Homework Help is Here – Start Your Trial Now!
Business
Accounting
calculate 1)the percentage of completion  2)the total estimated gross profit for the contract  3)the estimated gross profit for the year

calculate 1)the percentage of completion  2)the total estimated gross profit for the contract  3)the estimated gross profit for the year

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

calculate

1)the percentage of completion 

2)the total estimated gross profit for the contract 

3)the estimated gross profit for the year

01 C04% D 11:53 You 4 November, 5:30 pm - Part Tute : TaxAccountability of (C&. IPs). 134 The tax examination revealed the following information a) The total estimated cost in the beginning of the firu year is L.E. 3,000,000, b) The price of materials was increased in the beginning of the second year at L.E. 500,000, c) The cost incurred and sums received during the contract taxable period were as follows: 28oy 0 The taxable period Total actual cost until the end of the year Cash received L.E. L.E. First 900,000 960,00 Second 1,600,000 Third 3,600,000 1,740,000 The total 4,300,000 Required : Determine the TGP for every year. 90 FCUT UP 54 DISP GO TO ANS/ CHECK TAX+ ТАX- INSERT DELETE M+ M-MR AC 7 8 9. 1
Transcribed Image Text:01 C04% D 11:53 You 4 November, 5:30 pm - Part Tute : TaxAccountability of (C&. IPs). 134 The tax examination revealed the following information a) The total estimated cost in the beginning of the firu year is L.E. 3,000,000, b) The price of materials was increased in the beginning of the second year at L.E. 500,000, c) The cost incurred and sums received during the contract taxable period were as follows: 28oy 0 The taxable period Total actual cost until the end of the year Cash received L.E. L.E. First 900,000 960,00 Second 1,600,000 Third 3,600,000 1,740,000 The total 4,300,000 Required : Determine the TGP for every year. 90 FCUT UP 54 DISP GO TO ANS/ CHECK TAX+ ТАX- INSERT DELETE M+ M-MR AC 7 8 9. 1
has been completed during that taxable period. 6.4.2. Problems: (1) Maket is a construction company, contracted to build a factory for El-Nasr Company in Tanta. The contract price was L.E. 4,000,000. Construction covers a three-year period. El-Nasr Company accepted to bear 60% of any increasing in materials prices.
Transcribed Image Text:has been completed during that taxable period. 6.4.2. Problems: (1) Maket is a construction company, contracted to build a factory for El-Nasr Company in Tanta. The contract price was L.E. 4,000,000. Construction covers a three-year period. El-Nasr Company accepted to bear 60% of any increasing in materials prices.
Expert Solution
steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Long-Term contracts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS