…
Step by step
Solved in 2 steps with 2 images
- Tony Corporation has a construction contract in progress as follows :Total contract price: $550 millionCosts incurred to date: $225 millionEstimated cost to completion: $340 millionPayments invoiced & received: $290 million Question :Calculate the amount that can be recognized in the income statement and statement of financial position with assumes performance obligation satisfied.In 20x1, Salamagi Co. entered into a contract with a customer. The contract stipulates the following: Contract price of ₱20,000,000 5% mobilization fee due upon signing of the contract, to be deducted from the final billing 10% customer retention on all subsequent progress billings, to be paid to Salamagi on completion of the project. Salamagi Co. estimated a ₱5,000,000 gross profit from the project. The percentage of completion method will be used. In 20x1, Salamagi billed the customer for 50% completion of the project. The customer accepted all the billings, except one for 10% which was accepted on January of the following year. All the accepted billings were collected during the year except an 8% billing which was due January of the following year. What is the amount of profit recognized from the contract in 20x1? 2,500,000 c. 2,720,000 2,650,000 d. 2,900,000 What is the total amount of collections from the billings in 20x1? 5,760,000 c. 6,760,000 6,400,000 d.…Tyro Construction Company has two projects, for which it reported, as of December 31, 20x5, the following information: In thousand pesos: Project A Project B Contract Price P 4,800 860 20x4: Costs incurred P 3,400 Percent completed 75% 20x5: Costs incurred P 1,250 140 Percent Completed 25% 15% Using the percentage-of-completion (over time) method of revenue recognition, gross profit on Project A to be recognized in 20x4 would be: a. P 200,000 ] b. P 300,000
- Ultimate Construction expects to complete its P1,500,000 fixed price contract at a total costof Pl 250 000 excluding P750,000 previously incurred from an originally estimated totalcost of P1,250,000. Using the percentage of completion method, what should be the balance of the Construction in Progress (CIP) account?* A. P250,000 B. P900,000 C. P562,500 D. P750,000Tyro Construction Company has two projects, for which it reported, as of December 31, 20x5, thefollowing information: In thousand: Project A Project B Contract price 4,800 860 20x4: Costs incurred 3,400 Percent completed 75% 20x5: Costs incurred 1,250 140 Percent completed 25% 15% Using the percentage-of-completion (overtime) method of revenue recognition, gross profit on Project Ato be recognized in 20x4 would be:Tony Corporation has a construction contract in progress as follows : Total contract price: $550 million Costs incurred to date: $225 million Estimated cost to completion: $340 million Payments invoiced & received: $290 million Question : Calculate the amount that can be recognized in the income statement and statement of financial position with assumes performance obligation is satisfied. Please use these items in answering the question: 1. Income Statement: Revenue, Cost of Sales, Gain/Loss. 2. Statement of Financial Position: Cost incurred to date, Recognized Gain/Loss, Receivable/Payable, Contract Asset/Liability.
- In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000 Using the cost-to-cost method, Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.1. Percentage of completion for 20x1 _____________2. Revenue that should be recognized in 20x1 _____________3. Realized gross profit in 20x1 _____________4. Balance of "Contract Liability" at the end of 20x1 _____________In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.7. Realized gross profit in 20x2 _____________8. The balance of "Contract Liability" at the end of 20x2 _____________9. Revenue that should be recognized in 20x3 _____________10. Realized gross profit in 20x3In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000 Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.4. Balance of "Contract Liability" at the end of 20x1 _____________5. Percentage of completion for 20x2 _____________6. Revenue that should be recognized in 20x2 _____________
- Information on Red Hot Co.’s construction contracts with customers which commenced during 20x1 is shown below: Contract 1 Contract price 420,000; Costs incurred during the year 240,000; Estimated costs to complete 120,000; Progress billings 150,000 Collections 90,000 Contract 2: Contract price P300,000; Costs incurred during the year 280,000; Estimated costs to complete 40,000; Progress billings 270,000; Collections 250,000. At contract inception, Red Hot Co. assessed that its performance obligation in each of Contract 1 and Contract 2 is satisfied over time. Red Hot Co. uses the ‘cost-to-cost’ method in measuring its progress on the contract. How much total profit (loss) is recognized from the two contracts in 20x1?\\n*\\n4 points\\n40,000\\n20,000\\n(20,000)\\n0Brooksville Construction began a construction project in 20x5. The contract price was P1,250,000, and the estimated costs were P1,000,000. Data for each year of the contract are as follows: 20x5 20x6 20x7 Costs incurred during the year P 250,000 P 600,000 P 190,000 Estimated costs to complete 750,000 212,500 -0- Partial billings 375,000 500,000 375,000 Collections 187,500 469,000 593,500 Assuming Brooksville uses the percentage-of-completion method of revenue recognition, determine: What is the balance of Construction in Progress at the end of 20x5.In 20x1, Metallica Co. enters into a construction contract with a customer. The transaction price in the contract is ₱1,200,000. At contract inception, Metallica Co. estimates a total contract cost of ₱944,000. The actual costs incurred in 20x1 are ₱590,000. The estimated cost to complete on December 31, 20x1 is ₱410,000. Progress billings during the year amount to ₱70,000, ₱60,000 of which is collected. At contract inception, Metallica Co. determines that its performance obligation in the contract is a single performance obligation that is satisfied over time. Metallica Co. uses the cost-to-cost method to measure its progress in the contract. How much is the profit recognized in 20x1? a. 118,000 c. 122,000 b. 120,800 d. 132,200