9 Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2023 and completedin 2024. Cost and other data are presented below20232024cost incurred during the year469,000 $1,050,000estimated cost to complete871,000 $billings during the year480,000 $1,270,000cash collections during the year380,000 $1,370,000YearGeneral JournalDebitCreditAssume that Beavis recognizes revenue on this contract over time according to percentage of completionRequired:a.2023a.b.Record the entry for costs incurred during the year 2023.Record the entry for billings during the year 2023.b.2023c.d.e.f.g.Record the entry for cash collections during the year 2023.Record the entry for revenue from long-term contracts.Record the entry for costs incurred during the year 2024Record the entry for billings during the year 2024Record the entry for cash collections during the year 2024C.2023d.2023e.2024h.1.Record the entry for revenue from long-term contractsRecord the entry to close the construction accountsf.2024g.2024h.20241.2024

The revenue which has to be recognized as per the percentage of completion method is a method…

9 Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below cost incurred during the year estimated cost to complete billings during the year cash collections during the year 2023 2024 469,000 $ 1,050,000 871,000 $ 480,000 $ 1,270,000 380,000 $ 1,370,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: a. b. Record the entry for costs incurred during the year 2023. Record the entry for billings during the year 2023. c. d. e. f. g. h. 1. Record the entry for cash collections during the year 2023. Record the entry for revenue from long-term contracts. Record the entry for costs incurred during the year 2024 Record the entry for billings during the year 2024 Record the entry for cash collections during the year 2024 Record the entry for revenue from long-term contracts Record the entry to close the construction accounts Year General Journal Debit Credit a. 2023 b. 2023 C. 2023 d. 2023 2024 f. 2024 g. 2024 h. 2024 1. 2024

9 Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,750,000. The project was begun in 2023 and completed in 2024. Cost and other data are presented below cost incurred during the year estimated cost to complete billings during the year cash collections during the year 2023 2024 469,000 $ 1,050,000 871,000 $ 480,000 $ 1,270,000 380,000 $ 1,370,000 Assume that Beavis recognizes revenue on this contract over time according to percentage of completion Required: a. b. Record the entry for costs incurred during the year 2023. Record the entry for billings during the year 2023. c. d. e. f. g. h. 1. Record the entry for cash collections during the year 2023. Record the entry for revenue from long-term contracts. Record the entry for costs incurred during the year 2024 Record the entry for billings during the year 2024 Record the entry for cash collections during the year 2024 Record the entry for revenue from long-term contracts Record the entry to close the construction accounts Year General Journal Debit Credit a. 2023 b. 2023 C. 2023 d. 2023 2024 f. 2024 g. 2024 h. 2024 1. 2024

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
None
ABC Corporation funded the construction of its new plant throughboth specific and general borrowing. Details are as follows: Date Amount Spent Jan. 1, 2021 4,800,000 Oct. 30, 2021 6,000,000 Borrowing Interest Rate Principal amt. Investment Income Specific 7% 5,000,000 100,000 General 10% 10,000,000 50,000 10. How much is the average carrying value of the equipmentduring the year? 11. How much is the capitalizable borrowing cost for the year? 12. How much is the interest expense to be reported in theincome statement for the year?
None
The following information is provided by Doppler Systems: Project A Project B Project C Project D Initial investment $440,000 $202,000 $550,000 $506,000 PV of cash inflows $570,000 $394,000 $816,000 $406,000 Payback period (years) 3.6 3.2 4.0 20 NPV of project $130,000 $192,000 $266,000 $100,000 Calculate the profitability index for Project A. (Round your answer to two decimal places.) 1.09 1.67 0.85 1.30
Please answer the following MCQs and T or Fs from 1 till 14
Present Value Index Tasty Doughnuts has computed the net present value for capital expenditure at two locations. Relevant data related to the computation are as follows: Des Moines Cedar Rapids Total present value of net cash flow $252,720 $274,550 Amount to be invested (243,000) (289,000) Net present value $9,720 $(14,450) a. Determine the present value index for each proposal. Round your answers for the present value index to two decimal places. Des Moines Cedar Rapids Total present value of net cash flow Amount to be invested $ $ Present value index b. Which location does your analysis support? (If both present value indexes are the same, either location will grade as correct.) v, because the net present value index is 1.
None
ic Yo NS io cer ist bun ngs nnée Current Attempt in Progress Blossom Manufacturing Co. is evaluating two projects. The company uses payback criteria of three years or less. Project A has a cost of $905,000, and project B's cost is $1,247,300. Cash flows from both projects are given in the following table. Year 1 2 3 4 Project A $86,212 313,562 427,594 285,552 Project B $586,212 413,277 231,199 What are their discounted payback periods? (Round answers to 2 decimal places, e.g. 15.25. If discounted payback period exceeds life of the project, enter 0.00 for the answer.) Discounted payback period of project A Discounted payback period of project B will he accepted with a discount rate of 8 percent? átv zoom
Oxford Company has limited funds available for investment and must ration the funds among four competing projects. Selected information on the four projects follows: Present Value of Investment Project Required Cash Inflows A $ 180,000 $ 269,323 B $ 130,000 $ 242,000 C $ 100,000 $ 200,035 D $ 160,000 $ 278,136 Life of the Project (years) 7 12 7 3 Internal Rate of Return 15% 20% 19% 18% The net present values should be computed using a 10% discount rate. The company wants your assistance in determining which project to accept first, second, and so forth. Required: 1. Compute the profitability index for each project. A 2. In order of preference, rank the four projects in terms of net present value, profitability index, and internal rate of return.
None
Help