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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 17, Problem 10C
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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 16RE
Problem 17RE
Problem 18RE
Problem 19RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Village Company is accounting for a long-term construction contract where revenue is recognized over time. The project is built to the customer’s specifications, and the customer can make changes as construction is ongoing. It is a 3-year, fixed-fee contract that is presently in its first year. The latest reasonable estimates of total contract costs indicate that the contract will be completed at a profit. Village will submit progress billings to the customer and has reasonable assurance that collections on these billings will be received in each year of the contract. The contract can be cancelled at any time by the customer who will retain control of any work done to date.

Required:

  1. 1. When should revenue from contracts be accounted for over time versus at a point in time?
  2. 2. What facts in the preceding situation indicate that Village should account for this long-term construction contract over time?
  3. 3. How would the income recognized in each year of this long-term construction contract be determined using the cost-to-cost method of determining progress toward satisfaction of the performance obligation?
  4. 4. What is the effect on income, if any, of the progress billings and the collections on these billings?

1.

To determine

State the time period at which the revenue from contract be accounted for over time versus at a point in time.

Explanation

Any of the following three conditions must be met, for a “performance obligation” to be fulfilled over time versus a point in time:

  • “The performance of the seller builds or improves as asset (for instance, work in progress) that the customer controls the asset as it is built or improved”...

2.

To determine

State the facts in the preceding situation that indicate that village must account for this long-term construction contract over time.

3.

To determine

State the manner in which the income recognized in each year of this long-term construction contract is ascertained using the cost-to-cost method of ascertaining progress toward satisfaction of the performance obligation.

4.

To determine

State the effect on income with respect to progress billings and collections on these billings.

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Ch-17 P-1GICh-17 P-2GICh-17 P-3GICh-17 P-4GICh-17 P-5GICh-17 P-6GICh-17 P-7GICh-17 P-8GICh-17 P-9GICh-17 P-10GI
Ch-17 P-11GICh-17 P-12GICh-17 P-13GICh-17 P-14GICh-17 P-15GICh-17 P-16GICh-17 P-17GICh-17 P-18GICh-17 P-19GICh-17 P-20GICh-17 P-21GICh-17 P-22GICh-17 P-23GICh-17 P-24GICh-17 P-25GICh-17 P-1MCCh-17 P-2MCCh-17 P-3MCCh-17 P-4MCCh-17 P-5MCCh-17 P-6MCCh-17 P-7MCCh-17 P-9MCCh-17 P-10MCCh-17 P-1RECh-17 P-2RECh-17 P-3RECh-17 P-4RECh-17 P-5RECh-17 P-6RECh-17 P-7RECh-17 P-8RECh-17 P-9RECh-17 P-10RECh-17 P-11RECh-17 P-12RECh-17 P-13RECh-17 P-14RECh-17 P-15RECh-17 P-16RECh-17 P-17RECh-17 P-18RECh-17 P-19RECh-17 P-1ECh-17 P-2ECh-17 P-3ECh-17 P-4ECh-17 P-5ECh-17 P-6ECh-17 P-7ECh-17 P-8ECh-17 P-9ECh-17 P-10ECh-17 P-11ECh-17 P-12ECh-17 P-13ECh-17 P-14ECh-17 P-15ECh-17 P-16ECh-17 P-17ECh-17 P-18ECh-17 P-19ECh-17 P-20ECh-17 P-21ECh-17 P-22ECh-17 P-23ECh-17 P-24ECh-17 P-25ECh-17 P-26ECh-17 P-1PCh-17 P-2PCh-17 P-3PCh-17 P-4PCh-17 P-5PCh-17 P-6PCh-17 P-7PCh-17 P-8PCh-17 P-9PCh-17 P-10PCh-17 P-11PCh-17 P-1CCh-17 P-2CCh-17 P-3CCh-17 P-4CCh-17 P-5CCh-17 P-6CCh-17 P-7CCh-17 P-8CCh-17 P-9CCh-17 P-10C

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