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AccountingIntermediate Accounting: Reporting And Analysis3rd Edition

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Chapter 17, Problem 18RE
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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
1 views

Wells Corp. appropriately determined that Construction Project A was a single performance obligation that is satisfied over time. For this project, Wells had previously recognized revenue of $230,000 out of a total of $800,000 for the project. During the current year, Wells accumulated the following information about this project:

  • construction costs incurred for the year, $92,000
  • construction costs incurred to date (including this year’s costs), $200,000
  • estimated costs to complete, $300,000

Based on the previous information, prepare a schedule to determine the amount of loss that Wells should recognize for the current year.

To determine

Prepare a schedule to ascertain the amount of loss recognized by Corporation W during the current year.

Explanation

Contract: Contract is an agreement among two parties or more parties which includes enforceable obligations and rights. A contract can be “written oral or implied” by ordinary business practices.

Schedule to ascertain the amount of loss recognized by Corporation W during the current year is prepared as follows:

ParticularsAmount
Construction costs incurred to date $200,000
Estimated costs to complete $300,000
Total estimated costs$500,000
Percent complete ($200,000÷$500,

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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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