a. 20% down payment upon contract signing as mobilization feeb. Amount billed to client is according to percentage of completion, lessportion of the down payment10% retention fee deductible at the last billingC.Required:(1) Entries to recordDown paymentb. Costs of constructionc. Billing to clientsа.(2) Determine the balances of the following accountsConstruction in progressb. Progress Billingsa. PROBLEM 8-4. CONTRACT WITH MOBILIZATION AND RETENTION FEELacson Constructions, Inc. has the following data in its Jobs in Progress Accountfor the year just ended:ProjectNo.Estimated totalcost at completion12,250,000Costs to DateContract Price1039,800,00017,500,000The company accounts for its large jobs by the percentage of completion method.Billings are done as follows:

Revenue recognition principle is followed by the businesses to account for their revenue and…

20% down payment upon contract signing as mobilization fee b. Amount billed to client is according to percentage of completion, less portion of the down payment 10% retontion fee deductible at the last billing a. C. Required: (1) Entries to record a. Down payment b. Costs of construction C. Billing to clients (2) Determine the balances of the following accounts a. Construction in progress b. Progress Billings

20% down payment upon contract signing as mobilization fee b. Amount billed to client is according to percentage of completion, less portion of the down payment 10% retontion fee deductible at the last billing a. C. Required: (1) Entries to record a. Down payment b. Costs of construction C. Billing to clients (2) Determine the balances of the following accounts a. Construction in progress b. Progress Billings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CengageNOWv21Online teachin X ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator=assignment-take&inprogress-false Calculate Payroll K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Administrator Computer Programmer Consultant $50 per hour $36 per hour $2,510 per week Regular earnings rate 1.5 times hourly rate 2 times hourly rate Not applicable Overtime earnings rate $500 $253 $930 Federal income tax withheld For hourly employees, overtime is paid for hours worked in excess of 40 hours per week. For the current pay period, the computer programmer worked 52 hours and the administrator worked 61 hours. Assume further that the social security tax rate was 6%, and the Medicare tax rate was 1.5 %. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are…
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