kindly answer no. 34 thank you 34 During 20x4, Gates corp. started a construcion job with a total contract price of P3,500,00.| The job was completed on December 15, 20x5. Addiional data are as follows:20x420x5Actual costs incurredEstimated remaining costsBilled to customer1,350,0001,525,0001,350,0001,200,0002,300,000Received from customer1,000,0002,400,000Under the cost recovery method, what amount should Gates recognize as gross proft for20x5?a225,000C475,000312,000None of the above

Cost Recovery Method is a method of revenue realization in cost accounting in which the profit is…

34 During 20x4, Gates corp. started a construcfion job with a total contract price of P3,500,00. The job was completed on December 15, 20x5. Additional data are as follows: 20x4 20x5 Actual costs incurred Esimated remaining costs Billed to customer Received from customer 1,350,000 1,525,000 1,350,000 1,200,000 2,300,000 1,000,000 2,400,000 Under the cost recovery method, what amount should Gates recognize as gross proft for 20x5? a 225,000 475,000 b 312,000 d None of the above

34 During 20x4, Gates corp. started a construcfion job with a total contract price of P3,500,00. The job was completed on December 15, 20x5. Additional data are as follows: 20x4 20x5 Actual costs incurred Esimated remaining costs Billed to customer Received from customer 1,350,000 1,525,000 1,350,000 1,200,000 2,300,000 1,000,000 2,400,000 Under the cost recovery method, what amount should Gates recognize as gross proft for 20x5? a 225,000 475,000 b 312,000 d None of the above

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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Aid Home | Federal Student Aid X Filling Out the FAFSAⓇ Form | Fox M Question 2-CH4 Class-Connec X G [The following information ap mheducation.com/ext/map/index.html?_con-con&external_browser=0&launch Url=https%253A%252F%252Fbbhosted.cuny.edu%252Fwebapps%252Fportal Saved M. Muncel, Capital Dated May 31 PR Debit Account Number 301 Credit Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). General Ledger Balance Account Number 622 Credit Salaries Expense Date PR Debit Balance G2 40,000 May 31 G2 20,000 M. Muncel, Withdrawals Date PR Debit Account Number 302 Credit Insurance Expense Balance Date PR Debit Account Number 637 Credit May 31 G2 23,000 May 31 G2 Balance 4,400 Services Revenue Date PR Debit Account Number 403 Credit Rent Expense Balance Date PR Debit Account Number 640 Credit May 31 G2 Depreciation Expense Date PR Debit 76,000 Account Number 603 Credit May 31 Income Summary 62 Balance 8,400 May 31 G2…
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Students Home M Federal Financial Aid Program X Students Home Ch. 7 Hmwk: Invoices, Trade &X A Ch. 7 Hmwk Invoices, Trade & X A webassign.net/web/Student/Assignment-Responses/last?dep3D27277752 Apps M Gmail DYouTube Maps ... ... EReading list 7. [-/1 Points] DETAILS BRECMBC9 7.I1.010. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Calculate the net price factor (as a %) and net price (in $) by using the complement method. Round your answer to the nearest cent. List Price Trade Discount Rate Net Price Factor Net Price $3,499.00 35% $4 Need Help? Read It 8. [-/1 Points] DETAILS BRECMBC9 7.J1.014. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Calculate the trade discount (in $) and trade discount rate (as a %). Round your answer to the nearest tenth of a percent. List Price Trade Discount Rate Trade Discount Net Price $4,500.00 $3,515.00 Need Help? 11:28 PM 71°F (岁 10/9/2021 P Type here to search
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